(Bloomberg) -- Timothy O'Hara, global co-head of credit at BlackRock Inc., is set to leave the world's largest asset manager after five years helping to build its alternative investments business.
O'Hara, who joined BlackRock in 2017 after about 30 years at Credit Suisse AG, will pursue opportunities outside the firm after a transition period in the weeks ahead, Edwin Conway, global head of BlackRock Alternative Investors, said in a memo to employees on Thursday. Jim Keenan will become head of the global credit team at the end of April.
“Tim has been an ambassador to the market for our firm in a number of important ways that have set us on a path for success and facilitated our growth,” Conway said in the memo.
O'Hara declined to comment through a company spokesman.
O'Hara, 58, led BlackRock's acquisition of Tennenbaum Capital Partners, the private credit manager that specialized in lending to middle market companies, as part of a drive to grow the business of investing in alternative assets.
BlackRock, the world's largest issuer of exchange-traded funds and a behemoth in cheaper index-tracking products, has been joined by T. Rowe Price Group Inc. and Franklin Resources Inc. as money managers seek to diversify their offerings to investors beyond traditional stocks and bonds.
BlackRock's global credit business now has a staff of more than 275 and managed $169 billion as of Dec. 31, according to the firm. Overall, BlackRock manages more than $10 trillion.
O'Hara ran global markets at Credit Suisse for about a year before former bank Chief Executive Officer Tidjane Thiam restructured the division.
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