OppenheimerFunds, Inc. was a global

asset manager Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings ...

. As of February 28, 2019, the company managed over $260 billion in assets in over 13,000,000 investor accounts. In May 2019, the company was acquired by

Invesco Invesco Ltd. is an American independent investment management company that is headquartered in Atlanta, Georgia, with additional branch offices in 20 countries. Its common stock is a constituent of the S&P 500 and trades on the New York stock exc ...

. OppenheimerFunds had 16 investment management teams that oversaw actively managed equity, fixed income, alternative, and multi-asset portfolios, and

exchange-traded fund An exchange-traded fund (ETF) is a type of investment fund and exchange-traded product, i.e. they are traded on stock exchanges. ETFs are similar in many ways to mutual funds, except that ETFs are bought and sold from other owners throughout th ...

s. Customers included

financial advisors A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory ...

and

wealth manager Wealth management (WM) or wealth management advisory (WMA) is an investment advisory service that provides financial management and wealth advisory services to a wide array of clients ranging from affluent to high-net-worth (HNW) and ultra-high ...

s and their clients, as well as

institutional investor An institutional investor is an entity which pools money to purchase securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, government-linked ...

s, corporations,

financial endowment A financial endowment is a legal structure for managing, and in many cases indefinitely perpetuating, a pool of financial, real estate, or other investments for a specific purpose according to the will of its founders and donors. Endowments are o ...

s, foundations, and

sovereign wealth fund A sovereign wealth fund (SWF), sovereign investment fund, or social wealth fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as ...

History

The company was founded in 1959. In 1987, British and Commonwealth Holdings acquired Mercantile House and gained control of OppenheimerFunds. In 1990, the company was acquired by

Massachusetts Mutual Life Insurance Company The Massachusetts Mutual Life Insurance Company, also known as MassMutual, is a Springfield, Massachusetts-based life insurance company. MassMutual provides financial products such as life insurance, disability income insurance, long term c ...

. In July 2012, OppenheimerFunds acquired

SteelPath SteelPath was an investment advisory firm based in Dallas, Texas that specialized exclusively in master limited partnerships ("MLPs"). The company was registered with the U.S. Securities and Exchange Commission as an investment advisor.

, enabling clients to invest in

master limited partnership In the United States, a master limited partnership (MLP) or publicly traded partnership (PTP) is a publicly traded entity taxed as a partnership. It combines the tax benefits of a partnership with the liquidity of publicly traded securities. To ...

s. In 2015, the firm acquired RevenueShares to expand its offerings into the smart beta space. In 2016, it launched a suite of smart beta

s, including

environmental, social and corporate governance ESG (environmental, social, and corporate governance) data reflect the negative externalities (costs to others) caused by an organization with respect to the environment, to society and to corporate governance. ESG data can be used by investo ...

offerings. In 2017, it acquired SNW Asset Management, expanding its fixed income offerings into high-quality municipal bonds and customized separately managed accounts. In October 2017, the firm opened its headquarters for Europe, the Middle East and Africa (EMEA) in

London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...

. In October 2017, the firm formed a joint venture with

The Carlyle Group The Carlyle Group is a multinational private equity, alternative asset management and financial services corporation based in the United States with $376 billion of assets under management. It specializes in private equity, real assets, and ...

to provide global private credit for

high-net-worth individual High-net-worth individual (HNWI) is a term used by some segments of the financial services industry to designate persons whose investible wealth (assets such as stocks and bonds) exceeds a given amount. Typically, these individuals are defi ...

s and advisors primarily focused on the U.S. market. On May 24, 2019,

acquired the company.

Philanthropy

The firm's corporate philanthropy initiatives included its 10,000 Kids by 2020 program, which aimed to introduce 10,000 students to

numeracy Numeracy is the ability to understand, reason with, and to apply simple numerical concepts. The charity National Numeracy states: "Numeracy means understanding how mathematics is used in the real world and being able to apply it to make the bes ...

programs through nonprofit partnerships and active employee volunteerism. The firm worked with organizations including the National Museum of Mathematics, the

Boys & Girls Clubs of America Boys & Girls Clubs of America (BGCA) is a national organization of local chapters which provide voluntary after-school programs for young people. The organization, which holds a congressional charter under Title 36 of the United States Code, h ...

, and Cross-Cultural Solutions.

Awards and recognition

OppenheimerFunds was named as the Best Place to Work in Money Management for 2017 by Pensions & Investments. ''

Fortune Fortune may refer to: General * Fortuna or Fortune, the Roman goddess of luck * Luck * Wealth * Fortune, a prediction made in fortune-telling * Fortune, in a fortune cookie Arts and entertainment Film and television * ''The Fortune'' (1931 film) ...

'' named the firm one of the 40 Best Workplaces in Financial Services and Insurance, and 25 Best Large Workplaces in New York. In 2019, the company earned 19

Lipper Thomson Reuters Lipper (part of Thomson Reuters) is an American financial services firm. Founded in 1973 as Lipper Analytical Services, it was acquired by Reuters in 1998. Corporate history Lipper Analytical Services was founded in 1973 by secur ...

Fund Awards in four asset classes.

References

{{Reflist 1959 establishments in New York (state) 2019 disestablishments in New York (state) 1987 mergers and acquisitions 1990 mergers and acquisitions 2019 mergers and acquisitions American companies disestablished in 2019 Defunct financial services companies of the United States American companies established in 1959 Financial services companies established in 1959 Financial services companies disestablished in 2019