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Oppenheimer and Carlyle Team up for WM Platform

By Alex Padalka October 18, 2017

The Carlyle Group and OppenheimerFunds have joined forces to tap the high net worth wealth management market, according to a press release from OppenheimerFunds.

The private equity firm and the asset manager have partnered to offer global private equity opportunities to wealthy investors as well as advisors, OppenheimerFunds says. The venture will initially focus on long-term income strategies through investments in fixed income, distressed transactions and direct lending, according to the press release.

Carlyle and OppenheimerFunds hope to lure investors and advisors by offering products typically only available to institutional investors — particularly with a view to deliver risk-adjusted returns in an environment of rising interest rates and lower yields, the companies say.

Art Steinmetz, chairman and CEO of OppenheimerFunds, says in the press release the new venture will complement his firm’s active mutual fund and beta strategy products. Kamal Bhatia, head of investment solutions for OppenheimerFunds,and Mark Jenkins, head of global credit for The Carlyle Group, will head up the new venture, according to OppenheimerFunds.