GLOBAL - Mutual fund company Oppenheimerfunds Inc (OFI) is branching out into the European market as part of a wider push to establish a global presence as a full service asset manager.
Chair, president and CEO John Murphy told IPN the company felt its traditional US mutual funds business wouldn’t grow at the “double digit rate” it aspired to.
“We had historically been simply a US domestic company that sold within the US borders,” he said.
“While we invested globally, and we had very strong global investing teams, we really acted locally in the US.”
This year, OFI Institutional Asset Management opened a division within its London-based subsidiary, Tremont Capital Management Ltd, to focus on the European market and another office in Hong Kong.
The company, which is the eighth largest mutual funds business in the US, has US$160bn in assets under management, US$1bn of which is from institutional clients outside the US.
“Three years ago we had virtually nothing outside the US so in the last three years we’ve been able to attract the interest of investors all around the globe and it gives us confidence that once we put people on the ground, we will be able to take advantage of the situation by being local in the marketplace,” Murphy said.
Adrian Gordon, formerly of Barclays Global Investors, will spearhead the push into the European market.
“We’re open minded about which countries we work in, it’s very much a Pan-European effort,” Gordon said.
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