US asset manager OppenheimerFunds has chosen London as its regional headquarters from which it will grow the firm’s European Ucits business.
OppenheimerFunds, which manages $243 billion (€206 billion) of assets including its subsidiary businesses, will operate a full Europe, Middle East and Africa (Emea) business from London.
The firm’s announcement follows on from First Eagle Investment Management, which recently said it would base its European operation in London.
Art Steinmetz, chairman and chief executive of OppenheimerFunds, said: “Building out our office in London, a global financial centre, is a critical component of our international strategy.”
Doug Stewart, who heads Emea, recently hired Dicken Watson as chief operating officer for the region.
Prior to joining OppenheimerFunds, he was the director of compliance and senior counsel at Affiliated Managers Group.
Last year, the firm launched OppenheimerFunds Icav, an Ireland-domiciled Ucits platform and its sub-funds.
©2017 funds europe