OppenheimerFunds chairman, CEO and president Arthur Steinmetz is to step down following the firm’s acquisition by Invesco.
After the deal is completed in the second quarter of 2019, Invesco chief executive and president Martin Flanagan will lead the combined firm.
Steinmetz joined OppenheimerFunds in 1986 and has spent 33 of his 35 years in the industry at Oppenheimer.
‘Art Steinmetz is committed to supporting the seamless integration with Invesco and will continue to serve as CEO of OppenheimerFunds until the close of the transaction,’ said a spokeswoman for OppenheimerFunds. Other leadership changes have also been announced internally.
Invesco Americas chief operating officer John Zerr is to take on an expanded role following the merger.
John McDonough, who currently serves as head of distribution and marketing at OppenheimerFunds, will assume the role of head of US sales at Invesco.
Peter Intraligi, head of wealth management intermediaries for Invesco's Americas department, is to leave the firm, according to a source familiar with the changes.
Sharon French, executive vice president and head of beta solutions at OppenheimerFunds will also leave the firm, but, like Steinmetz, will stay on until the successful close of the acquisition, the source said.
Dan Draper, who currently serves as managing director and global head of ETFs at Invesco, will be remaining.
In addition, the spokeswoman confirmed that OppenheimerFunds chief investment officer, head of fixed income and portfolio manager Krishna Memani will join Invesco. George Evans, portfolio manager and CIO of equities at OppenheimerFunds, will also remain with the combined firm.
In its earnings call on January 30 Invesco said it was putting hiring on hold ahead of the acquisition.
Invesco’s acquisition of MassMutual subsidiary OppenheimerFunds, which was announced in October 2018, is expected to close in the second quarter of 2019.
The $5.7 billion deal is expected to mean Invesco can make an estimated $475 million in cost savings.
A spokesman for Invesco declined to comment.