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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 Holdings reported a net income of $17.6 million or $1.40 EPS for Q2 2020, up from $12.4 million or $0.95 EPS in Q2 2019. Revenue increased by 5.5% to $264.7 million. Investment banking activity surged, particularly in equity underwriting. Despite challenges from low interest rates, robust trading in equities and fixed income drove results. Assets under management reached a record $32.7 billion, supporting future advisory revenues. However, the firm noted a significant 77.6% decline in bank deposit sweep income due to lower interest rates.
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Oppenheimer & Co. Inc. announced the appointment of Jarl Berntzen as Managing Director in its Global Technology Investment Banking Group, focusing on vertical SaaS and data services markets. Based in San Francisco, he will report to Robin Graham. Berntzen brings nearly 30 years of experience in strategic M&A advisory and corporate development, previously working at Goldman Sachs and ThinkEquity Partners. He aims to enhance Oppenheimer's advisory capabilities and client service in light of the growing impact of cloud-based solutions.