Brookfield Asset Management has acquired a 62 percent stake in Oaktree Capital Management.
Both Brookfield and Oaktree will continue to operate their respective businesses independently, with each remaining under its current brand and led by its existing management and investment teams.
Howard Marks, Bruce Karsh, and other members of Oaktree Capital Group Holdings will own 38 percent of the company.
According to Brookfield, the two companies together will have approximately USD475 billion of assets under management.
With regard to Oaktree’s shipping and logistics investments, a spokesperson from the Los Angeles-based private equity firm said: “The transaction is expected to close in the third quarter of this year, so it is business as usual for now.”
Marks and Karsh will continue as co-chairmen of Oaktree and will continue to have operating control for the foreseeable future. Karsh will also continue his role as chief investment officer, while Jay Wintrob will remain chief executive officer.
Both Marks and Karsh will join Brookfield’s board of directors.