is heading out, but at least one key OppenheimerFunds
] is staying on after the fund firm sells
| Arthur Philip Steinmetz|
Chairman, CEO, President
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
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.
Neil Anderson, Managing Editor
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