Team will join High Yield Desk and be led
by longtime industry veteran Jay McDermott
Expansion of firm's Global Fixed Income
Division comes as institutional investors confront the need for
more options as credit markets continue to toughen
NEW
YORK, Sept. 7, 2023 /PRNewswire/ -- Oppenheimer
& Co. Inc. ("Oppenheimer") – a leading investment bank, wealth
manager, and a subsidiary of Oppenheimer Holdings (NYSE: OPY)
– announced today a significant expansion to its Fixed Income
Division with the addition of ten distressed debt team members.
The team, which joins the firm from TD Cowen, will be combined
with Oppenheimer's existing High Yield Desk and will be led by
Managing Director Jay McDermott, who
will report to Peter Albano, Senior
Managing Director and Global Head of Fixed Income.
"The expansion of our Fixed Income Division further demonstrates
our relevance to institutional investors during a period marked by
liquidity constraints and an increased frequency of credit
events," Albano said. "The evolving dynamics of the credit markets
place greater demands on security and sector selection by clients.
By providing thought leadership and leveraging our expansive
distribution capabilities, Oppenheimer's clients will be better
equipped to outperform their benchmarks and take advantage of
market opportunities that lie ahead."
McDermott is an expert in the field and has an established
history of managing Distressed Debt, Loan Trading and High Yield
teams. In addition to TD Cowen, he has also worked for Bear
Stearns, RBS and Debtstream Corp. over the course of his more than
25 year career. His team brings industry recognized expertise in
the sales, trading, research, and settlement of distressed
securities and bank debt. The members include:
Tim Cavanaugh, Managing Director,
Loan Sales and Sourcing
Michael Kasper, Managing Director,
Sales
Harvey Potter, Managing Director,
Sales
Eric Friel, Head High Yield and
Distressed Research
David Kelley, Head of Distressed
Trading
Ron Ryder, Head of Special
Assets
Jon Satran, Head of Bank Loans
Matt Feldman, Executive Director,
Research
Francesca Sena, Executive Director,
Legal
Brian Smyth, Associate –
Research/Sourcing
"The addition of this team significantly expands the firm's
capabilities and broadens the spectrum of services we can offer to
institutional investors and issuers," said Robert Lowenthal, President & Head of U.S.
Investment Banking for Oppenheimer. "Over the past fifteen years,
historically low interest rates helped to create an environment
that conditioned borrowers to depend upon a lower cost of capital
than is presently attainable. As a result, we have witnessed a
surge in restructuring and debt advisory engagements across our
investment banking and public finance advisory businesses.
Oppenheimer is uniquely positioned to guide clients through their
emerging financing challenges by offering holistic advice and
facilitating access to capital providers."
McDermott concluded, "The combined team has decades of
experience and extraordinarily deep relationships within the
distressed debt community. This aligns seamlessly with
Oppenheimer's well established capital markets expertise and
corporate culture. We are excited to join the firm and contribute
both to the success of the global fixed income client franchise, as
well as the broader achievements of the entire organization."
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 Contact:
Joseph
Kuo / Michael Dugan
Haven Tower Group LLC
424 317 4851 or 424 317 4852
jkuo@haventower.com or mdugan@haventower.com
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SOURCE Oppenheimer & Co. Inc.