NEW YORK and LONDON, June 15,
2021 /PRNewswire/ -- Oppenheimer & Co. Inc.
("Oppenheimer"), a leading investment bank, wealth manager, and a
subsidiary of Oppenheimer Holdings (NYSE: OPY), today announced the
expansion of its Financial Institutions investment banking group
with the addition of veteran bankers Cliff
Booth and JD Nelson. Mr. Booth has been named Managing
Director and Head of Specialty Finance Investment Banking and Mr.
Nelson appointed as Managing Director in Specialty Finance. The two
senior bankers will accelerate the growth of the firm's Financial
Institutions Group (FIG) by providing Oppenheimer clients with
expert strategic advice and access to capital across the growing
field of non-bank lending and other specialty finance
Mr. Booth and Mr. Nelson have worked together as a team since
2005 in the specialty finance sector advising non-bank lenders,
BDCs, REITs and mortgage REITs. Mr. Booth started the specialty
finance group at Janney Montgomery Scott, LLC 13 years ago and
built it into a leading national practice. Additionally, Mr. Booth
built the REIT practice and was Head of Investment Banking for 6
years during his tenure at Janney Montgomery Scott, LLC. Prior to
Janney Montgomery Scott, LLC, Mr. Booth was Head of Financial
Institutions and Real Estate Investment Banking at Ferris Baker
Watts and was in the Real Estate Investment Banking Group at First
Union Securities. Mr. Nelson covered the specialty finance and real
estate sectors over the last 13 years at Janney Montgomery Scott,
LLC and Ferris Baker Watts and has executed over 150 capital
markets and merger and acquisition transactions for his
Both Mr. Booth and Mr. Nelson, who are based in Baltimore, MD, will report directly to
Gilbert Dychiao, Managing Director
and Head of Oppenheimer's Financial Institutions Group.
Oppenheimer also announced that it has added Mitchel Penn as Managing Director, Equity
Research, expanding the firm's coverage of the Specialty Finance
sector with a specific focus on business development corporations
(BDCs). Mr. Penn most recently served as Managing Director, Equity
Research at Janney Montgomery Scott, LLC, where he covered BDCs and
Mortgage REITs. Prior to Janney Montgomery Scott, LLC, Mr. Penn was
a portfolio manager at Legg Mason Capital Management and Fixed
Income Portfolio Manager at Aetna Life Insurance Company.
Mr. Penn is also based in Baltimore and will report to John Parks, Director of Research.
Mr. Dychiao said, "Expanding into the fast-growing and
strategically vital specialty finance segment with Cliff and JD at
the helm will provide our clients with differentiated, high-value
solutions to support their financial and strategic objectives while
continuing to round out our global investment banking capabilities
across the financial institutions space. With this announcement
building on our recent additions of Joseph
Lovell as Managing Director within our Asset Management
team, Philippe Jacquemard as
Managing Director covering European Insurance and Leslie Fenton and Ritendra Roy as Managing Directors for US
Insurance, we are continuing to put in place the tools and
capabilities to provide insightful, unconflicted advice to clients
across the full scope of the rapidly-evolving financial services
This most recent enhancement to Oppenheimer's FIG team supports
the firm's broader investment banking growth strategy, which
emphasizes the ongoing, thoughtful expansion of the firm's senior
leadership expertise across key industries and sectors.
This approach, coupled with ongoing investment in Oppenheimer's
leading equity research capabilities, has been one of the key
drivers of the firm's record-setting results for its investment
banking business over the past year. Full-year investment banking
revenue of $222 million for 2020
increased more than 70% over 2019, while Q1 2021 revenue for the
division increased 384% versus Q1 2020, to $124.5 million. The expansion of Oppenheimer's
FIG investment banking group is expected to build even further on
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. For more information, please visit
Kuo / Michael Dugan
Haven Tower Group LLC
424 317 4851 or 424 317 4852
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SOURCE Oppenheimer & Co. Inc.