Wednesday, September 22, 2010
Nearly 200 OppFunds Employees Will
Now Work for the Firm's Vendor
Reported by Armie Margaret Lee
] is handing fund accounting
and a host of other functions to Brown Brothers Harriman
. Nearly 200 OppenheimerFunds employees
will transition to BBH. The servicing center that BBH is putting up in Centennial, Colorado is located in the same building where OppenheimerFunds' back-office unit is based.
BBH will perform fund accounting, financial reporting, fund compliance, tax support and technology solutions for OppenheimerFunds. Those functions were previously handled by in-house by OppenheimerFunds Services.
The arrangement took effect on Monday.
OppenheimerFunds Services will continue as transfer agent for the funds. A company spokesperson told The MFWire.com
that 1,150 OppenheimerFunds employees will remain in the Colorado offices.
BBH and OppenheimerFunds are no strangers to each other. BBH has provided OppFunds with global custody, cash management, foreign exchange and other securities services since 2007.
Commenting on the new arrangement, OppenheimerFunds executive vice president Darren Walsh
wrote in an e-mailed statement to The MFWire
that OppenheimerFunds "will benefit from BBH's world-class infrastructure and scale."
"BBH will gain an exceptionally talented staff from OppenheimerFunds with the ability to operate a service center in the Mountain Time zone to further enhance its 24-hour global service model," he added. "The OppenheimerFunds employees transitioning to BBH will have the opportunity for career growth in an organization where these services are a strategic priority."
Company Press Release
BROWN BROTHERS HARRIMAN & CO. TO PROVIDE
MIDDLE OFFICE, ACCOUNTING, AND ADMINISTRATION SERVICES FOR OVER
$155 BILLION IN ASSETS MANAGED BY OPPENHEIMERFUNDS, INC.
BBH to Provide Full Middle Office Services, Core Fund Accounting and Fund
Administration for over $155 billion in Assets across 350 Domestic and Offshore Investment
Vehicles; BBH to Establish Denver-area Operations Center to Support Business
BOSTON & DENVER, September 22, 2010 – Brown Brothers Harriman & Co. ("BBH") and
OppenheimerFunds, Inc. ("OppenheimerFunds") announced today that they have entered into a
strategic servicing arrangement whereby BBH will provide fund accounting, financial reporting,
fund compliance, tax support, and technology solutions for OppenheimerFunds, covering over
$155 billion in assets across more than 350 domestic and offshore investment vehicles. The
arrangement is effective September 20, 2010.
BBH is establishing a servicing center in Centennial, Colorado, where OppenheimerFunds backoffice
operations are located and has hired nearly 200 former OppenheimerFunds employees,
primarily focusing on 40-Act Mutual Fund middle office, fund accounting and administration.
BBH has provided OppenheimerFunds with global custody, cash management, foreign exchange
and other securities services since 2007.
"We are thrilled to be expanding our relationship with OppenheimerFunds. This strategic
arrangement represents an important investment for BBH in servicing capacity in both the 40-
Act Mutual Fund and Middle Office space. The mountain time zone further enhances our 24
hour global service model with an exceptionally deep and talented staff," said Bill Tyree, Partner
and Global Head of Investor Services for Brown Brothers Harriman. "We believe the two firms
are an unusually good fit, sharing the highest standards for quality, people and cultures. By
integrating the best aspects of both operations, we position OppenheimerFunds and BBH for
continued robust growth."
"The combination of BBH's industry leading accounting system and Infomediary® technology
allows OppenheimerFunds to leverage a platform positioned for future growth," said Darren
Walsh, Executive Vice President of OppenheimerFunds, Inc. "We consider BBH a truly valuable strategic partner who has demonstrated that their interests are well aligned with ours. We are very pleased to be expanding and deepening our relationship through this arrangement."
OppenheimerFunds and its subsidiaries offer a broad range of products and services to individuals, corporations and institutions, including mutual funds, separately managed accounts, investment management for institutions, qualified retirement plans and subadvisory investment
management services. OppenheimerFunds has been helping investors achieve their financial
goals since 1960. It is one of the largest and most respected asset management companies in the
Brown Brothers Harriman has provided daily multi-currency portfolio valuation, fund
accounting, and reporting services to clients for more than 60 years. BBH’s real-time multicurrency
valuation system, single technology platform and industry leading service quality1 are
key reasons why many of the largest asset gatherers in the world choose BBH for their
administration services. The firm oversees approximately $880 billion in accounting and
administration assets2 and has approximately $2.3 trillion under custody.3
About Brown Brothers Harriman & Co.
Brown Brothers Harriman (BBH) is a privately-held financial services firm that helps many of
the world's most sophisticated mutual funds, investment managers, banks and insurance
companies achieve their international business objectives. For nearly 200 years, the Firm's
partnership structure and flat organization has produced a culture of independent thinking and
alignment of interests with its clients, creating lasting relationships built on a foundation of
integrity, experience, and trust. BBH's Investor Services business provides cross border custody,
accounting, administration, and execution services in close to 100 markets for many of the
world’s leading asset managers and financial institutions. With approximately $2.3 trillion3 in
assets under custody, BBH is consistently ranked among the world's top global custodians, asset
administrators, foreign exchange, and securities lending providers.1 For more information about
Brown Brothers Harriman’s integrated, differentiated approach, please visit www.bbh.com.
About OppenheimerFunds, Inc.
OppenheimerFunds, Inc. is one of the nation’s largest and most respected investment
management companies. As of June 30, 2010, OppenheimerFunds, Inc., including subsidiaries,
managed more than $155 billion in assets, including mutual funds having approximately 6
million shareholder accounts.
OppenheimerFunds, Inc. is widely recognized as a leader in educating and empowering investors and for its award-winning customer service.
Stay ahead of the news ... Sign up for our email alerts now
Do You Recommend This Story?