OppenheimerFunds Hires New Chief Compliance Officer

NEW YORK, Jan. 9, 2014 /PRNewswire/ --  OppenheimerFunds (OFI) is pleased to announce that Mary Ann Picciotto will join the firm as Chief Compliance Officer and is expected to start in the first quarter of 2014. In this role, Ms. Picciotto will be responsible for all aspects of regulatory compliance for OFI's five affiliated investment advisers as well as its three commodity pool operators and advisers, two transfer agents, broker-dealer, and state-chartered trust company, providing compliance services to more than 100 mutual funds and dozens of institutional accounts. Ms. Picciotto will be based in New York and will oversee a staff of more than 30 compliance professionals in three U.S. locations. She will report directly to Ari Gabinet, General Counsel.

"Mary Ann is an inspiring compliance leader with broad experience, new perspectives and an energizing approach that will invigorate our compliance program," said Mr. Gabinet.  "We are delighted to have her join OppenheimerFunds, and look forward to the evolution of our compliance function as our business continues to evolve and grow."

Ms. Picciotto joins the firm from Morgan Stanley Investment Management where she most recently served as Global Head of Compliance & Chief Compliance Officer for the Morgan Stanley funds. Previously, she worked for PricewaterhouseCoopers on the Assurance and Business Advisory Services team in the Investment Management Services division

OppenheimerFunds' current Chief Compliance Officer, Mark Vandehey, who has been with the firm for more than 31 years, plans to retire after a transition period with Ms. Picciotto. 

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.

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 1.800.525.7048. 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

© 2014 OppenheimerFunds Distributor, Inc.  All Rights Reserved.

SOURCE OppenheimerFunds