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Buying OppenheimerFunds is Invesco's biggest deal yet, and Marty Flanagan says there are several key things that the publicly fund firm is getting from the combination. combination.
OppenheimerFunds’ beginnings can be traced back to the late 1950s and the brokerage firm Oppenheimer & Co. (OpCo). Near the end of that decade, OpCo entered the mutual fund business, first offering the Oppenheimer Fund to the public on May 15, 1959. Shortly after, OpCo created a subsidiary, Oppenheimer Management Corporation, to serve as the investment advisor to the Oppenheimer Fund. In 1996, Oppenheimer Management Corporation was renamed OppenheimerFunds, Inc.
In 1983, Oppenheimer sold Oppenheimer Capital (apparently including Oppenheimer Management Corporation, later called OppenheimerFunds) to Mercantile House Holdings. In 1986, the management of Oppenheimer & Co. and the management of Oppenheimer Capital bought back Oppenheimer Capital, but not OppenheimerFunds.
"Mercantile had had little success in trying to create synergy between Oppenheimer and its London businesses." (NYTimes, Aug 21, 1985). Perhaps a lesson for Invesco?
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In 1983, Oppenheimer sold Oppenheimer Capital (apparently including Oppenheimer Management Corporation, later called OppenheimerFunds) to Mercantile House Holdings. In 1986, the management of Oppenheimer & Co. and the management of Oppenheimer Capital bought back Oppenheimer Capital, but not OppenheimerFunds.
http://managerreview.com/su_companydetails.php?iCompanyId=2914&CompanyName=Oppenheimer Capital LLC
"Mercantile had had little success in trying to create synergy between Oppenheimer and its London businesses." (NYTimes, Aug 21, 1985). Perhaps a lesson for Invesco?
In 1990, Oppenheimer Management Corporation was acquired by Massachusetts Mutual Life Insurance Co (MassMutual).
https://www.upi.com/Archives/1990/08/01/Massachusetts-Mutual-to-purchase-Oppenheimer/6609649483200/
To make matters more confusing, in 1995, Oppenheimer Management Corp (by then owned by MassMutual) acquired a dozen of Oppenheimer Capital's Quest for Value funds. The two companies were not related (having split in 1986, see above).
https://www.thefreelibrary.com/Oppenheimer+Management+Corp.+agrees+to+acquire+the+assets+of+12+Quest...-a017195335