Oaktree Capital Management has named Robert O’Leary and Armen Panossian as co-chief executive officers, selecting two veterans to lead the firm from the first quarter of next year.
(Bloomberg) — Oaktree Capital Management has named Robert O’Leary and Armen Panossian as co-chief executive officers, selecting two veterans to lead the firm from the first quarter of next year.
The two will succeed Jay Wintrob, who will leave after almost a decade as Oaktree’s first CEO, according to a client memo seen by Bloomberg. Todd Molz will become chief operating officer, taking on much of the day-to-day management of the firm, the document said.
O’Leary joined Oaktree in 2002 and most recently served as portfolio manager of the firm’s flagship Global Opportunities strategy. Panossian joined Oaktree’s Global Opportunities group in 2007 and now runs Oaktree’s performing-credit business.
Both will continue to lead their respective units in addition to taking on co-CEO duties, according to the memo. The Wall Street Journal reported the change earlier.
Los Angeles-based Oaktree is one of the largest distressed-debt investors in the world and had about $172 billion of assets under management at the end of March.
Brookfield Asset Management acquired a majority interest in Oaktree in 2019 and the firm operates as an independent business within the Brookfield universe.
A representative for Oaktree declined to comment when contacted by Bloomberg about the new leadership.
–With assistance from Natalie Choy.
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