Kayne Anderson Capital Advisors, the alternative-asset manager that last year canceled a merger with Ares Management LP, named Mike Levitt as chief executive officer.

Levitt, who became a senior credit executive at Apollo Global Management LLC in 2012 when it acquired his firm Stone Tower Capital, will start immediately and be based in Kayne Anderson’s Los Angeles headquarters, according to a statement Thursday.

Kayne Anderson, which manages about $22.5 billion in energy, infrastructure, credit and private equity assets, also said it elevated Bob Sinnott to co-chairman alongside co-founder Ric Kayne. Sinnott was previously the firm’s CEO and president.

The moves bolster Kayne Anderson’s executive ranks as many private equity firms prepare for generational succession. John Anderson, who with Ric Kayne started the firm in 1984, died in 2011. The proposed merger with publicly traded Ares, announced in July 2015, fell apart three months later as the slump in energy prices exposed a rift between the firms as to how to manage investments.

“We have strengthened our executive leadership team, provided for continuity in management for the next generation and ensured my intent for Kayne to remain a private, independent firm for the long term,” Ric Kayne said in the statement.

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