FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

LOWENTHAL ALBERT G 		2. Issuer Name and Ticker or Trading Symbol

OPPENHEIMER HOLDINGS INC [ OPY ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      __ X __ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Chairman and CEO
(Last)          (First)          (Middle)

188 MAMARONECK RD 		3. Date of Earliest Transaction (MM/DD/YYYY)

1/27/2011
(Street)

SCARSDALE, NY 10583
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A non voting common stock   1/29/2011     J (1)    15836   (1) A $0   2830168   I   Phase II Financial LP   (2)
Class B voting common stock                  96073   I   Phase II Financial Inc.   (3)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Class A non voting common stock   $0   (4) 1/27/2011     J   (4)    40000       1/26/2016   1/26/2016   Class A non voting common stock   40000   $0   (4) 240000   D    
Restricted Class A non voting common stock   $0   (1) 1/29/2011     J   (1)    15836   (1)      1/29/2011   1/29/2011   Class A non voting common stock   15836   $0   (1) 215000   D    

Explanation of Responses:
( 1)  The transaction describes the vesting of 25,000 Restricted Class A non voting shares which were awarded on 1/29/2008. 15836 Class A non voting shares were converted and 9164 shares were forfeited.
( 2)  Phase II Financial LP is a NY partnership of which Mr. Lowenthal is sole general partner.
( 3)  Phase II Financial Inc. is a Delaware corporation controlled by Mr. Lowenthal. Mr. Lowenthal is its president.
( 4)  The transaction is a stock award granted under the Oppenheimer Holdings Inc. 2006 Equity Incentive Plan on 1/27/2011 for 40000 shares of Class A non voting common stock with vesting on the fifth anniversary of grant.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
LOWENTHAL ALBERT G
188 MAMARONECK RD
SCARSDALE, NY 10583 		X X Chairman and CEO

Signatures
Albert G. Lowenthal 2/1/2011
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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