OppenheimerFunds names Welsh loan team leader as Zimmer retires

By Susanna Moon

Chicago, March 25 - OppenheimerFunds, Inc. said Joe Welsh has been promoted to loan team leader, replacing Art Zimmer, who is retiring effective April 30 after 18 years as loan team leader and portfolio manager for Oppenheimer Senior Floating Rate Fund.

Welsh and Margaret Hui, who have served as portfolio managers of the fund since 1999, will remain co-managers.

Zimmer was portfolio manager of the Oppenheimer Senior Floating Rate Fund since its inception in 1999. He also managed $49 million in institutional assets and about $1.4 billion in collateralized debt obligation and loan assets since 2000. Before that, Zimmer led the company's successful money fund business, according to a press release.

"Art initiated and developed OppenheimerFunds' bank loan investment capability and has had a significant impact on the company's fixed-income businesses," Jerry Webman, senior investment officer and director of fixed income, said in the release.

Welsh joined the company in 1995 as a high-yield bond analyst. Before that, he specialized in high-yield bonds at W.R. Huff Asset Management. Welsh received a bachelor's degree in accounting from Pennsylvania State University and an M.B.A. from Pace University in New York.

Hui joined the company as a senior analyst in 1999. Before that, she was vice president of syndications of Sanwa Bank California. She was also a vice president at Banque Nationale de Paris. Hui holds a bachelor's degree in journalism from Syracuse University and an M.B.A. from California University, Northridge.

"Joe and Margaret are leaders in the bank loan area," Webman said. "I am confident that they will continue to deliver strong performance for the fund's shareholders."

Oppenheimer is a Toronto-based provider of financial services.

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