April 6, 2009
OppenheimerFunds Makes Structural Changes Aimed At Better Risk Control
OppenheimerFunds has announced that it is making changes intended to strengthen its business operations and enhance risk management capabilities.
According to a statement on the firm's website, the changes will affect the leadership of its investment business.
Chris Leavy has been named chief investment officer of equities with the firm, while Art Steinmetz will take on the role of chief investment officer of fixed-income. Both will report to Bill Glavin, the firm's chief executive officer. Kurt Wolfgruber, Oppenheimer's current chief investment officer, will be leaving the firm on April 30.
Joseph Welsh has been appointed head of a new high-yield corporate debt team, where he will serve as portfolio manager of the Oppenheimer Champion Income Fund. He will also retain his duties as co-portfolio manager of the Oppenheimer Senior Floating Rate Fund.
Krishna Memani has taken on the role of portfolio manager for the Oppenheimer Core Bond Fund, the Oppenheimer Limited-Term Government Fund, and the Oppenheimer U.S. Government Trust Fund and will serve as head of the investment-grade fixed-income team.
The taxable fixed-income business will now consist of three teams: the investment-grade fixed-income team, the high-yield corporate debt team and the international fixed-income team. To enhance the firm's risk management capabilities, Geoff Craddock, Oppenheimer's head of risk management, Mark Vendehey, head of compliance, and Kristina Olson, head of internal audit, will report directly to Glavin.
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