OppFunds CorePlus Chief Resigns
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Tuesday, December 16, 2008

OppFunds CorePlus Chief Resigns

OppenheimerFunds may be on the lookout for a new Core Plus team leader. The Wall Street Journal's Diya Gullapalli reports that senior vice president Angelo Manioudakis left the Manhattan-based fund firm on Friday, to be temporarily succeeded by chief economist and fixed income director Jerry Webman. Gullapalli links the departure to the woes of the $16-plus billion team's flagship Oppenheimer Champion Income Fund, which has returned 82 percent year-to-date (compared to the 32 percent drop seen by the average junk-bond fund) and now has about $625 million. OppFunds even pumped $150 million of its own money into the fund last month.

If you're interested in a deeper look at the investment strategy of the beleaguered fund, take a look at the full WSJ story.

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