Oaktree distribution head quits

Oaktree Capital Management's head of distribution for Australia and New Zealand has left the firm and is currently on gardening leave.

Two years ago, Brett Penprase joined the US$172 billion investing powerhouse co-founded by Howard Marks with 27 years of industry experience.

He arrived from Challenger Limited, where he worked as a senior institutional business development manager.

Penprase began his career in equities at Global Funds Management, which became part of Tyndall Investment Management in 1994.

He then moved on to Zurich Investments, where he ran settlements and unit pricing before being promoted to head of manager research for retail distribution.

Following a ten-year stint at the Swiss investment banker, Penprase spent the next decade as an assistant vice president with Partners Group and director of institutional sales with Robeco.

Oaktree declined to comment on Penprase's replacement, saying it does not comment on personnel changes.

Separately, Oaktree and the asset manager Brookfield - which owns a majority stake in Oaktree - have hired Pragun Babhoota to look after relationships in Australia.

Babhoota joins Brookfield Oaktree Wealth Solutions from Fidante Partners, where he held a senior distribution manager role in its high-net-worth and private wealth division.

Before that, Babhoota held similar roles at Ironbark Asset Management and Colonial First State.

Brookfield Oaktree Wealth Solutions partner David Levi said: "With the support of Pragun and our broader team, we look forward to offering best-in-class infrastructure, real estate, private equity, and credit capabilities to Australian private bankers and advisors."

Managing over $865 billion in assets, Brookfield and Oaktree comprise one of the largest alternative asset managers in the world.