Sign up today and take advantage of member-only content — the kind of timely, cutting edge industry insight that only Money Management Executive can deliver.
  • Exclusive Online Only Content
  • Free Daily Email News Alerts
  • Asset Management Blogs

Oppenheimer Funds Closes Revenue-Sharing Matter


Oppenheimer Funds and its subsidiary, OppenheimerFunds Distributor has settled a revenue-sharing proceeding with the Securities and Exchange Commission without further penalty.

Last year, the firm voluntarily paid $15.8 million - $3.3 million more than the SEC later estimated - to funds affected by revenue-sharing deals and voluntary reported it to the regulated.

The firm neither admitted or denied any wrongdoing in the settlement.

"All the portfolio trades in question were made on a best execution basis," said John V. Murphy chairman and chief executive of Oppenheimer, in a statement. "However, while the use of direct brokerage was common in the industry at the time, we recognized there could be an appearance of a potential conflict of interest and we stopped the practice."

(c) 2005 Money Management Executive and SourceMedia, Inc. All Rights Reserved.

http://www.mmexecutive.com http://www.sourcemedia.com