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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.
Oppenheimer & Co. Inc., a subsidiary of Oppenheimer Holdings (NYSE: OPY), successfully concluded its virtual Fall Healthcare Life Sciences & MedTech Summit from September 20-23, 2021. The event featured over 151 leading companies in the sector, enabling discussions on key trends and investment opportunities. Michael Margolis, Co-Head of Healthcare Investment Banking, highlighted the increasing activity among life sciences and med tech firms seeking capital and innovation. The summit included a Private Company Day on September 23, focusing on emerging biotech and life science firms.
Oppenheimer & Co. Inc. has appointed Jean-Marie Gianni as Managing Director in its Global Consumer Investment Banking Group, based in New York. Gianni brings over 15 years of experience, particularly in the Health & Beauty and Personal Care sectors, aimed at enhancing the firm's consumer coverage, including health-focused food & beverage and cannabis segments in North America.
The appointment reflects Oppenheimer's commitment to expanding its investment banking leadership, following a record-setting investment banking revenue of $222.3 million in 2020, and a 219% increase in revenue in the first half of 2021.
National investor fraud law firm KlaymanToskes is investigating potential securities claims for former and current Oppenheimer customers related to a $100 million Ponzi scheme orchestrated by ex-Oppenheimer advisor John Woods through Southport Capital. From 2008 to 2016, Woods allegedly solicited Oppenheimer clients to invest in Horizon Private Equity III, misleading them with false promises of safety and returns. Oppenheimer’s supervision over its advisors is under scrutiny, raising concerns for investors potentially impacted by this significant misconduct.
Zamansky LLC is investigating Oppenheimer & Co. Inc. (OPY) on behalf of customers affected by the Horizon Private Equity III Ponzi scheme. The SEC had previously filed a complaint against the scheme, which raised $110 million from 400 investors, led by former Oppenheimer advisor John Wood. Allegations include failure to supervise and aiding in wrongful acts. Zamansky asserts that affected customers may have valid FINRA claims for their losses. The law firm invites Oppenheimer customers who invested in Horizon to discuss their legal rights.
Oppenheimer & Co. Inc. successfully concluded its 24th Annual Technology, Internet & Communications Conference from August 9-11, 2021. The virtual event connected over 700 institutional investors with more than 150 leading public and disruptive private technology companies. Oppenheimer's Head of Technology Investment Banking, Robin Graham, highlighted the essential role of technology in economic evolution post-COVID-19. Erica L. Moffett, Managing Director, emphasized the conference's focus on trends in SaaS, cloud computing, and analytics, underscoring Oppenheimer's commitment to fostering valuable investor-company dialogues.
Oppenheimer Holdings reported a strong second quarter of 2021 with net income of $31.2 million or $2.46 per share, marking a 76.5% increase from last year. Revenue reached $340.3 million, a 28.5% increase year-over-year, reflecting robust investment banking performance driven by higher equity underwriting and M&A fees. The firm announced a 25% dividend increase to $0.15 per share, and assets under management totaled $43.7 billion, a significant rise from prior periods. However, low interest rates continued to impact Wealth Management profitability.
Oppenheimer & Co. has expanded its Global Technology Investment Banking Group with the appointment of Maxwell Gover as Managing Director, effective July 6, 2021. Gover, with over 12 years of experience, will focus on strategic advisory and capital raising within the interactive media and communications sectors. This move is part of Oppenheimer's strategy to enhance its technology investment banking capabilities. The firm reported a 70% increase in full-year investment banking revenue for 2020, reaching $222 million, with Q1 2021 revenue surging 384% to $124.5 million.
On June 15, 2021, Oppenheimer announced significant expansion of its Financial Institutions investment banking group with the hiring of veteran bankers Cliff Booth and JD Nelson. Booth takes the role of Managing Director and Head of Specialty Finance Investment Banking, while Nelson will serve as Managing Director in Specialty Finance. Additionally, Mitchel Penn joins as Managing Director for Equity Research, enhancing the firm's focus on business development corporations. This strategic growth aims to support Oppenheimer's impressive investment banking performance, which saw revenues surge to $222 million in 2020, up 70% from 2019.
Oppenheimer Holdings reported a net income of $38.7 million or $3.07 per share for Q1 2021, soaring 400% compared to $7.8 million or $0.61 per share in Q1 2020. Revenue reached $373.3 million, a 59% increase from $234.8 million in the prior year. The growth was driven by strong equity underwriting, particularly in healthcare and technology sectors, and a flourishing M&A advisory business. However, increased compensation costs of $11.6 million impacted earnings. The company also announced a quarterly dividend of $0.12 per share.
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