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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 Holdings reported a significant rise in Q4 2020, with net income of $81.9 million ($6.56 EPS), up from $25.4 million ($1.99 EPS) in Q4 2019. Q4 revenue increased by 42.9% to $422.9 million, while FY 2020 net income rose to $123.0 million ($9.73 EPS), compared to $53.0 million in FY 2019. Revenue for FY 2020 was $1.2 billion, a 16.0% increase year-over-year. Record performance was noted in both the Asset Management and Capital Markets segments, attributed to high volatility and strong equity markets.
Oppenheimer & Co. Inc. recently announced the appointment of Bob McCabe as Branch Manager and Senior Director of Investments at its Palm Beach Gardens office. With over 35 years of financial services experience, McCabe aims to enhance asset management and profitability. This addition strengthens the leadership team overseeing 41 advisors managing nearly $3 billion in assets. McCabe's previous roles included Managing Director at Fieldpoint Private and key positions at Morgan Stanley and Smith Barney. His extensive background positions him well to drive future growth at Oppenheimer.
Oppenheimer Holdings Inc. (OPY) has declared a special cash dividend of $1.00 per share on its Class A non-voting and Class B voting common stock. The dividend, totaling approximately $12.4 million, will be paid on December 30, 2020, to shareholders recorded by the close of business on December 23, 2020. This announcement reflects the company's improved financial position and aims to reward shareholder loyalty. Chairman Albert G. Lowenthal expressed optimism about future growth.
Oppenheimer & Co. Inc. has appointed Guillaume Petitgas as Managing Director in its Debt Capital Markets Group, enhancing its leadership team. Based in London, Petitgas brings over 15 years of experience in Emerging Markets debt issuance, having previously held senior roles at HSBC and Merrill Lynch. He will focus on DCM transactions primarily across CEEMEA. The firm aims to strengthen its presence in Emerging EMEA and frontier markets with this strategic buildout. The announcement reflects Oppenheimer's commitment to enhancing its global DCM capabilities.
Oppenheimer Holdings Inc. (OPY) has extended its exchange offer for its 5.50% Senior Secured Notes due 2025 by an additional five days, now set to expire on November 23, 2020. The company aims to exchange $125 million of these notes for newly registered notes under the Securities Act. As of November 18, 2020, approximately $124.55 million, or 99.64%, of the outstanding notes have been tendered. All other terms remain unchanged. The Bank of New York Mellon Trust Company, N.A. will serve as the exchange agent.
Oppenheimer & Co. Inc. has appointed James Murray as Managing Director in its Global Consumer Investment Banking Group, based in London. With over 20 years of experience, Murray will enhance Oppenheimer's capabilities in the UK and Europe, focusing on strategic advice for consumer clients and M&A activities. This move is part of Oppenheimer's commitment to expanding its Investment Banking services in Europe. Murray's prior experience includes a role as Partner and Head of Consumer M&A at KPMG, managing over $50 billion in transactions.
Oppenheimer & Co. Inc. has successfully recruited the Mercado Group, led by financial advisors Luis Mercado and Chanttel George-Mercado, who manage approximately $128 million in client assets. This move enhances Oppenheimer's Private Client Division at its Miami branch, expanding its service capability in the U.S. and Latin America. With nearly 50 years of combined financial experience, the new advisors aim to deliver superior wealth management solutions.
Oppenheimer Holdings reported a net income of $15.6 million or $1.25 EPS for Q3 2020, compared to $3.9 million or $0.31 EPS in Q3 2019. Total revenue rose by 17.7% to $276.3 million, driven by higher underwriting revenue and significant M&A fees. Despite a 25.4% increase in compensation costs, non-compensation expenses decreased by 15.7%. The capital markets segment saw a record revenue of $114.3 million, with the investment banking unit achieving its best quarterly revenue ever.
Oppenheimer & Co. Inc. announced the successful conclusion of its virtual Fall Healthcare Life Sciences & MedTech Summit held from September 21-23, 2020. The event attracted over 120 leading companies in the life sciences and MedTech sectors, facilitating discussions on critical trends and investment opportunities. Keynote speakers included former government officials and healthcare experts who provided insights on current health issues. Future events include a MedTech Summit scheduled for November 12, 2020.
On September 21, 2020, Oppenheimer & Co. announces the addition of seven senior professionals to strengthen its Global Fixed Income group. This includes five new Managing Directors and two Executive Directors across various fixed income sectors. Peter Albano, Senior Managing Director, emphasized the importance of exceptional talent in navigating the current market challenges. This hiring strategy aims to enhance capabilities and seize growth opportunities, demonstrating Oppenheimer's commitment to adapting to global disruptions while maintaining a robust recruitment pipeline.
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