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. announces the recruitment of Laura Kellerman as Regional Director for its Long Island offices, which include the Jericho, Hauppauge, Melville, and West Hampton branches. Kellerman brings over 30 years of experience, having previously worked at Morgan Stanley for 16 years. She will work with retiring industry veteran Albert Kirchner to ensure a smooth transition. The Long Island region manages approximately $2.4 billion in assets and is recognized for its financial services. Oppenheimer aims for continued growth in this strategic market, emphasizing its commitment to attract top financial talent.
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On April 17, 2023, Oppenheimer & Co. Inc. announced the hiring of Michael Cella as the U.S. Head of Consumer Investment Banking. Based in San Francisco, Cella brings nearly 20 years of experience in banking, previously working at Cowen, Wells Fargo, and KeyBanc Capital Markets. His expertise in advising growth-oriented consumer companies positions him to lead Oppenheimer's Consumer group in navigating new opportunities. Rita Keskinyan, who held the role for six years, will now focus on the food and beverage sector. Cella expressed enthusiasm about leading the team and supporting clients in the evolving consumer landscape.
Oppenheimer & Co. Inc., a subsidiary of Oppenheimer Holdings (NYSE: OPY), has expanded its Miami presence by opening a new office in Coral Gables. This strategic move aims to enhance the firm's ability to serve both domestic and international clients in a rapidly growing financial hub. The new facility can accommodate over 30 financial advisors, providing necessary capacity for future growth. It replaces Oppenheimer's previous Coconut Grove location. The firm's investment solutions and expertise in capital markets are highlighted, demonstrating significant asset management growth since February 2020, outperforming the S&P 500 by over 50%.
Oppenheimer & Co. has successfully closed a Series C funding round for UK-based Perspectum, raising a total of $55 million. Oppenheimer invested $27 million through its Private Market Opportunities initiative, facilitating investment in emerging growth companies. This marks the fifth deal since 2017 under the initiative, which has raised approximately $250 million overall. The funds will support Perspectum's mission to innovate non-invasive imaging technologies for better patient care. The partnership reflects Oppenheimer's commitment to investing in healthcare advancements that could significantly improve the diagnostic journey for patients.
Oppenheimer & Co. Inc. announces its 33rd Annual Healthcare Conference taking place virtually from March 13-15, 2023. The event will showcase over 225 public and private healthcare companies across sectors such as pharmaceuticals, biotechnology, and medical devices. With a strong commitment to facilitating investor discussions, Oppenheimer's Healthcare Investment Banking team has successfully raised over $6.4 billion in transactions since March 2017. Participants can expect engaging presentations and insights about emerging technologies and market strategies from top analysts in healthcare.
Oppenheimer & Co. Inc. announced the expansion of its Investment Grade desk with the hiring of three Managing Directors: Perren Thomas, Dennis Megley, and Mike Henneberry. This strategic move aims to enhance expertise and strengthen relationships in fixed income sales. Thomas, with nearly 20 years of experience, joins from D.A. Davidson, while Megley brings over 35 years from firms like Cantor Fitzgerald and Bear Stearns. Henneberry, a veteran with over 30 years in the industry, previously worked at B. Riley Financial. The firm's continued focus on attracting top talent aims to increase its market share in the U.S. investment grade corporate bond market.
Oppenheimer Holdings reported a net income of $22.4 million or $2.04 per share for Q4 2022, down from $62.9 million or $4.99 per share in Q4 2021. Revenue decreased 14.1% to $313.6 million in Q4 2022 compared to $365.1 million a year prior. For the full year, net income was $32.4 million or $2.77 per share, down 79.6% from $159.0 million or $12.57 per share in 2021. Total revenue for 2022 fell 20.3% to $1.1 billion. The decrease is attributed to lower transaction activity and valuations, partially offset by bank deposit sweep income from rising interest rates.
Oppenheimer Holdings has announced a new share repurchase program, allowing the purchase of up to 543,000 shares of its Class A non-voting common stock, about 5% of the total outstanding shares. This program adds to the previous authorization of 144,034 shares, totaling 687,034 shares available for repurchase. The repurchases will be executed in the open market using available cash, aligning with regulatory requirements. Oppenheimer emphasizes that the timing and volume of repurchases will depend on market conditions and does not obligate the company to buy a specific number of shares.
Oppenheimer & Co. has appointed Kevin Monaco as Managing Director and Regional Director for its Private Client Division in Southern California. Based in the Los Angeles office, Monaco brings significant experience, having previously served roles at D.A. Davidson, Wells Fargo, and Morgan Stanley. His expertise in recruiting advisory talent and understanding market dynamics positions him to enhance Oppenheimer's services for wealth management. This strategic hire aims to further establish Oppenheimer's presence in a competitive market.