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Rating:Steinmetz Will Leave, But Another Key Exec Won't Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, February 08, 2019

Steinmetz Will Leave, But Another Key Exec Won't

News summary by MFWire's editors

Art Steinmetz is heading out, but at least one key OppenheimerFunds [profile] is staying on after the fund firm sells.

Arthur Philip Steinmetz
Chairman, CEO, President
Steinmetz will stay on as chairman, CEO, and president of the New York City-based fund firm for now, MFWire has learned, but he will leave once Atlanta-based Invesco's [profile] purchase of OpFunds closes. (The deal is expected to close next quarter). Invesco president and CEO Marty Flanagan will lead the combined fund firm.

John Carlin McDonough
Head of Distribution and Marketing
"Art Steimetz is committed to supporting the seamless integration with Invesco and will continue to serve as CEO of OppenheimerFunds through the close of the transaction," an OpFunds spokeswoman tells MFWire.

An Invesco spokesperson did not immediately return calls for comment.

Word is that an internal memo outlines other top OpFunds and Invesco executives and the roles they'll be taking at the combined firm. One key OpFunds leader who will be staying on in a top job at Invesco, according to one source familiar with the situation, is John McDonough, OpFunds' head of distribution and marketing.

McDonough did not immediately return calls for comment. An OpFunds spokesperson declined to comment on McDonough's move.

Steinmetz, an alumnus of Denison University and of Columbia University, has worked at OpFunds for more than 33 years. After serving as an analyst and PM, in 2009 he rose to chief investment officer for fixed income, and in 2010 he became CIO for the whole company. He was promoted to president in 2013, and he took over as CEO in 2014. (He added the chairman role in 2015.) Before OpFunds he worked at Paine Webber.

McDonough, an alumnus of the University of Richmond and of Georgetown University, has worked at OpFunds for more than 21 years. He served as a wholesaler and then national sales manager before taking over all of distribution in 2014 (when Steinmetz took over as CEO). Then in 2016 his role expanded to cover marketing, too. 

Edited by: Neil Anderson, Managing Editor

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