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Rating:Four Wholesalers Exit Oppenheimer Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, March 21, 2006

Four Wholesalers Exit Oppenheimer

Reported by Armie Margaret Lee

Four wholesalers at OppenheimerFunds have recently left the firm, a company spokesperson said.

Jessica Greaney, media relations manager at the New York-based firm, said the wholesalers left earlier this month. She declined, however, to discuss the circumstances surrounding their departure.

Asked whether the firm plans to replace the four, she said: "Sales are strong...They're up 40 percent year-over-year. We're always looking to grow the sales force."

Some observers have said that the fund industry had a very solid year in 2005, which means that wholesaler compensation is rising rapidly. This led some sales managers to question the value provided to wholesalers compared to their rising costs.

Also recently, Oppenheimer's corporate parent, MassMutual Financial Group, handed Babson Capital's retail asset management products to Oppenheimer, which may have caused some changes at the company. It is not known whether this development had anything to do with the departure of the wholesalers.  

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