OppenheimerFunds has entered into a distribution pact with Edward Jones to be one of eight families on its preferred families list. Richard Knott, previously director of sales who recently succeeded Jim Ruff as head of OppenheimerFunds Distributor, said the agreement is an example of the strength of the firm’s distribution across multiple channels, including wirehouses, independents and regionals. The preferred family designation will make all Oppenheimer funds available through Edward Jones.
Knott said Oppenheimer plans to expand its nine-person electronic wholesaling team by about two or three in 2007. The firm created an e-wholesaling team in 2003 to cover some underserved territories that were beyond its reach. The wholesalers use electronic means in addition to traveling to advisors.