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February 6, 2014updated 04 Apr 2017 2:31pm

OppenheimerFunds creates new unified distribution organization

OppenheimerFunds has created a new unified distribution organization to maximize resources and take advantage of opportunities in the marketplace.

By Verdict Staff

OppenheimerFunds has created a new unified distribution organization to maximize resources and take advantage of opportunities in the marketplace.

The distribution organization has been realigned around thorough channel segmentation and increased customization that will be the foundation for its sales strategies going forward.

Under the leadership of John McDonough, who assumed head of distribution effective January, seven business units will be organized around specific intermediary and end investor needs, the company said in a statement.

OppenheimerFunds has named Rocco Benedetto as head of broker dealer responsible for leading intermediary business’ sales activity across all channels as well as Strategic Accounts, CEO Advisor Institute and eDistribution.

Additionally, Benedetto and his team will be charged with developing the sales strategy; assigning and managing territories; and contributing to new product development.

Mark Santero has been promoted to head the newly created private bank, trust bank and family office division, which will be focused on providing solutions to financial institutions serving the ultra high-net-worth space as well as creating awareness and insight into asset classes/strategies.

Geoff Crumrine has been appointed as the interim head of institutional. This team will build critical relationships and sales opportunities through both the investment consultant community and direct relationships with institutions, while also being responsible for the identification and management of international distribution joint partnerships.

Mike Sussman has been appointed the interim head of RIA to provide investment and business consulting services to unaffiliated registered investment advisors.

According to OppenheimerFunds, Kathleen Beichert will rejoin the distribution team as head of third party, which target their products and services to the clients including Retirement Defined Contribution Investment Only (DCIO), Sub Advisory Services and Third Party Asset Management platform (TAMP) clients.

Lamar Kunes will succeed Santero as the head of distribution operations. Kunes and his team will be responsible for providing service to all distribution clients and channels including all administrative, analytics, financial and support activities of the distribution organization.

Pete Novak will now report directly to McDonough as head of platform analytics. His team will be responsible for investment research analytics and relationships with client research teams across all channels, as well as development and communication of investment analytics for both OppenheimerFunds and its competitors.

OppenheimerFunds also revealed that Kim Mustin, Joe Moran and Rich Keri have left the company to pursue other interests.

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