Strategy

New Distribution Structure At OppenheimerFunds; Private Bank, Family Office Unit Unveiled

Eliane Chavagnon, Editor - Family Wealth Report, 5 February 2014

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OppenheimerFunds has created a private bank, trust bank and family office division, among other developments, as the firm reorganizes its business units.

OppenheimerFunds has established a private bank, trust bank and family office division, among other significant developments, as the firm reorganizes the structure of its business units.

John McDonough has been appointed as head of distribution and will oversee seven business lines, based on specific intermediary and end-investor needs, the firm said yesterday.

Mark Santero has been promoted to head the newly-created private bank, trust bank and family office division, which will serve financial institutions in the ultra high net worth space. The group will also create awareness and offer insight into asset classes and strategies, OppenheimerFunds said. Lamar Kunes will succeed Santero as the head of distribution operations.

Meanwhile, Rocco Benedetto has been promoted to head of broker-dealer; he and his team will lead intermediary business sales activity across all channels, as well as Strategic Accounts, CEO Advisor Institute and eDistribution. They will also develop sales strategies and contribute to product development.

Mike Sussman has been named as interim head of RIA, while OppenheimerFunds looks for a permanent candidate. This team will provide investment and business consulting services to unaffiliated registered investment advisors.

Geoff Crumrine has been appointed as interim head of institutional while the firm initiates an internal and external search to head this unit. OppenheimerFunds said its institutional mandate will include identifying products and service needs for large institutional buyers.

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