OppenheimerFunds has promoted its current Executive Vice President and Chief Investment Officer (CIO), Art Steinmetz, to the post of President. He will retain his title of CIO and report to Bill Glavin, Chairman and Chief Executive Officer of OppenheimerFunds
In this new position, Steinmetz will be tasked with driving the firm's strategic mission and continue to foster and build the firm's investment capabilities and culture. As CIO he will continue to oversee all equity, fixed income and alternative investment capabilities including investment strategy, strategic planning and personnel.
“We hold four core beliefs that lie at the heart of our investment culture: active management delivers better outcomes; independent investment teams lead to better ideas; a global perspective is critical and portfolio management is best supported by independent risk management oversight,” says Steinmetz.
“These beliefs will be critical as I step into my new role, as I want to propel our firm in delivering new investment strategies to our clients, recruiting and developing the brightest and most innovative investment minds, and helping Bill Glavin and my other executive colleagues to realize our company's vision.”
“Art has been a pioneer, innovator, and one of the most successful and respected investment managers in the industry for more than 25 years,” says Glavin. “As a portfolio manager, Art has been a role model, and as CIO, he has been a leader and mentor to many of our investment professionals. His promotion to President is a worthy recognition of his key role as the head of our investment organization, his public role in representing our company, and his ongoing leadership and influence at our firm,” he adds.
In addition to his executive leadership responsibilities, Steinmetz serves as co-manager of Oppenheimer International Bond Fund and Oppenheimer Global Strategic Income Fund, with a combined $22.3 billion in assets under management. Steinmetz has served as a manager of the Oppenheimer Global Strategic Income Fund since October 1989 and the Oppenheimer International Bond Fund since April 2004. He was instrumental in pioneering strategic income investing, an investment approach that combines the three key sectors of the bond market–high yield corporate bonds, U.S. government and agency bonds and foreign fixed-income securities–in a diversified portfolio.
Joel Kranc is Director of Kranc Communications, focusing on business communications, content delivery and marketing strategies. He has written and worked in the retirement and institutional investment space for 17 years covering North American markets, large institutional pensions and the adviser community.
