OppenheimerFunds shakes up leadership team

After five years on the job, CEO Wiliam Galvin sets plan to step down, says company needs an investor to lead it and names CIO Art Steinmetz as replacement.
OCT 31, 2013
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.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.