Oppenheimer 60th Anniversary - 53

A Major Milestone
1999 Reaching $100 billion in assets was an ambitious goal to accomplish in

just four years. In December 1994 assets stood at $29.4 billion, but on January 5,
1999, the Company surpassed the $100 billion mark, coming in at $100.5 billion.
After tripling assets in just over four years, the Company set its next goal of
"DoubleOpp" - doubling assets in the next four years, to $225 billion. n

money management business, the Company also
began to expand the operations of HarbourView Asset
Management, its institutional money management
arm, during this period. An important part of that
effort was the acquisition of Trinity Investment
Management in March 1999.
The acquisition of Trinity, a 25-year-old equity
research and institutional investing firm with more
than $5 billion in assets under management, was the
first step in a comprehensive strategy to gather institutional assets for OppenheimerFunds. The strategy
called for HarbourView to continue to expand the
breadth of its product offerings in order to become a
multiproduct money manager, working in partnership with its institutional clients to provide them
with value-added investment products and services.
Six months later, OppenheimerFunds launched
three new funds with Trinity as the sub-advisor. All
three funds were merged into other Company funds
in 2003. Around the same time, the Company also
introduced Oppenheimer Senior Floating Rate Fund,
a closed-end "interval" fund.

moderate somewhat following the bursting of the
technology bubble in 2000 and the tenacious bear
market that ensued. Whereas OppenheimerFunds
had resisted the siren song of "the collective madness that seized investors," as Levy put it, during the
1990s, the Firm finally launched a technology fund
(Oppenheimer Emerging Technologies Fund) in
2000. Tom Keffer, senior vice president and director of product management at OppenheimerFunds,
recalled that the experience with the tech fund
underlined the wisdom of sticking with the Firm's
tried-and-true approach to long-term investing.
"I think we learned from that," he said. "It was an
important reminder that we don't have to jump onto
every fad that comes along. Bill Wilby used to say

that we're in the wine business, not the beer business.
It's a long process."
In the end, OppenheimerFunds was in a relatively
strong position as the new century began, despite
the marketwide slowdown in growth. Because the
Firm had been expanding in the 1990s, both through
acquisitions and new fund launches, and remained
relatively unscathed by the collapse of the tech bubble,
it emerged ready to occupy what Keffer called "a solid
No. 3 spot in the industry." n
The acquisitions of the late 1990s expanded OppenheimerFunds
operations as well as the Company's product offerings, strengthening its competitive position.

GROWTH IN THE
NEW MILLENNIUM

GETTY IMAGES

OppenheimerFunds reached the goal of the $100
Billion & Better campaign in the first days of 1999,
and within six months the Firm had a new set of
targets. At presentations in New York and Denver
in June, Macaskill announced the new corporate
goal that would propel OppenheimerFunds into the
next millennium. DoubleOpp, as the campaign was
dubbed, called for the Firm to double assets under
management and double pretax profits before 2004.
The Company's future success, Macaskill said, would
hinge on investment performance, diversification of
product lines, packaging and distribution, and scale.
Like the rest of the financial services industry,
OppenheimerFunds would see its rate of growth
Institutional investing firm Trinity Investment
Management is acquired.

OppenheimerFunds reaches $100 billion in
assets under management.

2000
The New York Stock Exchange opens on January 3 with
no reported computer problems related to Y2K.
Image replaced

1999

1995-2000 Acquisition and Expansion

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Oppenheimer 60th Anniversary

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