NEWYORK, January 24, 2017 – OppenheimerFunds, a leading global asset manager, today announced that it has made two key appointments to its Beta Solutions team. Alex Depetris has joined the firm as Chief Operating Officer, Beta Solutions, and Mo Haghbin has joined the firm as Head of Product, Beta Solutions. Both will be based in New York and report to Sharon French, Head of Beta Solutions, OppenheimerFunds.
In his role as COO, Depetris will oversee the continued scalability of the firm’s ETF infrastructure to support sustained growth of the business. As Head of Product, Haghbin will identify new opportunities in the marketplace to create compelling ETF solutions that further augment the firm’s existing investment platform, which includes equity, fixed-income, alternative and multi-asset solutions, as well as revenue-weighted ETF and ESGETF strategies.
“Alex and Mo are proven builders of next-gen ETF offerings who have achieved terrific success in the ETF market,” said French. “With our focus on investing in the right talent and resources to support the expansion of our business, their combined experience launching compelling ETF products, coupled with our Distribution team’s client-centric approach, will be an invaluable combination towards our continued success.”
Depetris joins from Deutsche Bank AG where he was a founder, COO and Chairman of the board of Deutsche X-trackers ETF business in the U.S. and also managed the PowerShares DB ETF platform (sold to Invesco PowerShares in 2015). Previously, Depetris was an associate with the law firm of Arnold & Porter LLP in New York. Depetris earned a J.D from Boston University School of Law and a B.S. in Finance from the University of Maryland.
Haghbin joins the firm from BlackRock where he was Head of Business Management, for the US Fundamental Fixed Income teams within the firm’s Global Fixed Income group. Previously, Haghbin served as Head of Next Generation Fixed Income Products within iShares Americas. In 2007, he joined Barclays Global Investors (BGI) in the Portfolio Management Group and oversaw the Derivative Product Services and Trading Operations team in San Francisco (BGI was acquired by BlackRock in 2009). Haghbin holds a B.S. from the University of Colorado, and is a member of the CFA Society and the CAIA Association.
The suite of Oppenheimer Factor Weighted ETFs includes:
- Oppenheimer Large Cap Revenue ETF – RWL
- Oppenheimer Mid Cap Revenue ETF – RWK
- Oppenheimer Small Cap Revenue ETF – RWJ
- Oppenheimer Ultra Dividend Revenue ETF – RDIV
- Oppenheimer Financials Sector Revenue ETF – RWW
- Oppenheimer ESG Revenue ETF – ESGL
- Oppenheimer Global ESG Revenue ETF – ESGF
Oppenheimer’s fundamental weighted ETFs offer a unique way for advisors, wealth managers, and consultants to access broad market exposure in a more optimal way than the traditional market capitalization strategies. By weighting securities in broad market indices based on top line revenue rather than market capitalization, the Fundamental Weighted Strategies offer the opportunity to reduce overexposure to overpriced sectors and stocks while still providing diversification.
In 2016, OppenheimerFunds expanded its Beta Solutions client offerings into the environmental, social and governance (ESG) space. The firm launched Oppenheimer ESG Revenue ETF (ESGL) which focuses on U.S. large-cap equities with highly rated ESG practices, and Oppenheimer Global ESG Revenue ETF (ESGF), which focuses on global large- and mid-cap equities with highly rated ESG practices. To further enhance the value proposition for clients, the firm also reduced the contractual management fees for five of its Revenue Weighted ETFs.
An investment in ETFs is subject to investment risk, including the possible loss of principal amount invested. ETF returns may not match the returns of their respective index, known as non-correlation risk, due to operating expenses incurred by the ETF. The alternate weighting approach employed by ETFs (i.e., using revenues as a weighting measure), while designed to enhance potential returns, may not produce the desired results. Because ETFs are rebalanced quarterly, portfolio turnover may exceed 100%. The greater the portfolio turnover, the greater the transaction costs, which could have an adverse effect on ETF performance.