OppenheimerFunds has expanded its distribution team, hiring Ned Dane as head of private client, trust bank and family office, and Steve Paddon as head of institutional.

OppenheimerFunds has expanded its distribution team, hiring Ned Dane as head of private client, trust bank and family office, and Steve Paddon as head of institutional.

Paddon and Dane will report to John McDonough, who was appointed as head of distribution in February when the firm reorganized the structure of its business units. During the move the firm created its private bank, trust bank and family office division - see more here.

Dane has a strong background in asset management, wealth management and institutional retirement, having most recently been managing director of ultra high net worth client solutions executive at Bank of America/Merrill Lynch.

Before that, he oversaw the broker-dealer business at AXA Advisors as president of the firm. He also spent ten years at Putnam Investments as a leader in IRA rollovers, defined contribution plans and the national sales desk.

In his new role at OppenheimerFunds, Dane will grow the firm’s distribution capabilities in the UHNW private client, trust banks and family office segments. 

Paddon, meanwhile, previously worked at Investec Asset Management, where he was head of consultant relations for North America and also led the launch of Investec's US institutional business.

Earlier, Paddon led institutional sales and relationship management for the Americas at Credit Suisse Asset Management and also held leadership roles at State Street Research & Management and Metropolitan Life Insurance Company.