NEW YORK, May 19 /PRNewswire/ -- OppenheimerFunds, Inc. (OFI) announced today that Manind ("Mani") Govil has been named Team Leader and Portfolio Manager of the Main Street equity team, effective today. He will be joined by several colleagues consisting of portfolio managers, fundamental analysts and a trader from his previous employer, RS Investment Management Co. LLC. The new 12-person team will apply their time-tested approach, which combines fundamental security analysis with robust quantitative tools, to the three Oppenheimer Main Street funds: Oppenheimer Main Street Fund (Nasdaq: MSIGX), Oppenheimer Main Street Opportunity Fund (Nasdaq: OMSOX), and Oppenheimer Main Street Small-Cap Fund (Nasdaq: OPMSX), as well as their related accounts.

"Mani has an established track record of investment excellence and more than 15 years of experience managing core equity products through up and down markets," said Chris Leavy, CIO of Equities at OppenheimerFunds. "This furthers OppenheimerFunds' efforts to strengthen and deepen our investment teams and we are excited to have Mani and his team join us."

Mr. Govil, one of the "20 rising stars" of 2008, according to Institutional Investor, most recently worked at RS Investment Management Co. LLC, where from August 2005 through March 2009, he was the lead portfolio manager for the RS Large Cap Alpha Fund, formerly the RS Core Equity Fund. Earlier in his career, he served as lead manager for large-cap equities, co-head of equities and head of equity research at Mercantile Capital Advisers, Inc., where he managed the Mercantile Growth & Income Fund from April 1996 through July 2005. He will serve as lead portfolio manager of Oppenheimer Main Street Fund (Nasdaq: MSIGX) and Oppenheimer Main Street Opportunity Fund (Nasdaq: OMSOX).

Joining Mr. Govil are several seasoned professionals, including:

* Benjamin Ram -- will co-manage Oppenheimer Main Street Fund (Nasdaq: MSIGX) with Mr. Govil

* Anthony Gennaro -- will co-manage Oppenheimer Main Street Opportunity Fund (Nasdaq: OMSOX) with Mr. Govil

* Matthew Ziehl -- will be lead portfolio manager of Oppenheimer Main Street Small-Cap Fund (Nasdaq: OPMSX)

* Raman Vardharaj -- will co-manage Oppenheimer Main Street Small-Cap Fund (Nasdaq: OPMSX)

In their previous roles, Mr. Ram and Mr. Gennaro managed institutional mid-cap strategies; Mr. Ziehl managed the RS Small Cap Core Fund; and Mr. Vardharaj led the team's quantitative analysis efforts.

In addition to the portfolio managers, who will also serve as analysts, five seasoned fundamental analysts, one quantitative analyst and a trader are also joining the Main Street team.

"OppenheimerFunds is one of the best-recognized brand names in the industry and their distribution and sales force is top-notch," said Mr. Govil. "I look forward to the opportunity this new role presents and am pleased to continue working with the talented team we built over the last several years."

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc. is one of the nation's largest and most respected investment management companies. The Oppenheimer funds managed by OppenheimerFunds, Inc. and a subsidiary have more than 6 million shareholder accounts.

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