OppenheimerFunds opens EMEA office in London


OppenheimerFunds has appointed a London-based distribution head to aid its expansion in Europe, the Middle East and Africa.

Doug Stewart, previously with AllianceBernstein, will become head of Emea distribution and report to Steve Paddon, head of institutional and international at OpenheimerFunds subsidiary OFI Global Asset Management.

DFMs, wealth managers and fund selectors will be a focus for the new office as well as institutional clients.

OpenheimerFunds, headquartered in New York, has $219bn assets under management.

His appointment will also see the launch of the asset managers’ first Ucits funds to the European market next week, covering global value, global equity and developing markets equity funds.

They will be sub-funds of the Openheimer Funds Icav umbrella fund, domiciled in Ireland.

OppenheimerFunds chairman and chief executive Art Steinmetz says: “We are pleased to bring some of our most compelling investment strategies to an international audience, to help meet the needs of our evolving client base.”

The opening of the London office comes as asset managers’ worry about the impact of the UK’s vote to leave the European Union on the industry.

A survey released this week revealed 70 per cent of industry professionals expect the City to lose passporting.