OppenheimerFunds Names Wolfgruber President

Kurt Wolfgruber, chief investment officer at OppenheimerFunds, has been promoted to president. Wolfgruber will retain his responsibilities as CIO while also taking on the added oversight in the president’s role for the company’s retail and wealth management units.

John V. Murphy, previously president, chairman and CEO, remains chairman and CEO.

Reporting to Wolfgruber now are Donna Winn, president of OFI Private Investments, and Richard Knott, president of OppenheimerFunds Distributor.

“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,” Murphy said. “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.”

Wolfgruber joined OFI in 2000 as director of domestic equities and became CIO in 2003. Before that, he worked for 26 years at JPMorgan Investment Management in a variety of positions.