OppenheimerFunds creates high-yield corporate debt team to be led by Joseph Welsh

By Devika Patel

Knoxville, Tenn., March 31 - OppenheimerFunds, Inc. said it has named Joseph Welsh as head of a newly formed high-yield corporate debt team.

Welsh will be the portfolio manager of the Oppenheimer Champion Income Fund, the high-yield portion of Oppenheimer Strategic Income Fund and all related high-yield strategies.

He will continue as co-portfolio manager of Oppenheimer Senior Floating Rate Fund, a fund that invests in syndicated loans to below-investment grade companies.

Welsh joined the company in 1995 as a high-yield bond analyst and became vice president and co-portfolio manager of Senior Floating Rate Fund in 1999. He has specialized in non-investment grade debt investing since 1991 and is a chartered financial analyst.

"The creation of a high-yield corporate debt team is a step we are taking to strengthen the Company's taxable fixed income investment capabilities in light of what we have learned from recent market volatility," chief iinvestment officer of fixed income Art Steinmetz said in a press release.

"Consolidating the management of below investment grade assets on a single, proven team is the right strategy moving forward and Joe's extensive experience will serve us well."

OppenheimerFunds' taxable fixed income area is now comprised of three investment teams: investment grade fixed income, high yield corporate debt and international fixed income.

Oppenheimer is a Toronto-based provider of financial services.

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