OppenheimerFunds
| Company type | Subsidiary |
|---|---|
| Industry | Asset management |
| Founded | 1959 |
| Founder | Leon Levy |
| Defunct | 2019 |
| Fate | Acquired by Invesco |
| Headquarters | New York City , United States |
Area served | Worldwide |
Key people | Bill Glavin (CEO 2009–2014), Arthur Steinmetz (President, CEO, Chairman 2013–2015) |
| Products | Actively managed portfolios in equity, fixed income, alternatives, multi-asset strategies, exchange-traded funds |
Number of employees | ~1,000 (Denver location before layoffs) |
| Parent | MassMutual (until 2019), Invesco (from 2019) |
OppenheimerFunds, Inc. was a worldwide asset manager based in New York, overseeing assets exceeding $260 billion spread across 13 million investor accounts as of February 2019. The company maintained 16 investment teams responsible for actively managed portfolios in equity, fixed income, alternatives, multi-asset strategies, and exchange-traded funds. Its clientele consisted of financial advisors, wealth managers, institutional investors, corporations, endowments, foundations, and sovereign wealth funds. In May 2019, OppenheimerFunds became part of Invesco through acquisition.
1959-2019
Established in 1959 by Leon Levy, OppenheimerFunds experienced multiple changes in ownership: it was acquired by British and Commonwealth Holdings in 1987 and later purchased by Massachusetts Mutual Life Insurance Company (MassMutual) in 1990 for $150 million. Bill Glavin held the roles of CEO (2009–2014) and chairman; he was succeeded by Arthur Steinmetz, who served as president, CEO, and chairman between 2013 and 2015.
The firm expanded its market reach through key acquisitions: SteelPath in 2012 enhanced its master limited partnership investment offerings; RevenueShares in 2015 diversified its smart beta product lineup; and SNW Asset Management in 2017 strengthened its fixed income segment with municipal bonds and bespoke separately managed accounts. In 2016, the company introduced smart beta ETFs including environmental, social, and governance (ESG) focused funds.
In October 2017, OppenheimerFunds inaugurated its EMEA headquarters in London and entered into a joint venture with The Carlyle Group to provide global private credit solutions aimed primarily at high-net-worth clients in the United States. By September 2018, assets under management had climbed to $248 billion. Throughout this timeframe, OppenheimerFunds operated as a subsidiary of MassMutual until its acquisition by Invesco in 2019.
2019-2024
By February 28, 2019, the firm managed assets surpassing $260 billion across more than 13 million investor accounts. On May 24, 2019, Invesco completed the acquisition of OppenheimerFunds for approximately $5 billion, representing the largest merger in asset management since the $6.3 billion purchase of Nuveen by TIAA-CREF in 2014. This transaction resulted in MassMutual acquiring a 15.5% ownership stake in Invesco. Following the acquisition, CEO Arthur Steinmetz planned his departure, with Invesco CEO Martin Flanagan appointed as his successor; Steinmetz exited by June 2019. That same month, Invesco added five former OppenheimerFunds board members to its own board of directors.
In March 2019, Invesco announced plans to reduce the workforce at Oppenheimer’s Denver location by cutting 850 positions from a staff of roughly 1,000 employees to achieve $475 million in cost synergies from the deal. This layoff was noted as Colorado’s largest single-employer job reduction since 2015.
Philanthropy
The company’s philanthropic efforts featured the 10,000 Kids by 2020 initiative, which aimed to improve numeracy skills for 10,000 children through collaborations with nonprofit organizations and employee volunteer programs. Partner organizations included the National Museum of Mathematics, Boys & Girls Clubs of America, and Cross-Cultural Solutions.
Awards and recognition
OppenheimerFunds earned the title of Best Place to Work in Money Management in 2017 from Pensions & Investments and was included among the 40 Best Workplaces in Financial Services and Insurance by Fortune. Additionally, it was recognized as one of the 25 Best Large Workplaces in New York.
In 2019, the company received 19 Lipper Fund Awards spanning four different asset categories, highlighting its outstanding financial results and superior product quality.