Oppenheimer Holdings

Oppenheimer Holdings Inc. is an American multinational independent investment bank and financial services company offering investment banking, financial advisory services, capital markets services, asset management, wealth management, and related products and services worldwide. The company, which once occupied the One World Financial Center building in Manhattan, now bases its operations at 85 Broad Street in New York City.[2]

History

Originally created as Oppenheimer & Company and named for German-American investment broker Max E. Oppenheimer (c. 1899–1964), a Jewish refugee from the Nazis who advised the Synagogue Council of America and worked at a New Hampshire real estate firm, a Bay Area savings and loan association, and Lehman Brothers,[3] Oppenheimer Holdings was founded in 1950 when a partnership was created to act as a broker-dealer and manage related financial services for large institutional clients.[4]

CIBC Oppenheimer

In 1997, CIBC Wood Gundy acquired Oppenheimer Holdings for $525 million and paid over for the next three years and included $175 million in order to retain the loyalty of key Oppenheimer executives who were not shareholders in the closely held private firm.[10] When the deal was closed, the firm's name was changed to CIBC Oppenheimer Holdings.[11] In 2003, CIBC made the decision to sell Oppenheimer's retail brokerage business and name for $257 million to Fahnestock Viner Holdings, which subsequently changed its name to Oppenheimer.[12]

Fahnestock Viner Holdings

Fahnestock Viner traces its lineage back to Harris C. Fahnestock, an investment banker who was a founding member of one of Citigroup's predecessors, the First National Bank of New York. In 1881, Harris' son William formed his own investment bank at Two Wall Street, Fahnestock & Co.,[13] which expanded through the decades and was eventually acquired in 1988 by E.A. Viner Holdings, Ltd. The new company, Fahnestock Viner Holdings, would eventually change its name in 2003 upon the acquisition of CIBC Oppenheimer's retail brokerage business (the Private Client and U.S. Asset Management Divisions).[14][15]

In 2001, prior to acquiring Oppenheimer, Fahnestock acquired another investment bank, Josephthal & Co. Inc.[16]

Edward A. Viner Holdings, which was Toronto-based company, was managed by Albert “Bud” Lowenthal when it acquired Fahnestock for $7.3 million.[17]

CIBC World Markets

On November 4, 2007, CIBC announced that it agreed to sell to Oppenheimer & Co. its American domestic investment banking, equities, leveraged finance, and related debt capital markets businesses. The transaction also included CIBC's Israeli investment banking and equities business, and certain parts of other U.S. capital markets-related businesses located in the UK and Asia.[18] The acquired businesses by Oppenheimer had over 700 employees and annual revenue of 400 million. According to the agreement, Oppenheimer borrowed $100 million from CIBC in the form of a subordinated debt. Additionally, CIBC agreed to provide an initial $1.5 billion lending, to the entity for financing the syndicated loans for American middle-market companies. CIBC President and Chief Executive Gerry McCaughey said, "It [transaction] will permit CIBC to redeploy capital over time to further support the continued growth of our strong and profitable U.S. and international operations, as well as our core Canadian businesses."[19] The deal was closed on January 14, 2008.[20]

type	Public
traded as	nyse: OPY
foundation	1881
founder	Harris C. Fahnestock
location	New York City, United States
key people	Robert Lowenthal (chairman and CEO)
num employees	3,018 (2024)
industry	Financial services
products	Wealth Management Investment Banking Capital Markets
locations	89 (2024)
revenue	US$1.4 billion (2024)
operating income	US$105.7 million (2024)
net income	US$71.5 million (2024)
equity	US$850 million (2024)
assets	US$3.38 billion (2024)
aum	US$49.4 billion (2024)
homepage	oppenheimer.com
footnotes	‡R1R‡

Oppenheimer Holdings

History

CIBC Oppenheimer

Fahnestock Viner Holdings

CIBC World Markets

Settlements with US regulators

Ownership

Major locations

Notable current and former equity research analysts

Business

See also

External links

References