Alts Manager Castlelake Names Evan Carruthers and Rory O’Neill Co-CEOs

Castlelake, an alternative assets manager focused on investments in real assets, specialty finance and aviation, has appointed co-founder and CIO Evan Carruthers as co-CEO.

The move will allow co-founder and CEO Rory O’Neill to step down from his current post in roughly 18 months, when he will move into an executive chairman role. O’Neill and Carruthers co-founded Castlelake in 2005 and the move is part of the roughly $20 billion firm’s broader succession plan.

“Through 17 years of credit cycles, shifting economic environments and transformational geopolitical events, Evan and I have worked together to mold Castlelake into the investor-focused, asset-based specialist that it is today,” said O’Neill.

Along with announcing Carruthers’ promotion, Yen-Wah Lam has been promoted to chief people officer and president. Lam joined Castlelake in 2018 and served as chief human resources and talent officer, responsible for the firm’s talent strategy, diversity, equity and inclusion and operations.

Lam will be responsible for the firm’s human resources, legal and operations teams.