OppenheimerFunds shakes up leadership team

CIO Steinmetz to replace Glavin as CEO in July

Dec 17, 2013 @ 10:56 am

By Jason Kephart

OppenheimerFunds chief executive officer William Glavin will be stepping down from that role in July, the company announced Tuesday. He will be replaced by chief investment officer Art Steinmetz. Mr. Glavin, who joined OppenheimerFunds in January 2009, will remain chairman.

“Art has been one of the most successful and respected investment managers in the industry for more than 27 years, and I believe it is important that an investor lead this company at this point in its evolution,” Mr. Glavin said in a statement. “We have developed a strategy that will accelerate our growth, and Art and the leadership team are well positioned to lead this change.”

Mr. Steinmetz joined Oppenheimer in 1986, and was named chief investment officer in 2008. He is co-portfolio manager of the $10 billion Oppenheimer International Bond Fund (OIBAX) and the lead manager $7.7 billion Oppenheimer Global Strategic Income Fund (OPSIX).

Mr. Glavin was a co-COO and executive vice president of MassMutual's U.S. insurance group before being named CEO of Oppenheimer in January 2009.

Krishna Memani, chief investment officer of fixed income, has been named Mr. Steinmetz's replacement as chief investment officer.

Kaitlyn Downing, a spokeswoman for OppenheimerFunds, could not be reached for comment.

OppenheimerFunds, the ninth largest mutual fund company, has $15.4 billion of net inflows through the end of November, fifth most among mutual fund companies.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

The biggest obstacles young baby boomers face in retirement

Deputy editor Bob Hordt and senior columnist John Waggoner discuss how pensions, college expense and aging parents are uniquely challenging for younger baby boomers as they prepare for retirement.

Video Spotlight

Help Clients Be Prepared, Not Surprised

Sponsored by Prudential

Recommended Video

Path to growth

Latest news & opinion

Why private equity wants a piece of the RIA market

Several factors, including consolidation in the independent advice industry and PE's own growing mountain of cash, are fueling the zeal to invest.

Finra bars former UBS rep for private securities transactions

Regulator says Kenneth Tyrrell engaged in undisclosed trades worth $13 million.

Stripped of fat commissions, nontraded REIT sales tank

The "income, diversify and interest rate" pitch was never the main draw for brokers.

Morgan Stanley fires former Congressman Harold Ford for misconduct

Allegations against the wirehouse's former managing director include sexual harassment, which Ford denies.

Senate tax bill changes for pass-throughs more generous than House version, experts say

Senate measure's handling of such small-business income is simpler and makes allowances for more service companies.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print