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OppenheimerFunds acquires MLP investment manager SteelPath

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OppenheimerFunds has completed its acquisition of SteelPath Capital Management and SteelPath Fund Advisors, an energy infrastructure investments company focused on the master limited partnership (MLP) sector.



SteelPath offers a family of MLP-focused mutual funds as well as privately available products. Financial terms of the transaction have not been disclosed.

SteelPath is now named OFI SteelPath. OppenheimerFunds Distributor is the general distributor and principal underwriter for each series of The SteelPath MLP Funds Trust.

"Through their innovative product design, SteelPath has become a recognised leader in the energy infrastructure space in only eight years. We’re excited to bring their investment expertise and thought leadership to our clients," says Bill Glavin (pictured), chief executive officer, OppenheimerFunds. "SteelPath is a natural addition to OFI’s investment boutique structure and expansion of our alternative product line-up."

Gabriel Hammond, founder and chief executive officer, SteelPath, says: "We’re pleased it’s official and excited to be part of the OppenheimerFunds family. This important step bolsters our firm’s leading research efforts by leveraging the infrastructure and technology of OppenheimerFunds’ robust investment platform. Our investment team will remain in Dallas and will continue to be solely focused on energy infrastructure investment."

With approximately USD3.3bn in assets under management as of 30 November 2012, SteelPath has an eight-year track record in MLP investing, including an investment team with over 50 years of combined experience in investing and analysing MLPs. The firm was first to market with MLP-focused open-end mutual funds providing investors transparent access to this growing asset class.

UBS Investment Bank acted as financial adviser to OppenheimerFunds and Deutsche Bank Securities acted as financial adviser to SteelPath. Willkie Farr & Gallagher acted as legal adviser to OppenheimerFunds and Ropes & Gray acted as legal adviser to SteelPath.

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