Oppenheimer Expands Presence in Tennessee with the Opening of its Memphis Office

Rhea-AI Summary

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.

Positive

• Expansion into a new market (Memphis) potentially increasing revenue opportunities
• Recruitment of experienced professionals (Alan Richmond and Clayton Ellis) to lead the new office
• Building on previous successful expansion in Tennessee (Nashville office in 2022)
• Strengthening presence in a strong financial services community

Negative

• None.

News Market Reaction

-1.01%

1 alert

-1.01% News Effect

On the day this news was published, OPY declined 1.01%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Latest Move into Tennessee Builds on Firm's Momentum
Following the Opening of Its Nashville Office in 2022

NEW YORK, Sept. 23, 2024 /PRNewswire/ -- Oppenheimer & Co. Inc. (Oppenheimer) — a leading investment bank, wealth manager, and a subsidiary of Oppenheimer Holdings (NYSE: OPY) — today announced the opening of its new office in Memphis, Tennessee, along with the recruitment of Alan Richmond, Executive Director – Investments, and Clayton Ellis, Director – Investments. They will report to Phil Hall, Executive Director, who leads the firm's growth initiatives in Tennessee.

"Memphis has a strong and deeply rooted financial services community, and we are thrilled to be a part of it," said Ed Harrington, Executive Vice President of the Private Client Division at Oppenheimer. "Establishing our presence in this iconic city with seasoned professionals such as Alan and Clayton only adds to our excitement. Not only do they share our passion for capital markets, investing and client service but they appreciate our firm's unwavering commitment to becoming a positive force in the communities where we do business. We look forward to demonstrating this commitment through our support of Alan, Clayton, and our growing team in Tennessee."

Richmond and Ellis have 15 and 17 years of financial services experience, respectively. They join Oppenheimer from B. Riley, where they managed a practice that provided comprehensive wealth management services, anchored by their expertise and experience building customized taxable and tax-exempt fixed income portfolios for their clients.

Oppenheimer's expansion into Memphis builds on the Firm's successful move into Tennessee in 2022, when it opened an office in Nashville. Hall, who will now lead both the firm's Memphis and Nashville locations as Regional Manager, joined Oppenheimer in December 2021.

"I am thrilled to lead our continued growth in the vibrant state of Tennessee, as well as to begin working with Alan and Clayton, whose skills and robust advisory practice will prove essential to enhancing Oppenheimer's presence in Memphis," Hall said. "The new office reflects our ongoing dedication to providing comprehensive, tailored solutions to meet the diverse needs of our clients."

Oppenheimer & Co. Inc.
Oppenheimer & Co. Inc. (Oppenheimer), a principal subsidiary of Oppenheimer Holdings Inc. (OPY on the New York Stock Exchange), and its affiliates provide a full range of wealth management, securities brokerage and investment banking services to high-net-worth individuals, families, corporate executives, local governments, businesses and institutions. 

Media Contact:
Joseph Kuo / Michael Dugan
Haven Tower Group LLC
424 317 4851 or 424 317 4852
jkuo@haventower.com or mdugan@haventower.com

View original content:https://www.prnewswire.com/news-releases/oppenheimer-expands-presence-in-tennessee-with-the-opening-of-its-memphis-office-302253781.html

SOURCE Oppenheimer & Co. Inc.

FAQ

When did Oppenheimer (OPY) open its new office in Memphis, Tennessee?

Oppenheimer announced the opening of its new office in Memphis, Tennessee on September 23, 2024.

Who are the key professionals recruited for Oppenheimer's (OPY) new Memphis office?

Oppenheimer recruited Alan Richmond as Executive Director – Investments and Clayton Ellis as Director – Investments for the new Memphis office.

How does the Memphis office expansion fit into Oppenheimer's (OPY) overall growth strategy in Tennessee?

The Memphis office expansion builds on Oppenheimer's successful move into Tennessee, which began with the opening of their Nashville office in 2022, demonstrating a continued commitment to growth in the state.

Who will lead Oppenheimer's (OPY) operations in Tennessee?

Phil Hall, Executive Director, will lead Oppenheimer's growth initiatives in Tennessee, including both the Memphis and Nashville locations as Regional Manager.