NEW YORK—Cornerstone Real Estate Advisers has been appointed by OppenheimerFunds Inc. to manage its newly-launched Global Real Estate Fund.

The fund will be managed by Cornerstone's Global Real Estate Securities unit led by David Wharmby, managing director, and will be supported by Cornerstone's team of real estate investment professionals. Cornerstone also manages the Oppenheimer Real Estate Fund, which was launched in 2002 and typically invests in U.S. real estate securities.

“We believe there are significant real estate investment growth opportunities globally, particularly in emerging markets,” said Wharmby. “OppenheimerFund's Global Real Estate Fund is designed to provide investors with not only more real estate investment choices but also an effective way to help diversify and globalize their investment portfolios.”

Contributing to Cornerstone's strategic investment decision-making is its team of investment professionals located in markets across the globe. Additionally, Cornerstone's direct property research model helps the team build and maintain a portfolio geared toward uncovering long-term value and seeking to take advantage of short-term pricing opportunities.

“Real assets, particularly real estate, are core to our alternatives strategy,” said Kamal Bhatia, OppenheimerFunds senior VP and product director for the taxable fixed income and alternatives team. “OppenheimerFunds believes that all investment strategies need to globalize their opportunity set.”

The Global Real Estate Fund will invest in a portfolio of real estate companies in geographic markets and property types, and will include exposure to both developed and emerging markets.

Cornerstone and OppenheimerFunds are members of the MassMutual Financial Group. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives.

For more information visit www.cornerstoneadvisers.com and www.oppenheimerfunds.com.