John Murphy is stepping aside at OppenheimerFunds. The New York City-based fund firm revealed that William F. Glavin, Jr. will take over as CEO on January 1. Murphy will stay on as chairman until he retires at the end of 2009.
OppFunds spokeswoman Jeaneen Pisarra confirmed that the move will not affect Kurt Wolfgruber's position as president and chief investment officer (see MFWire, March 14, 2007), save that Wolfgruber will naturally report to Glavin instead of Murphy starting January 1.
A veteran of Scudder Funds and Dreyfus Funds, Glavin joined OppFunds parent MassMutual two and a half years ago as co-chief operating officer after serving as president and CEO of another MassMutual asset management subsidiary, Babson Capital (see MFWire, March 3, 2006). Oppenheimer may seem at least partially familiar to Babson, as Babson's fund assets were shifted to Oppenheimer shortly before he joined MassMutual.
As for Murphy, the ICI just tapped him to serve another year as chairman of the mutual fund trade group (see MFWIre, October 3, 2008), which should allow him to exit both roles upon his retirement next year.
Company Press Release
NEW YORK, Nov. 21 /PRNewswire/ -- OppenheimerFunds, Inc. (OFI) announced today that William F. Glavin, Jr. has been appointed Chief Executive Officer of the Company effective January 1, 2009. John V. Murphy, currently Chairman and CEO, will remain Chairman and continue to serve as President and a director/trustee of each of the Oppenheimer funds until his retirement at year-end 2009.
Mr. Glavin has served as Co-Chief Operating Officer of Massachusetts Mutual Life Insurance Company (MassMutual), of which OFI is a subsidiary, and Executive Vice President and head of MassMutual's U.S. Insurance Group. He has been Co-Chief Operating Officer since July 2007, and has led the U.S. Insurance Group since March 2006.
"I have known and worked with Bill Glavin for the past several years, and am confident that, under his leadership, OppenheimerFunds will extend its long track record of success and strong performance," said Mr. Murphy. "It's been an honor to lead the people of OppenheimerFunds for the past seven years and I look forward to working with Bill over the next year to ensure a smooth transition of leadership so we can build on our fifty-year history of seeking investment excellence for fund shareholders and outstanding support to financial advisors."
As MassMutual's Co-Chief Operating Officer, Mr. Glavin has been responsible for the development and execution of broad strategic priorities at MassMutual. As head of the company's U.S. Insurance Group, he has been responsible for all aspects of MassMutual's domestic insurance business and more than 4,500 of the company's financial professionals across the U.S.
Prior to his current role, Mr. Glavin held a series of senior management positions in the investment management industry, including President and CEO of Babson Capital Management LLC, another MassMutual subsidiary, and President of the Scudder Funds. He has also held management positions in sales and marketing with The Dreyfus Corporation, The Boston Company, and State Street Bank and Trust Company. He holds a B.A. from The College of the Holy Cross.
"OppenheimerFunds is a highly-respected organization with a strong history of excellence and one of the best known brands in the mutual fund industry," said Mr. Glavin. "I look forward to working closely with John Murphy and building on the success the Company has achieved under his leadership. OFI is built on a foundation of seeking investment excellence and providing high-quality customer service for financial professionals and investors, and I am excited about the opportunity to help the company reach new heights of performance."
Mr. Murphy joined OFI as President in 2000 after serving in a broad range of leadership roles within MassMutual and a long career in the financial services industry. He became Chairman and CEO of OFI in July 2001. During his tenure, OFI has achieved unprecedented success and growth. The Company was named 2006 Best Large Overall Fund Manager and 2006 and 2007 Best Large Bond Fund Manager by Lipper(1); four or more of the firm's portfolio managers appeared on the Barron's list of the Top 100 Portfolio Managers each year of his tenure(2); and, the Company acquired or built successful 529 college saving plan, institutional asset management, and hedge fund-of-fund businesses. Mr. Murphy is currently serving as Chairman of the Investment Company Institute and will remain in that role.
"Bill is an exceptional leader and has achieved outstanding results during his tenure as head of MassMutual's U.S. Insurance Group. His skills, knowledge and experience in the asset management business will serve him well as CEO of OppenheimerFunds," said Stuart H. Reese, Chairman, President and CEO, MassMutual. "In addition, the shareholders of the Oppenheimer funds have been well-served under John's leadership and will continue to benefit from his knowledge and experience throughout the next year. I congratulate John on his significant accomplishments and contributions to our organization."
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. and its subsidiary have 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.
Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, calling us at 1.800. 525.7048 or visiting our website at www.oppenheimerfunds.com. Read prospectuses carefully before investing.
Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc., Two World Financial Center, 225 Liberty Street, 11th Floor, New York, NY 10281. OppenheimerFunds, Inc. is a member of the MassMutual Financial Group and is not affiliated with Oppenheimer & Co., Inc. or Oppenheimer Capital.
(1) The "Best Large Overall Fund Family" and "Best Large Bond Fund Family" awards are based upon three-year, risk adjusted performance among eligible fund families as determined by Lipper for the periods ended Dec. 31, 2005 and 2006. Large fund groups with at least five equity, five bond and three mixed-asset portfolios that received Consistent Return scores as of those dates were eligible for a group award. Lipper determined the large fund group awards by averaging the decile rank of the three-year Consistent Return scores for all of the firm's funds within the asset class(es), and the eligible group with the lowest average decile rank received the award for that asset class. In the case of a tie, the group with the lowest average percentile rank received the award.
(2) Barron's/Value Line "Top 100 Fund Manager Rankings," 7/23/01, 7/29/02, 8/4/03, 8/16/04, 8/15/05, 8/14/06, 8/13/07 and 8/11/08. These surveys are of qualifying portfolio managers; scores were based on risk-adjusted relative performance considering the Fund's volatility versus its peer group. Barron's is a trademark of Dow Jones, L.P.