Larry Keele, head of the Oaktree Capital’s US Convertibles strategy, has decided to retire from the firm effective 30 June, 2015 to pursue his personal interests full-time.
Effective immediately, Stu Spangler, Managing Director, who has been a member of Oaktree’s Convertibles team since 1997 and backup portfolio manager since 2011, will serve as co-portfolio manager of the US Convertibles strategy alongside Keele through June 30 to ensure a smooth transition, assuming full portfolio manager duties thereafter. Keele will remain a member of Oaktree’s Board of Directors.
“As a founding member of Oaktree, Larry has been an invaluable contributor to the firm’s performance, culture and growth over the past 20 years,” says Howard Marks, Co-Chairman. “We worked together for many years before we started Oaktree, and I speak for the entire firm when I say he will be missed greatly in the day-to-day operations. We are pleased that the firm will continue to benefit from his experience, expertise and knowledge of Oaktree in his role as a member of our Board of Directors.”
“Oaktree’s US Convertibles strategy is one of our oldest, and we thank Larry for his many contributions in creating and broadening the strategy over the years,” says Bruce Karsh, Co-Chairman and Chief Investment Officer. “Among other things, Larry has excelled at developing the members of the Convertibles team, who collectively average nearly 15 years at Oaktree. Stu has served as Larry’s right hand and back-up portfolio manager since 2011. The team will continue its disciplined approach to investing under Stu, in whom we have full confidence.”
Spangler joined Oaktree in 1997 after serving as a convertible securities portfolio manager for Aon Corp, a global provider of insurance and consulting services. Spangler holds a BS degree in Business Management from the US Air Force Academy, and is a CFA charterholder.
“I am extraordinarily proud of our record in managing convertible securities and of the firm we have built since 1995,” says Larry Keele. “While I have decided it’s the right time to step down from my day-to-day role, I look forward to continuing to advise on the firm’s strategic direction as a member of the Board of Directors, and to participating in Oaktree’s future growth and success.”