Former CEO of AIG, Jay Wintrob will head Oaktree Capital, a firm which manages distressed debt and has $91 billion assets under management as of June. Wintrob has been on Oaktree’s board since 2011, and will be responsible for managing Oaktree’s business, including ensuring profitability for investors.
The company has been publicly traded for two years, and according to Howard Marks, Chairman and co-founder, “It is time for us to turn into a world-class financial firm to take our business to the next level, ” as reported by Seekingalpha. “We are thrilled Jay is at the helm, bringing to Oaktree his intimate familiarity with our business. vast experience managing large and complex financial services companies and a record of leading highly talented and motivated professionals serving their clients.”