NEW YORK, Nov. 30, 2021 /PRNewswire/ -- Oppenheimer
Holdings Inc. ("Oppenheimer" or "the Company"), a leading
investment bank and wealth manager, today announced that Senior
Managing Director and Head of Investment Banking Robert 'Rob'
Lowenthal has been appointed President of Oppenheimer and President
of Oppenheimer & Co. Inc., the Company's broker-dealer
subsidiary. The appointment was unanimously approved by
Oppenheimer's Board of Directors.
Rob's appointment to this role, effective immediately, reflects
his many contributions over his 23-year career at Oppenheimer, as
he has built and led multiple business divisions; established the
core infrastructure and systems to support accelerated performance
and scale; developed the global talent base to create effective
teams throughout the firm; and played a central role in driving the
firm's strategy for growth.
The move is also part of an orderly and long-term succession
plan approved by the Company's Board of Directors. Rob, age 45, who
has dramatically re-built the firm's Investment Banking Division
resulting in record-breaking performance, will continue in his role
as Head of Investment Banking.
Paul Friedman, Lead Director of
Oppenheimer's Board of Directors, said, "Oppenheimer's Board and
senior management team wanted an exceptional leader who thoroughly
understands the Oppenheimer culture and has a clear track record of
driving growth by building businesses, developing powerful teams
with top-tier talent and embracing innovation. Without question,
Rob Lowenthal fits the bill."
Mr. Friedman continued, "Rob's foresight and dedication have
been critical to the tremendous growth of our Investment Banking
Division since he assumed leadership of the group in 2016. At the
same time, his strategic guidance as a member of the Board of
Directors has been crucial in helping the entire company achieve
record overall results in recent years. Rob's keen understanding of
every aspect of the firm's business will empower Oppenheimer to
reach even greater heights in the years ahead."
Track Record of Strategic Growth and Innovation
Rob's career at Oppenheimer began with his leadership of the
firm's technology group, where he rationalized and integrated key
systems across the firm while also implementing critical platforms
that enabled the Company to digitize and scale its operations,
facilitating its strong growth in subsequent years. He also
spearheaded the successful integration of several firms acquired by
Oppenheimer during this time period.
Rob was subsequently promoted to lead the firm's Fixed Income
business, taking over in the midst of the financial crisis in 2008.
Despite the difficult economic climate, he made thoughtful
investments in the group's personnel and capabilities during this
time, leading to the establishment of a business unit that
consistently contributed over $100
million in revenue.
In 2016, Rob assumed leadership of Oppenheimer's Investment
Banking businesses, significantly accelerating the strategic growth
and performance of the division. Under his direction, revenues from
Investment Banking have surged from $81
million in 2016 to over $400
million on an annualized basis for 2021.
Under Rob's direction, Oppenheimer's ongoing, focused expansion
of investment banking capabilities across high-growth and
disruptive industry verticals – such as Healthcare and Technology–
coupled with continual investment in its leading equity capital
markets and advisory resources, have been primary drivers of the
firm's record-setting investment banking results.
Development of Global and Next Gen Talent Base
Central to Rob's contribution has been his ability to attract
and develop exceptional talent, expanding the investment banking
division to include over 160 professionals, with many of the
additions to the team being widely known and respected leaders in
their respective fields.
Complementing his success at attracting seasoned investment
bankers to Oppenheimer, Rob has also spearheaded the firm's efforts
to identify and cultivate the next generation of talent by
establishing extensive training and development programs.
This consistent investment in professional talent has enabled
synergistic growth across the firm, including its Investment
Banking, Capital Markets, Sales & Trading, and Wealth
Management groups.
Key Role in Oppenheimer's Reinvention, Growth Acceleration
and Governance
Rob's contributions in leading the Investment Banking and
Capital Markets divisions, along with his strategic guidance as a
member of the firm's Board of Directors since 2013, and role as
chair of the Management and Risk Management Committees, have been
crucial to Oppenheimer's reinvention and growth acceleration.
Driven by robust demand for investment banking services and the
strong performance of the firm's Wealth Management business,
Oppenheimer's results for the nine months ended September 30, 2021 were the strongest in its
history. Total revenue increased 32.6% versus the same period in
2020, from $775.8 million to
$1.03 billion. Net income increased
133.7%, from $41.1 million for the
first nine months of 2020 to $96.1
million in 2021, while fully-diluted EPS increased from
$3.12 to $7.10. Book value and tangible book value per
share also reached record levels of $61.43 and $47.95,
respectively, at the end of Q3 2021.
Rob said, "It is an honor to be named President of Oppenheimer,
a great firm where I have spent my whole career and which is poised
to achieve even stronger results in the years ahead. We have
established teams in every division across the Company, and I look
forward to working shoulder to shoulder with them to continue to
drive growth and increase the value we provide to our shareholders,
clients, employees and partners."
Rob earned a BSBA degree from Washington
University in St. Louis,
before earning an MBA from Columbia Business
School. He is based at the firm's 85 Broad Street
Headquarters in New York.
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 Inquiries
Joseph
Kuo / Chris Clemens
Haven Tower Group
jkuo@haventower.com or cclemens@haventower.com
424 317 4851 or 424 317 4854
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SOURCE Oppenheimer & Co. Inc.