Hensler to replace Carey as Oppenheimer distribution chief: sources

OppenheimerFunds Inc. has tapped Philipp Hensler, the former head of DWS Investments Distributors, to head up distribution, according to people familiar with the decision. Mr. Hensler replaces William C. Carey, who left the firm at the end of January after only five months on the job. Jeaneen Pisarra, a spokeswoman for Oppenheimer, said the firm had not yet named a replacement for Mr. Carey. She declined to comment on the reports of Mr. Hensler's hiring. Mr. Hensler exited from DWS, the U.S. retail unit of Deutsche Bank's global asset management division, in August. At the time, Lem Brewster, a spokesman for DWS, said Mr. Hensler left to “pursue other opportunities outside the organization.” Mr. Hensler's hire at OppenheimerFunds comes at a time when the firm is trying to turn itself around. The departure of Mr. Carey, a former president of Fidelity Investments' registered investment adviser, came as a blow to Oppenheimer, which has been trying to fix itself after months of poor performance from its bond funds. The company has also been slapped with a number of lawsuits from states over alleged mismanagement of its Section 529 plans. Mr. Hensler is something of a surprise pick to replace Mr. Carey. Despite his tenure at DWS Investment Distributors, industry observers point out that he has spent much of his career in asset management roles in his home country of Switzerland. Mr. Hensler joined DWS Scudder in 1998 as country head and CEO for DeAM in Switzerland after 15 years of asset management experience for various firms in Switzerland. He joined DWS Investments in the United States in 2005. OppenheimerFunds used Russell Reynolds & Associates for the search. Mr. Hensler was on the short list for the job before Oppenheimer decided to go with Mr. Carey, insiders said. George Wilbanks, managing director at Russell Reynolds, declined to comment on the story.