Oaktree Capital Group LLC (NYSE:OAK), an alternative investment management firm co-founded and chaired by Howard Marks reorganized its senior leadership team and named Jay Wintrob as chief executive officer on Monday.

The first CEO in the history of Oaktree Capital Group

Mr. Wintrob was a former executive at American International Group Inc (NYSE:AIG) who was responsible in overseeing the life and retirement division unit of the insurance giant.

He left AIG after 27 years of service last month, after Peter Hancock became CEO. Mr. Wintrob was considered as one of the contenders for the top position at the insurance giant.

Since 2011, Mr. Wintrob has been serving as an outside director of Oaktree Capital Group LLC (NYSE:OAK). He will be the first CEO in the history of the alternative investment management firm.  He will assume his position as CEO on November 1.

Oaktree Capital Names Jay Wintrob as CEO

Other appointments

Bruce Karsh president of Oaktree Capital Group LLC (NYSE:OAK) will become co-chairman. Mr. Karsh will remain chief investment officer. He co-founded the firm with Mr. Marks in 1995.

Commenting on Mr. Wintrob’s appointment, Mr. Karsh said, “I’ve known Jay Wintrob for over 30 years, both personally and professionally, and he’s a superb fit with Oaktree. He brings a unique combination of continuity and fresh thinking to the role of Oaktree CEO.”

Oaktree Capital Group LLC (NYSE:OAK) also appointed its managing principal John Frank as vice chairman. According to the firm, Mr. Frank will focus more on developing relationships with business partners and investors on his current role.

Mr. Wintrob will take over his previous responsibilities including the daily administration of the firm.

Taking Oaktree Capital Group to the next level

“After nearly 20 years, including the last two and a half as a public company, Oaktree has expanded substantially in terms of assets, employees, breadth and complexity. It’s time for us to turn to a world-class financial services executive to take our business to the next level,” said Mr. Marks.

During the second-quarter, Oaktree Capital Group LLC (NYSE:OAK) reported that its assets under management (AUM) reached an all-time high at $91.1 billion. The firm’s fee-generating AUM reached $77.8 billion. It also raised $5.3 billion gross capital during the period.