Oppenheimer Holdings Inc., through its Operating Subsidiaries, is a leading
middle-market investment bank and full service broker-dealer. With roots tracing
back to 1881, the Company is engaged in a broad range of activities in the securities
industry, including retail securities brokerage, institutional sales and trading,
investment banking (both corporate and public finance), research, market-making,
trust services and investment advisory and asset management services. The Company
owns, directly or through subsidiaries, Oppenheimer & Co. Inc. ("Oppenheimer"),
a New York-based securities broker-dealer, Oppenheimer Asset Management Inc.
("OAM"), a New York-based investment adviser, Freedom Investments,
Inc. ("Freedom"), a discount securities broker-dealer based in New
Jersey, Oppenheimer Trust Company ("Oppenheimer Trust"), a Delaware
limited purpose bank, OPY Credit Corp., a New York corporation organized to
trade and clear syndicated corporate loans, and Oppenheimer Multifamily Housing
& Healthcare Finance, Inc. ("OMHHF"), a Federal Housing Administration
("FHA")-approved mortgage company based in Pennsylvania. The Companys
international businesses are carried on through Oppenheimer Europe Ltd. (United
Kingdom), Oppenheimer Investments Asia Limited (Hong Kong), and Oppenheimer
Israel (OPCO) Ltd. (Israel).
Oppenheimer Holdings Inc. was originally incorporated under the laws of British
Columbia. Pursuant to its Certificate and Articles of Incorporation, effective
on May 11, 2005, the Companys legal existence was continued under the Canada
Business Corporations Act. Effective May 11, 2009, the Company changed its jurisdiction
of incorporation from the federal jurisdiction of Canada to the State of Delaware
in the United States with the approval of its shareholders.
Through its Private Client Division, Oppenheimer provides a comprehensive array
of financial services through a network of approximately 1,233 financial advisers
in 85 offices located throughout the United States. Clients include high-net-worth
individuals and families, corporate executives, and small and mid-sized businesses.
Clients may choose a variety of ways to establish a relationship and conduct
business including brokerage accounts with transaction-based pricing and/or
investment advisory accounts with asset-based fee pricing.
The Company offers a wide range of investment advisory, portfolio management
and financial planning services to its retail and institutional clients through
proprietary and third party distribution channels. Clients include high-net-worth
individuals and families, foundations and endowments, insurance companies, and
trust and pension funds. Investment management capabilities include equity,
fixed income, balanced and alternative investments, which are offered through
vehicles such as privately managed accounts, and retail and institutional separate
accounts.
In the regular course of its business, Oppenheimer takes securities positions
as a market maker and/or principal to facilitate customer transactions and for
investment purposes. In making markets and when trading for its own account,
Oppenheimer exposes its own capital to the risk of fluctuations in market value.
In 2010, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection
Act ("Dodd-Frank") that proposes to prohibit proprietary trading by
certain financial institutions (the "Volcker Rule") except where facilitating
customer trades. The Volcker Rule went into effect in July 2015 and does not
impact the Companys business or operations as it applies to banks and other
subsidiaries of bank holding companies only.
Administration and operations personnel are responsible for the processing
of securities transactions; the receipt, identification and delivery of funds
and securities; the maintenance of internal financial controls; accounting functions;
custody of customers securities; the handling of margin accounts for Oppenheimer
and its correspondents; and general office services.
Oppenheimer executes its own and certain of its correspondents securities transactions
on all United States exchanges as well as many non-U.S. exchanges and in the
over-the-counter market. Oppenheimer clears all of its securities transactions
(i.e., it delivers securities that it has sold, receives securities that it
has purchased and transfers related funds) through its own facilities and through
memberships in various clearing corporations and custodian banks in the United
States. The Company began clearing its non-U.S. international equities business
carried on by Oppenheimer Europe Ltd. through BNP Paribas Securities Services
and Oppenheimer through BNP Securities Corp. Oppenheimer has a multi-currency
platform which enables it to facilitate client trades in securities denominated
in foreign currencies. Oppenheimer operates as an Introducing Broker and introduces
its client commodities transactions through a correspondent firm on a fully
disclosed basis. Through this arrangement, Oppenheimer offers full commodity
services on all exchanges.
Oppenheimer & Co. Inc.
Oppenheimer is a registered broker-dealer in securities under the Securities
Exchange Act of 1934 and transacts business on various exchanges, including
the New York Stock Exchange, Inc. Oppenheimer engages in a broad range of activities
in the securities industry, including retail securities brokerage, institutional
sales and trading, investment banking (both corporate and public finance), underwritings,
research, market-making, and investment advisory and asset management services.
Oppenheimer provides its services from offices located throughout the United
States.
Oppenheimer Asset Management Inc.
OAM is registered as an investment adviser with the U.S. Securities and Exchange
Commission (the "SEC") under the Investment Advisers Act of 1940,
as amended (the "Advisers Act"). OAMs investment advisory business
provides investment advice to clients through separate accounts and wrap fee
programs.
OPY Credit Corp.
The Company reached an agreement with RBS Citizens, NA, now Citizens Bank, NA,
including its broker-dealer affiliates ("Citizens"), that was announced
in July 2012, whereby the Company, through OPY Credit Corp., will introduce
lending opportunities to Citizens, which Citizens can elect to accept and in
which the Company will participate in the fees earned from any related commitment
by Citizens. The Company can also, in certain circumstances, assume a portion
of Citizens syndication and lending risk under such loans, and if it does so
it shall be obligated to secure such obligations via a cash deposit determined
through risk based formulas. Neither the Company nor Citizens is obligated to
make any specific loan or to commit any minimum amount of lending capacity to
the relationship. The agreement also calls for Citizens and the Company at their
option to jointly participate in the arrangement of various loan syndications.
At December 31, 2015, there were no outstanding loans in place.