OppenheimerFunds today officially closed the book on its acquisition of SteelPath Capital Management and SteelPath Fund Advisors. Terms of the deal were not disclosed.
UBS Investment Bank acted as financial advisor to OppenheimerFunds and Deutsche Bank Securities acted as financial advisor to SteelPath. Willkie Farr & Gallagher acted as legal advisor to OppenheimerFunds and Ropes & Gray acted as legal advisor to SteelPath.
SteelPath is now named OFI SteelPath and OppenheimerFunds Distributor is now the general distributor and principal underwriter for each series of The SteelPath MLP Funds Trust.
Gabriel Hammond, founder and chief executive officer, SteelPath, stated that the deal bolsters his firm's leading research efforts by leveraging the infrastructure and technology of OppenheimerFunds' investment platform. He added that SteelPath’s investment team will remain in Dallas and will continue to be solely focused on energy infrastructure investment.