When was Howard Marks born and where did he grow up?
Howard Stanley Marks was born in 1946 and raised in Queens, New York. His family was ethnically Jewish, yet he grew up as a Christian Scientist.
Howard Stanley Marks was born in 1946 and raised in Queens, New York. His family was ethnically Jewish, yet he grew up as a Christian Scientist.
Howard Marks graduated cum laude from the Wharton School of the University of Pennsylvania in 1967 with a minor in Japanese Studies. He earned a Master of Business Administration from the University of Chicago Booth School of Business at age 23 and won the George Hay Brown Prize during that program.
In 1995, Howard Marks and four partners left TCW Group to start their own firm after TCW refused to let them continue managing funds they oversaw. They founded Oaktree Capital Management in Los Angeles that same year and began focusing on high-yield debt, distressed debt, and private equity.
Oaktree became a public company via an initial public offering in April 2012 and listed on the New York Stock Exchange. The firm raised $380 million by selling 8.84 million shares for $43 each.
Brookfield Asset Management acquired 62% of Oaktree in March 2019 while Howard Marks and other members of Oaktree retain 38% of the company. They keep full control of Oaktree's day-to-day operations despite the majority stake sale.