In his new role, effective July 1, 2014, Steinmetz will assume direct management of investments, distribution and marketing.

Meanwhile, chief investment officer Krishna Memani will replace Steinmetz as CIO of OppenheimerFunds. Memani’s fixed income investment team will continue reporting to him. 

Director of national sales John McDonough will be promoted to the role of head of distribution, effective January 1, 2014, replacing Philipp Hensler, who the firm said will pursue another executive position at a global financial services organization.

Memani, McDonough and chief marketing officer Martha Willis will report directly to Steinmetz. 

Chief investment officer of equities, George Evans, and CIO of asset allocation, Mark Hamilton, and their respective investment teams, will also report to Memani.