OppenheimerFunds will end its Legacy Donor Advised Fund Program and transfer the assets to Fidelity Charitable, the firm’s chief marketing officer, Marty Willis, announced in a Sept. 9 letter to account holders.
The transfer will be effective on Nov. 4, and account holders were asked to sign and return a release by Oct. 14 so their Legacy DAF balance could be moved to a Fidelity Charitable account. The letter listed other options: donating the entire balance before the transfer or transferring it to a new DAF.
In a subsequent letter, dated Sept. 19, Willis said OppenheimerFunds would appoint Fidelity Charitable trustees as the successor trustee and charitable remainder beneficiary of its Pooled Income Fund Program. The transition, a nontaxable and nonreportable event, will take place on or about Jan. 1, 2012. Again, account holders have until Oct. 14 to sign and return a release.
In her communications, Willis gave no reasons for the closure and transfers. Asked for a comment, a spokesperson for the firm sent this reply by email: