is acquiring a majority of the assets of Gulf Investment Management, Inc.
of Houston, Texas, a spokesperson with Oppenheimer told the MutualFundWire.com. Gulf Investment focuses on the managed account business.
According to the spokesperson, Oppenheimer already has a presence in the managed account niche, but executives at the firm believe this purchase broadens that presence significantly. Oppenheimer particularly likes Gulf Investment's capabilities concerning large cap value equities.
"Now that Gulf is under our umbrella, we will be co-branding our separate account products. The teams from the two units will be working together," the spokesperson reported.
Gulf portfolios, the firm claims, are benchmarked against the Russell 1000 Value and S&P 500/Barra Value indices and typically hold 25-35 stocks in each portfolio.
"We believe Gulf's focused and strong performing investment operation and compelling investment story are an excellent fit for OppenheimerFunds's national distribution network and reinforces our brand as being The Right Way to Invest," stated John Murphy
, chairman and ceo of OppenheimerFunds.
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