Bridget A. Macaskill has been named chief executive of Oppenheimer Management Co., effective Sept. 30, the mutual fund company announced Monday.

Ms. Macaskill, the firm's president and chief operating officer, succeeds Jon S. Fossel in the post. Mr. Fossel will remain Oppenheimer's chairman.

Oppenheimer, based in New York, manages $38 billion in mutual funds, placing it in the top 20 fund companies nationwide. In recent years, it has made a big drive into sales through banks.

In a prepared statement, Mr. Fossel, 53, said he is giving up active administration of Oppenheimer to devote more time to matters related to the fund industry and to public policy in general.

A former New York State assemblyman who once harbored ambitions of running for governor, Mr. Fossel will also remain chairman of the Investment Company Institute, a fund industry trade group.

Ms. Macaskill, 47, joined Oppenheimer in 1983 and quickly moved up the ranks, becoming chief operating officer in 1989 and president in 1991. She is especially well known for spearheading the company's research into investment attitudes of women.

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