Oppenheimer Woos Bank Brokerage Sales Chiefs

The mutual fund company OppenheimerFunds Inc. recently brought 75 sales managers at bank brokerages to the Big Apple for a weekend gathering.

Though many fund companies have sponsored such retreats for investment representatives and presidents of bank brokerages, most haven't targeted sales managers, who supervise investment representatives.

"We were missing a critical layer to our business," said Oppenheimer's Maryann Bruce, senior vice president.

About 35 financial institutions sent representatives to the Oppenheimer fest, including PNC Bank Corp., Citicorp, Great Western Financial Corp., and Bank of Boston Corp. New York-based Oppenheimer, which manages $55.5 billion of assets, spent $100,000 on the Friday-through-Sunday event, which included a lavish meal at the posh Windows on the World restaurant.

But it wasn't all play. Oppenheimer gave seminars on topics like compensation. Oppenheimer executives talked up themselves, too, discussing the company's money management strategies and various products.

Oppenheimer's marketing strategy speaks to a new era in the way fund companies and banks interact, said Alliance Capital Management's Richard Davies.

Sales managers have become "the gatekeepers," Mr. Davies said. "They are the missing link in a lot of people's marketing plans."

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