OppenheimerFunds, Inc. Names Philipp Hensler Distribution Head

NEW YORK, March 29 /PRNewswire/ -- OppenheimerFunds, Inc., (OFI) announced today that Philipp Hensler has been named Head of Distribution, effective immediately.  In his new role, Mr. Hensler assumes responsibility for OFI's entire sales and distribution capabilities.  He reports to OppenheimerFunds CEO Bill Glavin.

"Philipp is a financial industry veteran who brings to OppenheimerFunds a deep reservoir of insight and experience that will help in strengthening and expanding our existing distribution operations," said Bill Glavin.  "We're delighted to have him join the firm, and look forward to the many contributions we know he'll make."

Prior to joining OFI, Mr. Hensler served as the CEO, Chairman, and Managing Director at DWS Investment Distributors Inc., the retail distribution arm of Deutsche Asset Management USA based in New York, NY.  Under his stewardship, DWS's gross sales grew from $12.1 billion in 2006 to $16.5 billion in 2008.  He led in that capacity since 2005.  Prior to that, he was the Country Head, CEO, Managing Director for DWS Investments/Deutsche Asset Management's Switzerland operation.

Previously, Mr. Hensler held senior level positions at Zurich-based Coutts Bank, where he served as Senior Fund Manager for global and Continental European equities, and at Rothschild Bank, as Senior Client Relationship Manager.

The appointment of Mr. Hensler is an important step in the continued build-out of OFI's distribution capabilities.

"OppenheimerFunds has been a widely respected asset management brand for the past 50 years, and one I have long admired," said Mr. Hensler.  "I look forward to joining the OFI team and helping to grow the franchise."

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc. is one of the nation's largest and most respected investment management companies. The Oppenheimer funds managed by OppenheimerFunds, Inc. have nearly 6 million shareholder accounts.

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.

OppenheimerFunds is widely recognized as a leader in educating and empowering investors and for its award-winning customer service.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses and if available, summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting our website at www.oppenheimerfunds.com, or calling us at 1.800.525.7048. Read prospectuses and if available, summary prospectuses, carefully before investing.

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

SOURCE OppenheimerFunds, Inc.