Och-Ziff Capital Management Group’s leadership team has been shuffled once again to revamp the firm following a period of turmoil among executives.
The $33.1 billion hedge fund firm’s co-founder David Windreich will retire, while James Levin will remain on as the sole chief investment officer, a spokesperson confirmed on Friday.
Additionally, the New York-based company promoted Jeff Lin to head of U.S. equities and Ghassan Ayoub to lead convertible and derivative arbitrage. Peter Wallach has been named the head of risk management, the spokesperson confirmed.
These are not the first executive-level staff changes this year.
In April, the firm’s chief financial officer Alesia Haas resigned to become the CFO at cryptocurrency company Coinbase. Dan Och, the firm’s former CEO and namesake, stepped down in January, paving the way for Robert Shafir — the former chief executive of Credit Suisse — to take the helm.
These staffing changes, coupled with capital inflows after years of redemptions, suggest that Shafir’s turnaround is succeeding thus far.
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In January, one of the firm’s executives was charged with defrauding a client foundation in connection with an African bribery scandal. Michael Cohen, once the head of its European business, allegedly misled an unnamed U.K. foundation that had committed as much as $200 million to an African joint venture.
Cohen didn’t disclose his personal interest in the fund, the case claimed. He then allegedly tried to cover up these failures by sending fake letters and making “materially false statements” to the Federal Bureau of Investigation, Internal Revenue Service, and Securities and Exchange Commission, according to court documents.
The SEC brought charges against four Och-Ziff executives, including Cohen.