OppenheimerFunds Promotes Steinmetz to CIO

By John Sullivan

October 06, 2010 at 01:07 PM

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Mutual fund behemoth OppenheimerFunds, Inc. announced Wednesday that Art Steinmetz has been promoted to chief investment officer. Steinmetz, who holds the title of executive vice president joined the firm in 1986 and has served as chief investment officer of the company's fixed income portfolio since 2009.

The firm also announced that George Evans has been named director of equities and Krishna Memani has been named director of fixed income. The promotions are effective immediately.

Steinmetz's role has been expanded to assume responsibility for overseeing all equities and fixed income investments including investment strategy, strategic planning and personnel. He will continue to serve as co-manager of Oppenheimer International Bond Fund, Oppenheimer Global Strategic Income Fund and Oppenheimer Global Allocation Fund. Steinmetz replaces Christopher Leavy, former head of equities, who is leaving to join another organization.

"Art Steinmetz is widely recognized as an innovator in our industry and one of its most successful portfolio managers," said Bill Glavin, CEO of OppenheimerFunds, in a statement. "During his nearly 25 years at OppenheimerFunds, he has proven himself to be not only a truly gifted investment manager, but also a strong leader of people and teams. I look forward to working together with Art in his new role and congratulate him on a well-deserved promotion."

As of Sept. 30, OppenheimerFunds, Inc., including subsidiaries, managed $165 billion in assets, including mutual funds having approximately six million shareholder accounts.

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