Robert Lowenthal Named President Of Oppenheimer Holdings Inc. & Oppenheimer & Co. Inc., Recognizing Success In Building Multiple Divisions, Developing Global Talent Base And Driving Record Growth
Oppenheimer Holdings Inc. has appointed Robert Lowenthal as the President of Oppenheimer and the President of its broker-dealer subsidiary, Oppenheimer & Co. Inc. This unanimous decision by the Board reflects Rob's 23 years of service and contributions to the company, particularly in driving growth in the Investment Banking division, which achieved revenues from $81 million in 2016 to over $400 million in 2021. The company experienced a 32.6% revenue increase, totaling $1.03 billion in the first nine months of 2021, with net income rising to $96.1 million, a 133.7% increase from 2020.
- Rob Lowenthal's appointment reflects a strong leadership transition and continuity in strategy.
- Record-breaking performance in Investment Banking, with revenues escalating from $81 million in 2016 to over $400 million in 2021.
- Overall revenue increased 32.6% to $1.03 billion for the first nine months of 2021, compared to the same period in 2020.
- Net income surged 133.7% year-over-year, reaching $96.1 million in 2021.
- Fully diluted EPS increased from $3.12 to $7.10 YoY, indicating significant profitability growth.
- None.
NEW YORK, Nov. 30, 2021 /PRNewswire/ -- Oppenheimer Holdings Inc. ("Oppenheimer" or "the Company"), a leading investment bank and wealth manager, today announced that Senior Managing Director and Head of Investment Banking Robert 'Rob' Lowenthal has been appointed President of Oppenheimer and President of Oppenheimer & Co. Inc., the Company's broker-dealer subsidiary. The appointment was unanimously approved by Oppenheimer's Board of Directors.
Rob's appointment to this role, effective immediately, reflects his many contributions over his 23-year career at Oppenheimer, as he has built and led multiple business divisions; established the core infrastructure and systems to support accelerated performance and scale; developed the global talent base to create effective teams throughout the firm; and played a central role in driving the firm's strategy for growth.
The move is also part of an orderly and long-term succession plan approved by the Company's Board of Directors. Rob, age 45, who has dramatically re-built the firm's Investment Banking Division resulting in record-breaking performance, will continue in his role as Head of Investment Banking.
Paul Friedman, Lead Director of Oppenheimer's Board of Directors, said, "Oppenheimer's Board and senior management team wanted an exceptional leader who thoroughly understands the Oppenheimer culture and has a clear track record of driving growth by building businesses, developing powerful teams with top-tier talent and embracing innovation. Without question, Rob Lowenthal fits the bill."
Mr. Friedman continued, "Rob's foresight and dedication have been critical to the tremendous growth of our Investment Banking Division since he assumed leadership of the group in 2016. At the same time, his strategic guidance as a member of the Board of Directors has been crucial in helping the entire company achieve record overall results in recent years. Rob's keen understanding of every aspect of the firm's business will empower Oppenheimer to reach even greater heights in the years ahead."
Track Record of Strategic Growth and Innovation
Rob's career at Oppenheimer began with his leadership of the firm's technology group, where he rationalized and integrated key systems across the firm while also implementing critical platforms that enabled the Company to digitize and scale its operations, facilitating its strong growth in subsequent years. He also spearheaded the successful integration of several firms acquired by Oppenheimer during this time period.
Rob was subsequently promoted to lead the firm's Fixed Income business, taking over in the midst of the financial crisis in 2008. Despite the difficult economic climate, he made thoughtful investments in the group's personnel and capabilities during this time, leading to the establishment of a business unit that consistently contributed over
In 2016, Rob assumed leadership of Oppenheimer's Investment Banking businesses, significantly accelerating the strategic growth and performance of the division. Under his direction, revenues from Investment Banking have surged from
Under Rob's direction, Oppenheimer's ongoing, focused expansion of investment banking capabilities across high-growth and disruptive industry verticals – such as Healthcare and Technology– coupled with continual investment in its leading equity capital markets and advisory resources, have been primary drivers of the firm's record-setting investment banking results.
Development of Global and Next Gen Talent Base
Central to Rob's contribution has been his ability to attract and develop exceptional talent, expanding the investment banking division to include over 160 professionals, with many of the additions to the team being widely known and respected leaders in their respective fields.
Complementing his success at attracting seasoned investment bankers to Oppenheimer, Rob has also spearheaded the firm's efforts to identify and cultivate the next generation of talent by establishing extensive training and development programs.
This consistent investment in professional talent has enabled synergistic growth across the firm, including its Investment Banking, Capital Markets, Sales & Trading, and Wealth Management groups.
Key Role in Oppenheimer's Reinvention, Growth Acceleration and Governance
Rob's contributions in leading the Investment Banking and Capital Markets divisions, along with his strategic guidance as a member of the firm's Board of Directors since 2013, and role as chair of the Management and Risk Management Committees, have been crucial to Oppenheimer's reinvention and growth acceleration.
Driven by robust demand for investment banking services and the strong performance of the firm's Wealth Management business, Oppenheimer's results for the nine months ended September 30, 2021 were the strongest in its history. Total revenue increased
Rob said, "It is an honor to be named President of Oppenheimer, a great firm where I have spent my whole career and which is poised to achieve even stronger results in the years ahead. We have established teams in every division across the Company, and I look forward to working shoulder to shoulder with them to continue to drive growth and increase the value we provide to our shareholders, clients, employees and partners."
Rob earned a BSBA degree from Washington University in St. Louis, before earning an MBA from Columbia Business School. He is based at the firm's 85 Broad Street Headquarters in New York.
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 Inquiries
Joseph Kuo / Chris Clemens
Haven Tower Group
jkuo@haventower.com or cclemens@haventower.com
424 317 4851 or 424 317 4854
View original content:SOURCE Oppenheimer & Co. Inc.
FAQ
Who is the new president of Oppenheimer Holdings Inc. effective November 30, 2021?
What financial performance did Oppenheimer achieve in 2021?
What was the increase in net income for Oppenheimer in 2021?
What was the fully diluted EPS for Oppenheimer in 2021?
What record was achieved in Oppenheimer's Investment Banking division?
