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Rating:Glavin Adds a Pair of C-Level Execs at OppFunds Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, September 02, 2009

Glavin Adds a Pair of C-Level Execs at OppFunds

Reported by Neil Anderson, Managing Editor

OppenheimerFunds has tapped two Fidelity alums to lead its distribution and marketing teams. The New York City-based fund firm said Wednesday it hired Bill Carey and Marty Willis as head of distribution and chief marketing officer, respectively.

William F. Glavin, Jr.
"Bill [Carey] and Marty [Willis] will help us shape product and distribution strategies and maximize the strong sales and marketing talent we already have at OppenheimerFunds," stated Bill Glavin, OppFunds' CEO.

OppFunds spokeswoman Jeaneen Pisarra confirmed that both positions are new. On the distribution side, starting on September 21, Carey will lead 529 plans, intermediary distribution, retirement plans and the institutional, RIA and separate account businesses. Interim institutional chief Amy Adamshick and wealth management chief Donna Winn will both report to Carey, Pisarra confirmed. (Richard Knott, head of retail, will leave OppFunds by October 1 "to pursue entrepreneurial opportunities.")

William C. Carey
Head of Distribution
On the marketing side, starting on October 1, Willis will oversee communications, marketing and product. Corporate communications chief Bruce Dunbar, retail marketing head Bob Grill and investment brand management chief Tom Keffer will all report to Willis. The marketing efforts within OppFunds' different business units, Pisarra said, will remain in place. Pisarra added that Willis' mandate is to "reassess and reevaluate marketing" across the organization.

Carey, a 14-year Fidelity veteran, was most recently with Bank of America, where he served as managing director of distribution and relationship management in BofA's institutional retirement, philanthropy and investments division. Willis, a 25-year Fidelity veteran, currently serves as executive vice president of investment product management in Fidelity Investments Institutional Services Company (FIIS).

At BofA, Carey's direct reports will report to Steve Bodurtha, head of Bank of America's institutional retirement, philanthropy & investments group, on an interim basis until a replacement is named, BofA spokesperson Matt Card told The MFWire.

As for Fidelity, Peter Cieszko just brought in a new product management chief at FIIS (see the MFWire, 9/2/2009).

Company Press Release

NEW YORK, Sept. 2 -- OppenheimerFunds, Inc. (OFI) today announced the hiring of two individuals who will help shape the Company's response to a rapidly changing industry and build on the Company's strong commitment to serving its clients. William C. (Bill) Carey will join OFI on September 21st as Head of Distribution and Martha B. (Marty) Willis begins as Chief Marketing Officer on October 1st.

"In early 2009, OFI embarked on a plan to focus on our core strengths in order to better serve clients and build on a long history of investment excellence," said Bill Glavin, CEO of OppenheimerFunds, Inc. "Along with the Investment and Risk Management leadership we put in place earlier this year, Bill and Marty will help us shape product and distribution strategies and maximize the strong sales and marketing talent we already have at OppenheimerFunds."

In addition to their strategic roles, Mr. Carey and Ms. Willis will lead the completion of efforts announced earlier this year to enhance the flow of information across the firm and out to clients by streamlining marketing and distribution functions in various business lines.

Mr. Carey will join OFI from Bank of America where he was Managing Director of distribution and relationship management in the Company's Institutional Retirement, Philanthropy & Investments division, which provides retirement and benefit plan services, philanthropic management and investment guidance to institutional, non-profit and high net worth clients. He also spent 14 years at Fidelity Investments before joining Bank of America in 2007.

At Fidelity, Mr. Carey was President of the Institutional Retirement Services Company and of the Registered Investment Advisor Group. Mr. Carey also led national account management for the division that distributes Fidelity Advisor Funds and other investment products through intermediaries. Earlier in his career, he ran the small-company defined contribution plans business for Fidelity and held various employee benefit sales management roles for Aetna. He is a graduate of Bates College.

Mr. Carey will be responsible for OFI's intermediary distribution and its retirement plans, 529 college savings, institutional, RIA and separate account businesses.

Richard Knott, who currently leads OFI's retail business line, has decided to leave the Company to pursue entrepreneurial opportunities after a transition period ending October 1st.

Ms. Willis will join the Company from Fidelity Investments where she worked for the past 25 years. Her most recent role was Executive Vice President, Investment Product Management in the Fidelity division that distributes mutual funds and other products through intermediaries.

During her career at Fidelity, she also led the development and relaunch of Fidelity's Retirement Income program across multiple business lines, managed the Fidelity Retail group's mutual funds business (the direct-sold Fidelity Funds and the multi-manager Fidelity FundsNetwork program), developed an integrated intermediary distribution strategy combining database marketing, telephone sales and electronic communications, and created the industry's first mutual fund with a multiple share class structure. She began her career in the mutual fund business as a wholesaler for MFS. She is a graduate of Sewanee: The University of the South and currently chairs the school's Investment Committee and sits on its Board of Regents.

OFI's Corporate Communications, Marketing and Investment Brand Management departments will report into Ms. Willis.

"OppenheimerFunds has a 50 year history of strong performance, outstanding client service and providing tools and resources that help intermediaries work with their clients," said Glavin. "I look forward to working closely with Bill, Marty and my entire senior leadership team as we build on that legacy."

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 its 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, 529 college savings plans, 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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