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OppenheimerFunds director of global equities Rajeev Bhaman is to retire from the firm next year.
Delano, who was named co-manager in March last year, will become the sole portfolio manager of the strategy when Bhaman departs next year. A replacement for Bhaman’s role as director of global equities will be determined at a later date, according to an Oppenheimer spokeswoman.
Bhaman joined Oppenheimer in 1996 and previously managed the Oppenheimer Developing Markets strategy until 2004. Delano joined Oppenheimer in 2007 as a senior analyst in the growth equity team, where he focused on the consumer discretionary and staples sectors within mid- and large-cap growth. Before joining Oppenheimer, Delano had a nine-year career at Putnam Investments where he was a growth analyst.
The Oppenheimer global equity strategy invests in large-cap US and foreign stocks. The strategy has $21 billion in assets, of which just over half is made up by the mutual fund.
Bhaman’s retirement prompted Morningstar to place the Oppenheimer Global fund under review. It had earned a silver analyst rating prior to the announcement and boasted three-, five-, and 10-year returns in the top decile relative to other funds in Morningstar’s world large stock category.