Larry Keele, Oaktree Capital Group co-founder who is head of the firm’s U.S. convertibles strategy, will retire on June 30, said spokeswoman Alyssa Linn in an e-mail.
Mr. Keele is retiring to “pursue his personal interests full time,” a news release states.
Stu Spangler, managing director, is taking on the role of co-portfolio manager of the U.S. convertibles strategy alongside Mr. Keele through June 30 “to ensure a smooth transition,” a news release states. Mr. Spangler has been a member of Oaktree’s convertibles team since 1997 and backup portfolio manager since 2011.
Mr. Keele will remain a member of Oaktree’s board of directors.
As of Sept. 30, Oaktree managed about $5 billion in U.S. convertibles, with a net annualized internal rate of return of 7.2% since its April 1987 inception through Sept. 30, 2014, Oaktree’s third-quarter financial results report showed.
“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,” said Howard Marks, Oaktree co-chairman, in the release.