is taking OppenheimerFunds
] through consolidation station yet again.
| Art Steinmetz
Chairman, President and Chief Executive Officer
This morning the New York City-based mutual fund shop and MassMutual
a deal to Seattle-based SNW Asset Management
, a fixed income shop with $2.7 billion in AUM as of February 28.
15-year-old SNW started as a subisidary of Seattle-Northwest Securities Corporation and spun off in 2013. It actively manages separate accounts for more than 1,800 clients, including RIAs, high net worth investors, and a variety of institutional investors. The SNW team will stay in Seattle and report to Krishna Memani
, OpFunds' chief investment officer.
, SNW CEO and lead PM, praises OpFunds as "a firm with a philosophy and culture of excellence, collaboration and integrity."
"OppenheimerFunds' investment boutique approach will allow SNW to maintain its independence while leverage the resources or a larger organization to continuously deliver a superior client experience, one of the pillars of our growth," Bernhardt states. "We look forward to making our strategies available through OppenheimerFunds' trusted distribution channels, serving more clients, in a customized team."
, OpFunds' chief strategy officer, says the fund firm plans to combine "SNW's high demand investment and service engine with OppenheimerFunds' scale and national retail distribution."
Steinmetz, chairman and CEO of OpFunds, notes that the deal expands OpFunds' "muni franchise" ("muni" as in "municipal bond investing").
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