OppenheimerFunds hired Krishna Memani to lead its high grade fixed income team. Memani, who joined from Deutsche Bank, reports to fixed income director Art Steinmetz and starting April 1, he will take the helm of Oppenheimer Core Bond Fund, U.S. Government Trust Fund, Oppenheimer Limited-Term Government Fund and related accounts.

Memani takes on the high grade fixed income duties previously held by Angelo Manioudakis, who ran Oppenheimer's CorePlus team prior to his departure in December (see The MFWire, 12/16/08).

As for the high-yield side of the CorePlus team, it has yet to be determined who will run that part of the group, which manages the Champion Income Fund, said OppenheimerFunds spokeswoman Jeaneen Pisarra.

Meanwhile, Oppenheimer is centralizing fixed income portfolio management, trading and analyst functions in its New York office. Traders based in Boston will relocate to New York.

Memani is currently in the process of finalizing his team's structure.

Company Press Release NEW YORK, March 10 /PRNewswire/ -- OppenheimerFunds, Inc. (OFI) announced today that Krishna Memani has been named SVP, Head of the High Grade Fixed Income team, effective immediately. On April 1, 2009, he will assume portfolio management responsibilities for OFI's high grade strategies including Oppenheimer Core Bond Fund (OIGBX), U.S. Government Trust Fund (UGTBX) and Oppenheimer Limited-Term Government Fund (OGSBX), as well as all related accounts.

"Krishna brings a wealth of leadership and portfolio management experience to the Company. We're very pleased to have him in this key role in our investment area," said Art Steinmetz, SVP and Director of Fixed Income at OFI. "Shareholders will benefit from his deep knowledge of the fixed income markets and proven investment approach."

Mr. Memani most recently served as Managing Director, Head of the US and European Credit Analyst Team at Deutsche Bank, where he analyzed and communicated trends impacting the US credit markets and sectors within the credit markets.

Prior to his role at Deutsche Bank, Mr. Memani held senior roles at several financial companies including Credit Suisse, Putnam Investments and Morgan Stanley. At Putnam, he was Managing Director, Senior Portfolio Manager and oversaw $8 billion in high grade portfolios and $3 billion in high yield portfolios. He was instrumental in implementing a new investment process. In total, he has 25 years of experience of researching and managing investment grade fixed income assets and engineering new investment strategies.

The addition of Krishna is one important step in a plan to strengthen OFI's fixed income capabilities. Over the next few weeks, all portfolio management, trading and analyst functions will be centralized in the New York office. Investment personnel located in Boston who will remain with the team will relocate to New York.

"I'm pleased to join an organization with a fifty year history of serving the needs of investors and advisors," said Mr. Memani. "I look forward to the opportunity to finalize the team structure and set the direction for the future."

Mr. Memani will report to Mr. Steinmetz.

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 a 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, 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.

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