Net Worth: $765 million -49%
Last Year: $1.5 billion
Source of Wealth: Money management, private equity
The Money: Bear market has been so brutal even Marks, an accomplished distressed debt investor, took it in the shins. Told Business Journal earlier this year his ownership stake in money manager Oaktree Capital Management LLC has lost half its value.
No longer in charge of day-to-day management of Oaktree, which he co-founded in 1995 and now has $55 billion under management. Instead, helps set policy and writes financial industry memos that Wall Street Journal said are anticipated like Warren Buffett? annual shareholders letter. Blames much of recent downturn on easy credit and investors?loss of skepticism. Even so, Oaktree investors lost money over the last year, though Marks claims they ?enerally lost far less with us than with others.?Annually spends about four months in London to assist in Oaktree? European expansion. Cut financial teeth in late 1970s and 1980s as high-yield bond manager for Citibank, where he was one of Michael Milken? first customers. Later chief investment officer for L.A.? TCW Group Inc. Graduate of Penn and University of Chicago has endowed scholarships at alma maters, as well as Brown University. Significant donor to Democratic Party, giving more than $70,000 in 2008. Lives in large Brentwood house.
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