Investment management company OppenheimerFunds has added two senior hires to its distribution team.
Steve Paddon joins the firm as head of institutional and Ned Dane joins as head of private client, trust bank & family office.
Paddon and Dane will report directly to John McDonough, head of distribution.
"We are very pleased that Paddon and Dane have joined our firm," says McDonough. "They will help the firm in its mission to both expand its core retail market and to commit substantial growth in the institutional market."
Paddon, a 32-year asset management industry veteran, joins the firm from Investec Asset Management, where he was head of consultant relations for the North American business. Before that, Paddon led institutional sales and relationship management for the Americas at Credit Suisse Asset Management. He also held leadership roles with State Street Research & Management and Metropolitan Life Insurance Company.
Paddon will direct the firm's institutional strategy, products, mission and vision. He will oversee the development of a strategic business plan to establish and expand OppenheimerFunds' relationships with institutional clients.
Dane is a 25-year veteran with an extensive background in asset management, wealth management and institutional retirement. Most recently, he was managing director, UHNW client solutions executive for Bank of America/Merrill Lynch. Before that, he served as president at AXA Advisors, where he oversaw the USD170 million revenue broker dealer business. He also spent 10 years with Putnam Investments.
Dane will be responsible for expanding OppenheimerFunds' distribution capabilities in the private client, trust banks and family offices. He and his team will focus on providing new approaches to serving the ultra-high-net-worth niche space.