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Oppenheimer Holdings, Inc. (NYSE: OPY) is a premier investment bank and full-service broker-dealer dedicated to providing comprehensive financial solutions. With over 3,500 investment professionals strategically located across North America, the U.K., Israel, and Asia, Oppenheimer stands as a global leader in the financial sector.
The company operates through three primary segments: Private Client, Asset Management, and Capital Markets. The Private Client segment offers an array of services such as securities brokerage, advisory services, and wealth management, targeting high-net-worth individuals and families. It boasts approximately 1,400 financial advisors across more than 90 branches in the United States, making it one of the largest independent investment banks based on the number of registered representatives.
In the Asset Management segment, Oppenheimer provides investment advisory services, leveraging its expertise to manage assets on behalf of institutional investors, corporations, and private clients. The Capital Markets segment engages in institutional sales and trading, investment banking, market-making, and research, catering to corporate, governmental, and institutional clients globally.
Recent achievements include the significant expansion of its Cash Equity Sales & Trading desk, highlighted by the addition of a Program Trading team from Credit Suisse led by industry veterans Christopher Johnson and Matthew H. Friedman. In addition, Oppenheimer reported a notable increase in net income of 206.7% in Q3 2023, reflecting strong performance across its business units amidst a resilient economy and stable inflation.
The company continues to strengthen its commitment to public finance, highlighted by the recruitment of Elizabeth Coolidge as Head of Public Finance. This move, along with the appointment of other key professionals, underscores Oppenheimer's dedication to enhancing its municipal finance capabilities.
Oppenheimer is committed to delivering top-quality advice and execution, supported by a robust balance sheet and strategic capital investments. The firm remains well-positioned to capitalize on market opportunities, providing exceptional service and value to its clients.
Pontera and Oppenheimer (NYSE: OPY) have announced a strategic partnership to enhance wealth management services by incorporating 401(k) account management. Oppenheimer, a major U.S. broker-dealer with 928 financial advisors and $129.8 billion in assets under administration, will utilize Pontera's secure platform to manage clients' workplace retirement accounts. The platform is certified under SOC 2 Type II and ISO 27001 standards, protecting client data while integrating with advisors' portfolio management tools. This collaboration aims to provide more comprehensive investment management services and improve financial outcomes for retirement savers.
Oppenheimer Holdings (NYSE: OPY) concluded its 20th annual Professionals Alliance Group (PAG) Conference at its New York headquarters on November 12-13, 2024. The event brought together Oppenheimer's financial advisors, investment managers, and senior leadership with CPAs and industry partners. The PAG program, established in 1997, enables accounting firms and professional services providers to access Oppenheimer's wealth management, capital markets, and investment banking capabilities. The conference featured sessions on tax-efficient strategies, including tax-exempt fixed income, 1031 exchanges, tax-managed direct indexing, and exchange funds.
Oppenheimer Holdings reported strong Q3 2024 results with net income of $24.5 million ($2.38 basic EPS), up from $13.9 million ($1.32 basic EPS) in Q3 2023. Revenue increased 19.4% to $373.4 million. The company saw improvements across segments, with Private Client revenue up 13.2% to $218.8 million, Asset Management revenue up 30.9% to $27.3 million, and Capital Markets revenue up 31.1% to $124.0 million. Assets under management reached a record $49.1 billion. The company announced the redemption of all outstanding Senior Secured Notes ($113.05 million) on October 10, 2024.
Oppenheimer & Co. Inc., a subsidiary of Oppenheimer Holdings (NYSE: OPY), has announced the appointment of Christian Baetz as Managing Director in their Consumer Investment Banking Group. Baetz, who brings over 15 years of investment banking experience, will be based in New York and report to Michael Cella, Managing Director and Group Head of U.S. Consumer Investment Banking.
Baetz's focus will be on partnering with growth-oriented companies in Consumer Services and Retail. His expertise includes middle market M&A, having worked with numerous companies in the Consumer and Retail sectors. Prior to joining Oppenheimer, Baetz served as a Director in the Mergers & Acquisitions group at Bank of America and has also worked at UBS Investment Bank and The Royal Bank of Scotland.
This strategic hire demonstrates Oppenheimer's commitment to enhancing its investment banking capabilities across sectors and regions, particularly in the Consumer sector.
Oppenheimer & Co. Inc., a subsidiary of Oppenheimer Holdings (NYSE: OPY), has appointed Todd Wiggins as the Regional Director of its Dallas-Fort Worth Region. Wiggins, who joined Oppenheimer in 2016, brings nearly 30 years of wealth management experience to the role. He succeeds Brian Sayers, who will continue as a Financial Advisor after opening Oppenheimer's Dallas office in 1999.
Ed Harrington, Executive Vice President of the Private Client Division, praised Wiggins for his advisor-centric mindset and success in recruiting and developing top financial advisor talent. Wiggins expressed enthusiasm for leading the region and appreciation for the firm's ability to attract and retain elite advisors.
Oppenheimer & Co. Inc. provides wealth management, securities brokerage, and investment banking services to high-net-worth individuals, families, corporate executives, local governments, businesses, and institutions.
Oppenheimer & Co. Inc., a subsidiary of Oppenheimer Holdings (NYSE: OPY), has expanded its presence in Tennessee by opening a new office in Memphis. This move follows the successful establishment of their Nashville office in 2022. The firm has recruited Alan Richmond as Executive Director – Investments and Clayton Ellis as Director – Investments for the Memphis office. Both professionals bring extensive experience in financial services and will report to Phil Hall, who leads Oppenheimer's growth initiatives in Tennessee.
The expansion into Memphis reflects Oppenheimer's commitment to providing comprehensive wealth management services and building a strong presence in Tennessee's financial services community. The firm aims to offer tailored solutions to meet the diverse needs of its clients in the region.
Oppenheimer Holdings Inc. (OPY) has announced the redemption of $113,050,000 of its 5.50% Senior Secured Notes due 2025. The redemption is scheduled for October 10, 2024, at a price equal to 100.00% of the principal amount plus accrued and unpaid interest. This move will result in the complete redemption of all outstanding Notes.
Chairman and CEO Albert G. Lowenthal stated that the company's recent financial results and strong balance sheet enable this debt redemption, which will reduce interest expenses during a period of high interest rates. He also affirmed that Oppenheimer can raise additional capital in the future as needed to support business growth.
Oppenheimer & Co. Inc. (NYSE: OPY) has appointed Aaron Stowell as Managing Director and Branch Manager of its Atlanta office. Stowell, who joins from Morgan Stanley where he held a similar position for 17 years, will lead the day-to-day operations of Oppenheimer's wealth management business in Atlanta. He succeeds Todd Wiggins, who has been tapped to lead the firm's Dallas-Fort Worth Region.
Ed Harrington, Executive Vice President of the Private Client Division, praised Stowell's strong connection to Atlanta and his ability to execute on Oppenheimer's growth plans. Stowell, who has a finance degree from Kennesaw State University and an MBA from the University of Massachusetts Amherst, expressed enthusiasm about returning to Atlanta and building upon the legacy left by his predecessor.
Oppenheimer & Co. Inc. (NYSE: OPY) has appointed Mark J. Hovanic as Executive Director and Branch Manager to lead its Private Client Division offices in Richmond and Virginia Beach. Hovanic, a 25-year wealth management industry veteran, joins from J.P. Morgan Securities. Ed Harrington, Executive VP of the Private Client Division, expressed confidence in Hovanic's ability to elevate Oppenheimer's efforts in Virginia by leading existing professionals and attracting new talent.
Hovanic's career includes roles as financial advisor, complex manager, and regional director. He started in finance in 1999 and was most recently with J.P. Morgan Securities in Atlanta. Hovanic aims to leverage his experience and commitment to coaching to help advisors thrive and build lasting client relationships.
Oppenheimer & Co. Inc., a subsidiary of Oppenheimer Holdings (NYSE: OPY), has launched its Third Annual Next-Gen Peer-to-Peer Forum in New York City. The two-day event brings together nearly 60 financial advisors from 25 Private Client Division offices across 16 states. The forum aims to enhance resources for advisors and improve client service. Participants, who collectively manage $6.5 billion in assets, will share best practices, engage with mentors, and learn about Oppenheimer's offerings to meet client needs.
The event covers topics such as multi-generational practice management, team dynamics, advanced planning concepts, digital marketing, and client acquisition. Oppenheimer emphasizes its commitment to developing next-generation talent through six junior development programs and invites inquiries about opportunities via NextGenAdvisors@opco.com.
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