Golden Tree Asset Management hired Chad Plotke as a principal, establishing the $50 billion firm’s California office in Newport Beach.

Plotke will focus on business development, covering relationships with family offices, corporate pensions, healthcare organizations, endowments and foundations.

Plotke will report to Kathy Sutherland, Golden Tree CEO and partner.

“At GoldenTree, we know physical proximity to our investors and partners brings increased collaboration and we are enthusiastic about our opportunities for growth in the West,” said Steve Tanenbaum, founder, CIO and managing partner at GoldenTree.

Plotke was previously at PIMCO, where he was an EVP and account manager, leading relationships with single family offices and nonprofit organizations throughout the US and across various asset classes.

“I’m looking forward to joining the world-class team at GoldenTree and the opportunity to work with such an experienced group to contribute to the firm’s growth with new and current partners,” said Plotke.

Founded in 2000, GoldenTree manages more than $50 billion in assets and specializes in high yield bonds, leveraged loans, private credit, distressed debt, structured products, emerging markets, private equity and credit-themed equities.

Last month, the firm closed a $493 million collateralized loan obligation (CLO) under its GoldenTree Loan Management (GLM) strategy. GoldenTree has issued 23 CLOs totaling approximately $13 billion under its strategy.