OppenheimerFunds has announced that it is making changes intended to strengthen its business operations and enhance risk management capabilities.
According to a statement on the firm's Web site, the changes will affect the leadership of its investment business.
Chris Leavy has been named CIO of equities with the firm, while Art Steinmetz will take on the role of CIO of fixed-income. Both will report to Bill Glavin, the firm's CEO.
Kurt Wolfgruber, Oppenheimer's current CIO, is leaving the firm, effective April 30.
Joseph Welsh has been appointed head of a new high yield corporate debt team, where he will serve as portfolio manager of the Oppenheimer Champion Income Fund. He will also retain his duties as co-portfolio manager of the Oppenheimer Senior Floating Rate Fund.
Krishna Memani has taken on the role of portfolio manager for the Oppenheimer Core Bond Fund, the Oppenheimer Limited-Term Government Fund, and the Oppenheimer U.S. Government Trust Fund and will serve as head of the Investment Grade Fixed-Income team.
The structure of the taxable fixed-income business will now consist of three investment teams: the Investment Grade Fixed-Income Team, the High Yield Corporate Debt Team and the International Fixed-Income Team.
In order to enhance the firm's risk management capabilities, Geoff Craddock, Oppenheimer's head of risk management, Mark Vendehey, head of compliance, and Kristina Olson, head of internal audit, will report directly to Glavin.
The firm has also made unspecified plans to make changes that would enhance its communications with clients.