Dec. 16 (Bloomberg) -- OppenheimerFunds, the money manager owned by Massachusetts Mutual Life Insurance Co., appointed President Arthur P. Steinmetz to the role of chief executive officer effective July 1.
Steinmetz, 55, will replace William F. Glavin Jr., also 55, who will remain chairman of the firm, the New York-based company said today in a statement. Krishna Memani, 53, chief executive officer for fixed income, will replace Steinmetz as CIO effective Jan. 1.
“Art has been one of the most successful and respected investment managers in the industry for more than 27 years, and I believe it is important that an investor lead this company,” Glavin said in the statement.
OppenheimerFunds managed more than $222 billion as of Sept. 30, the company said. Assets include about $176 billion in U.S.- registered mutual funds, according to the latest data compiled by Bloomberg. The $38.1 billion Oppenheimer Developing Markets Fund, the firm’s largest, has averaged 20 percent annual returns in the past five years, beating 95 percent of competing funds.
Steinmetz joined OppenheimerFunds in 1986 and has managed the $7.66 billion Oppenheimer Global Strategic Income Fund since 1989, according to data compiled by Bloomberg. The fund beat 78 percent of rivals in the past five years, returning 11 percent annually.
--Editors: Josh Friedman, Christian Baumgaertel