Bruce Karsh, Oaktree Capital’s co-chairman and chief investment officer, will take on the responsibilities of head of Credit Strategies following the announcement that Scott Graves is leaving the firm to pursue other opportunities.

“From his many years as a key member of our Distressed Debt group to his newer roles as head of Credit Strategies and portfolio manager of Multi-Strategy Credit, few people at Oaktree have contributed in such a variety of ways. We are very grateful to Scott for his leadership and accomplishments throughout his tenure at the firm,” said Karsh. “We wish Scott well as he takes his experience and expertise in a new and entrepreneurial direction.”

“I have enjoyed 15 years at Oaktree working with the finest professionals. The time has come for me to take on new challenges, but I leave behind an extraordinary and dedicated team. I couldn’t be more proud of what we’ve accomplished together,” said Graves.

Oaktree in an alternative investments firm with $98 billion in assets under management as of June 30, 2016.