Howard Marks, CFA, is the Co-Chairman of Oaktree Capital, an alternative investment management firm he co-founded in 1995 with Bruce Karsh (Co-Chairman and CIO of Oaktree). Howard Marks started his career at Citicorp as an equity research analyst and then as Director of Research.
He served as the company’s Vice President and senior portfolio manager overlooking convertible and high yield securities. In 1985, he joined TCW Group, an asset management firm with roughly $200 billion of AUM as of September 2016, overseeing high yield bonds and convertible securities. In 1988, he and Bruce Karsh organized one of the first distressed debt funds. At TCW Group, he served as CIO for domestic fixed income and the President of TCW Asset Management Company.
In 1995, Howard Marks and five other partners left TCW to found Oaktree Capital in Los Angeles. In early 2012, Oaktree listed shares on the NYSE. Since inception, Oaktree’s AUM has grown from $5 billion to nearly $100 billion as of end of 2016 – investor base includes 74 of the 100 largest US pension funds, over 400 corporations globally, over 350 endowment funds globally, 16 sovereign wealth funds, and 39 of the 50 primary state retirement plans in the US. Oaktree’s investment strategies include corporate debt, convertible securities, distressed debt, control investing, real estate, and listed equities. Oaktree owns a 20% stake in Doubleline, Jeffrey Gundlach’s investment firm, and has increased its exposure to infrastructure through its acquisition of Highstar Capital in June 2014.
Howard Marks is the author of The Most Important Thing and regularly publishes investor letters that he calls “memos to Oaktree clients”.
Howard Marks was born in 1946 and raised in Queens, New York. He has earned a B.A. from University of Pennsylvania, Wharton School with a major in finance and MBA in accounting and marketing from Booth School of Business at the University of Chicago. Howard Marks served as a member of the Investment Committees of the Metropolitan Museum of Art and the Edmond J. Safra Foundation; a Trustee of the Metropolitan Museum; Chairman of the Board of Trustees of the Royal Drawing School; and an Emeritus Trustee of the University of Pennsylvania. According to Bloomberg, he keeps in shape with Calisthenics and a yoga-inspired stretching regimen.
Howard Marks is #361 on Forbes 400 in 2016 with an estimated net worth of $1.7 billion. Howard Marks’ son from his second marriage, Andrew Marks also runs a hedge fund (Freemark Partners) and earned his B.A. from University of Pennsylvania in 2009. Howard Marks’ wife, Nancy Marks is a portrait artist and author of the children’s book Just As You Are: The Story of Leon and Sam. She is a trustee of the Lynne Cohen Foundation for Ovarian Cancer Research and The Museum of Contemporary Art, Los Angeles, and The Prince’s Drawing School in London. Howard and Nancy Marks own a number of high-end real estate properties in New York (740 Park Avenue) which they bought for $52.5 million in 2012 and in Beverly Hills which they bought for $24 million in 2015.
Image Source: The Australian Financial Review