Och-Ziff Capital Management Group (Oz), a New-York alternative asset management firm, has appointed Robert Shafir as its new CEO, replacing Dan Och.

Shafir will join Oz on 5 February 2018, with responsibility for the firm’s strategic direction, financial objectives and client engagement. He will also have a seat on the company’s board.

Shafir formerly served as the CEO and co-head of private banking and wealth management at Credit Suisse Americas.

Prior to Credit Suisse in 2007, he served at Lehman Brothers for 17 years. He previously also worked at Morgan Stanley.

Meanwhile, Och, Oz’s founder and largest shareholder will continue to serve as the firm’s board chairman till 31 March 2019.

“Rob is a world-class executive who will be a great asset to Oz as we continue our evolution as a firm. His distinguished career of over 30 years leading global financial institutions and asset management businesses brings unique experience that will benefit Oz significantly. Importantly, having Rob as a dedicated CEO will enable our nearly 150 investment professionals to continue to focus solely on what they do best—generating returns for our clients,” Och stated.