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Oppenheimer Holdings Inc. reports developments tied to its wealth management, securities brokerage, investment banking, and capital markets businesses conducted through Oppenheimer & Co. Inc. and related entities. Recurring updates include quarterly earnings, advisory and underwriting activity, sales and trading conditions, private client division changes, and asset management-related measures within the Wealth Management segment.
Company news also covers additions to investment banking and public finance capabilities, including equity capital markets, debt private placements, municipal underwriting and trading, and sector-focused advisory coverage. Governance, capital actions, and legal or compensation items that affect reported results may also appear in company disclosures.
Oppenheimer & Co. Inc. hosted its 2nd Annual 5G Summit on December 14, 2021, emphasizing the intersection of cloud computing, storage, and wireless communications. The virtual event showcased industry leaders like AT&T, T-Mobile, and newcomers such as Airspan and Helium. Oppenheimer's Senior Analyst Tim Horan highlighted the impending advancements in wireless technology. The Summit featured panels and one-on-one meetings discussing growth opportunities driven by high-capacity broadband and emerging technologies, including AI and blockchain.
Oppenheimer & Co. Inc. has announced a major expansion of its Debt Advisory & Restructuring Group with the addition of three restructuring specialists: Eric Scroggins, Joe Stone, and Lance Gurley. With over 60 years of collective experience, they aim to enhance Oppenheimer's investment banking services, particularly in restructuring. The company reported a significant increase in investment banking revenue, reaching $222.3 million for 2020 (up 76% from 2019) and $316.1 million for the first nine months of 2021 (up 129% year-over-year). This growth is attributed to ongoing strategic expansion and enhanced service offerings.
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.
Oppenheimer & Co. Inc. has launched a new Global Fund Placement and Advisory Group (FPA Group) to support alternative investment firms in achieving their fundraising goals. The group, led by Tanya McHale, aims to provide strategic and tactical advice alongside fundraising services. This initiative is part of Oppenheimer's expansion in private capital formation, enhancing its offerings for institutional private market investors. The team, which includes professionals from MVision Private Equity Advisers, brings over 30 years of combined experience in advising and raising private equity funds.
Oppenheimer & Co. Inc. announced its 4th Annual Blockchain and Digital Assets Summit, scheduled for November 18, 2021. The online event will focus on blockchain technology and cryptocurrency adoption, featuring industry leaders such as Fidelity Digital Assets and Silvergate Capital Corporation. Analysts Tim Horan and Owen Lau emphasized the significance of blockchain in transforming financial services and the emerging investment opportunities in digital assets. The summit will include presentations and panels discussing trends and innovations within the blockchain ecosystem.
Oppenheimer Holdings reported a 67.8% increase in net income for Q3 2021, totaling $26.3 million or $2.07 EPS, up from $15.6 million or $1.25 EPS in Q3 2020. Revenue rose 14.1% to $315.3 million, driven by strong investment banking demand. The Capital Markets segment saw a 68.7% rise in advisory fees. Notably, assets under administration hit a record $117.8 billion. Despite concerns over inflation and interest rates, the firm's equity reached a record high of $775 million.
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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.
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.