OppenheimerFunds has snapped up Ron Zibelli, managing director and small-cap growth team leader at Merrill Lynch Investment Managers, as v.p. and portfolio manager of its $840 million Discovery Fund. The fund had been managed on an interim basis by John O'Hare and Ron Corbett, members of the growth team, after longtime manager Laura Granger left for Credit Suisse First Boston in March to head up an institutional small-cap team. O'Hare and Corbett will continue to manage Oppenheimer's Mid-Cap Fund and Emerging Growth Fund, respectively. Granger had a mixed record on the fund, with good long term results but a disappointing record over three years, according to Morningstar.

An Oppenheimer spokeswoman said Zibelli also brought two analysts to Oppenheimer, both of whom worked with him at MLIM. Zibelli will report to David Poiesz, senior v.p. and leader of OppenheimerFunds' growth team. At Merrill, Zibelli managed 11 portfolios worth $1.3 billion, including the Small Cap Growth Fund. A Merrill spokeswoman said Zibelli's portfolios are now being managed by BlackRock's small- and mid-cap growth team, which is co-headed by portfolio managers Eileen Leary and Neil Wagner. BlackRock and MLIM are set to merge in a deal to be closed before the end of the year. Zibelli was unavailable to speak before press time.