OppenheimerFunds has found a replacement for former executive vice president Andrew Ruotolo, who left Oppenheimer on June 10, 2005. Michael Baldwin will take Ruotolo's place as executive vice president of executive vice president of OppenheimerFunds and president of OppenheimerFunds Services, the transfer agency unit of OppenheimerFunds.

The new hire will report to OppenheimerFunds chief executive officer, John Murphy.

Baldwin was previously the global head of group strategy and architecture at Deutsche Bank, where he has worked since 2001. Prior to that, he worked at JP Morgan in "technology and operations roles," according to a press release.

"Because of recent press reports about Andrew Ruotolo's employment status, we wish to underscore that his departure was not the result of any investigation or action by any regulatory agency or organization nor was it due to any allegation of any violation of any law or regulation," stated Murphy. "Additionally, it is not part of the recent events at our parent company, MassMutual Financial Group."  

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