OppenheimerFunds Inc. promoted Art Steinmetz, its longest tenured portfolio manager, to director of fixed income.

Mr. Steinmetz will oversee of the portfolio managers, analysts, and traders managing the firm's $60 billion of fixed-income assets, OppenheimerFunds said last week.

He will remain a senior vice president and head of the international fixed-income team and the portfolio manager for the Oppenheimer International Bond Fund and the Oppenheimer Strategic Income Fund.

As the director of fixed income, he will succeed Jerry Webman, who will remain the chief economist.

Mr. Steinmetz has worked at OppenheimerFunds since 1986.

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