OppenheimerFunds Announces New Distribution Structure to Accelerate Growth

NEW YORK, Feb. 4, 2014 /PRNewswire/ -- OppenheimerFunds has announced that it has created a new unified Distribution organization that will allow the firm to maximize resources and take advantage of opportunities in the marketplace that will help differentiate it from competitors. The Distribution organization has been realigned around rigorous channel segmentation and increased customization that will be the foundation for its sales strategies going forward. Under the leadership of John McDonough, who assumed Head of Distribution effective January, seven business units will be organized around specific intermediary and end investor needs.

Rocco Benedetto has been promoted to Head of Broker Dealer. Mr. Benedetto and his team will be responsible for leading intermediary business' sales activity across all channels as well as Strategic Accounts, CEO Advisor Institute and eDistribution.  They are also charged with developing the sales strategy; assigning and managing territories; and contributing to new product development.

Mark Santero has been promoted to head the newly created Private Bank, Trust Bank and Family Office division.  This group will be focused on providing solutions to financial institutions serving the ultra-high net worth space as well as creating awareness and insight into asset classes/strategies.

Geoff Crumrine has been appointed the interim Head of Institutional. The firm's Institutional mandate will include identifying products and service needs for large institutional buyers.  This team will build critical relationships and sales opportunities through both the investment consultant community and direct relationships with institutions.  They will also be responsible for the identification and management of international distribution joint partnerships. The firm is initiating an internal and external search to head this business unit.

Mike Sussman has been appointed the interim Head of RIA.  This team will provide investment and business consulting services to unaffiliated registered investment advisors.  The firm is initiating an internal and external search to permanently head this business unit.

Kathleen Beichert will rejoin the Distribution team as Head of Third Party. This group will target our products and services to the following clients:  Retirement Defined Contribution Investment Only (DCIO), Sub Advisory Services and Third Party Asset Management platform (TAMP) clients.   

Lamar Kunes will succeed Mr. Santero as the Head of Distribution Operations.  Mr. Kunes and his team will be tasked with providing best-in-class service to all Distribution clients and channels including all administrative, analytics, financial and support activities of the Distribution organization.

Pete Novak will now report directly to Mr. McDonough as Head of Platform Analytics.  His team will be responsible for investment research analytics and relationships with client research teams across all channels, as well as development and communication of investment analytics for both OppenheimerFunds and its competitors.

"This is an exciting time for our organization. In a world where growth rates are slowing, this new structure will help us grow and evolve the way we interact with clients," said Mr. McDonough. "These changes are designed to strengthen our business focus, drive customer oriented performance and provide for enhanced development opportunities for our talent."

Kim Mustin, Joe Moran and Rich Keri have left the company to pursue other interests.

About OppenheimerFunds, Inc.
OppenheimerFunds, Inc. (OFI) is one of the largest and most reputable investment management firms in the country. Since the original Oppenheimer fund was first offered to the public in 1959, OFI has demonstrated it is a high conviction asset manager with a history of providing innovative investment strategies to its investors. OFI and its subsidiaries offer a broad array of products and services to individuals, institutional investors and corporations worldwide. OFI provides advisory services to the Oppenheimer mutual funds, and OFI Global Asset Management provides services to institutional clients. OFI, including its subsidiaries, managed more than $232 billion in assets for over 13 million shareholder accounts, including sub-accounts, as of December 31, 2013.

These views represent the opinions of OppenheimerFunds, Inc. and are not intended as investment advice or to predict or depict performance of any investment. These views are subject to change based on subsequent developments.

Shares of mutual funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. Two World Financial Center, 225 Liberty Street, New York, NY, 10281

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