OppenheimerFunds says that Arthur P. Steinmetz will become CEO on July 1, replacing William F. Glavin, Jr., who will stay on as chairman. It also announced other changes as a result of this leadership move.
On Jan. 1, the chief investment officer of fixed-income products, Krishna Memani, will take over the role of chief investment officer for the full suite of OppenheimerFunds from Steinmetz. Steinmetz will be in charge of investments, distribution and marketing.
“Bill Glavin joined OppenheimerFunds during the depths of the financial crisis to guide OppenheimerFunds through a very challenging period for the company and the industry in general,” said Steinmetz, in a press release. “Bill’s immeasurable contributions to the firm’s success during this time, and the impact of his leadership in steering the company on a path of sustainable growth, cannot be overstated.
Also at the start of 2014, John McDonough, now director of national sales, will be tapped as head of distribution. He will replace Philipp Hensler, who is set to leave the firm for an executive post at another financial services organization.
“Art Steinmetz is a proven leader and passionate steward of the four beliefs that lie at the heart of the firm’s investment culture, namely that active management can deliver better outcomes, independent investment boutiques lead to better ideas, a global perspective is critical, and knowing the difference between risk and risky is tantamount to investment success,” said Glavin, in a statement.
As of Sept. 30, OppenheimerFunds--which is owned by Massachusetts Mutual Life Insurance Co.--has some $222 billion in assets with over 12 million shareholder accounts.
“Further, I want to thank Philipp Hensler for his great vision and unbridled enthusiasm in motivating our distribution organization to embrace new ways of thinking and new technologies, and for expanding our reach into the institutional and international markets,” Glavin explained. “Under Philipp’s leadership, our distribution team has had a record year.”