OppenheimerFunds, Inc. (OFI) today
named Kurt Wolfgruber
as its President. Mr. Wolfgruber adds responsibility
for the Company's Retail and Wealth Management business units and will
remain Chief Investment Officer.
, President of OFI Private Investments, Inc. and Richard
, President of OppenheimerFunds Distributor, Inc. (OFDI) will report
to Mr. Wolfgruber. His investment responsibilities and the reporting
structure in the investment organization will remain in place. John V.
, currently President, Chairman and CEO, remains Chairman and CEO.
"OppenheimerFunds has experienced significant growth over the last five
years and we expect to continue to grow our core mutual fund business as
well as our other business lines," said Mr. Murphy. "Kurt's new
responsibilities will help us achieve our goals by deepening the management
resources we can apply to two key businesses and increasing alignment
between investments and distribution."
Since the end of 2001, the Company has doubled assets under management,
grown its flagship retail organization by nearly tripling sales, and built
two business lines to reach new customer segments with the goal of creating
a diversified asset management company.
Mr. Wolfgruber, who has over thirty years of investment management
experience, joined OFI in 2000 as Director of Domestic Equities and was
named Chief Investment Officer in 2003. Before joining the Company, he
spent 26 years at JP Morgan Investment Management where he held a variety
"Kurt has been a key contributor to our success since he joined the
firm in 2000," said Murphy. "He has helped build an award-winning
investment management organization focused on producing investment
excellence for our shareholders and I am confident that with his additional
responsibilities the growth of the firm will continue."
About OppenheimerFunds, Inc.
OppenheimerFunds, Inc. is one of the nation's largest and most
respected investment management companies. At December 31, 2006,
OppenheimerFunds, Inc., including subsidiaries and controlled affiliates,
managed more than $235 billion in assets, including mutual funds having
more than 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.
The products and services of OppenheimerFunds, Inc. and its controlled
affiliates include: mutual funds, hedge funds of funds, qualified
retirement plans for individuals and corporations, investment management
for institutions and sub-advisory services. OppenheimerFunds is widely
recognized as a leader in educating and empowering investors and for its
award-winning customer service.
SOURCE OppenheimerFunds, Inc.
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