OppenheimerFunds Hires New Head of Asset Allocation

NEW YORK, April 9, 2013 /PRNewswire/ -- OppenheimerFunds announced that Mark Hamilton has been named CIO, Asset Allocation, effective April 8, 2013. In this capacity, Mr. Hamilton will lead the expansion of the investment strategies the Company brings to market, with a focus on designing and implementing multi-asset products and solutions. This capability will leverage OppenheimerFunds' existing franchise, which includes traditional asset classes, as well as a full complement of specialized and alternative asset classes. This is a newly created leadership role reporting directly to Art Steinmetz, Chief Investment Officer.

"Increasingly, advisors and their clients are looking for more packaged products that address client needs rather than just the component parts," said Steinmetz. "A 19-year industry veteran, Mark will focus on providing our retail and institutional clients with the solutions they need to help achieve their diverse investment goals."

"OppenheimerFunds has a long history in bringing new, innovative strategies to market and has built its reputation on being a high conviction, high alpha active manager with a globalized view," said Hamilton. "With such a strong investment foundation already in place, I am excited to help manage and build the next generation of asset allocation strategies, particularly as our clients and investors' needs continue to change dramatically."

Mr. Hamilton joins the firm from AllianceBernstein L.P., where he held various roles throughout his 19-year tenure. Most recently, he was Investment Director on the Dynamic Asset Allocation portfolio management team. His responsibilities included managing investments in the global equity, bond, credit, currency and real asset sectors, and directing the design, development and implementation of dynamic asset allocation strategies for institutional, sub-advisory, retail and private client channels. He previously served as Head of the North American Blend Team, Director of Fixed Income Plus Strategies, and Co-Head of the UK and European Fixed Income Team. He holds an M.S. in finance and applied economics from the Sloan School of Management at the Massachusetts Institute of Technology, and a B.A. in international relations and political science from the University of Southern California.

"Mark is a proven leader with a wealth of experience developing innovative asset allocation strategies," said Steinmetz. "His addition to the Firm will help address the fundamental shift to outcome-oriented solutions in the asset management industry and our clients' changing needs."

About OppenheimerFunds, Inc.

OppenheimerFunds is one of the nation's largest and most respected investment management companies. As of March 31, 2013, OppenheimerFunds, including subsidiaries, managed more than $208 billion in assets, including mutual funds having more than 12 million shareholder accounts, including sub-accounts. Known for its tagline The Right Way to Invest, OppenheimerFunds has been helping investors reach their financial goals since 1960. The company and its divisions and subsidiaries offer a broad range of products and services to individuals, corporations and institutions, including mutual funds, separately managed accounts, qualified retirement plans and sub-advisory investment management services.

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. Read prospectuses and summary prospectuses carefully before investing.

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