OppenheimerFunds shakes up management structure

As OppenheimerFunds Inc. makes changes in its investment management structure, the fund firm announced the creation of several new positions and a departure.

The firm named Chris Leavy as chief investment officer for equities, and Art Steinmetz as chief investment officer for fixed income, in two new positions.

The changes are part of the New York-based fund firm’s plans to strengthen its investment team and risk management capabilities, the firm said in a statement released today.

Kurt Wolfgruber, who currently serves as chief investment officer, has decided to leave the firm, effective April 30.

“Kurt built a successful investment department that allowed for the tremendous growth the company experienced between 2002 and 2007,” chief executive Bill Glavin, who took over the helm in January, said in the statement.

“As OppenheimerFunds begins a new phase with our investment group, he decided to give other leaders the opportunity to play a major role in shaping the future of the company.”

Mr. Leavy and Mr. Steinmetz will report directly to Mr. Glavin.

Mr. Leavy, who joined the firm in 2000, had been the director of equities.

Mr. Steinmetz has been serving as the director of fixed-income investments. He joined OppenheimerFunds in 1986.

The firm also announced a newly formed high-yield corporate debt team to be led by Joseph Welsh, who has been with the firm since 1995.

In order to bolster its risk management capabilities, the leaders of risk management, compliance and internal audit units will now report directly to Mr. Glavin.

OppenheimerFunds had $145 billion in assets under management as of Jan. 31.