NEW YORK and TORONTO, Jan. 14 /CNW/ - Oppenheimer Holdings Inc. (OPY on
NYSE) today announced that the previously announced acquisition by Oppenheimer
of a major part of CIBC World Markets' U.S. capital markets businesses,
including related Israeli investment banking and equities business, was
completed. The closing of the acquisition of related operations in Asia and
the UK is expected to close at a later time, subject to regulatory approval.
The businesses acquired by Oppenheimer employ over 600 people and include
CIBC World Markets' U.S. Investment Banking, Corporate Syndicate,
Institutional Sales and Trading, Equity Research, Options Trading and a
portion of the Debt Capital Markets business which includes Convertible Bond
Trading, Loan Syndication, High Yield Origination and Trading as well as
related overseas operations. Annualized revenue of these businesses, based on
CIBC's most recently published results for the year ended October 31, 2007, is
in excess of $400 million.
"We are pleased with this significant addition to our capital markets
platform and welcome our new associates to the Oppenheimer family," said
Oppenheimer Chairman, Albert G. Lowenthal. "Our firm is now positioned to
service clients with a complete offering of capital markets services,
including M&A advisory, equity underwriting, high-yield fixed income
origination and loan syndication. We are confident in the potential of this
platform and are confident that it will be a success."
As previously reported, the Company is not involved in the sub-prime
mortgage business, and does not have any exposure to that business as a result
of this acquisition.
This press release includes certain "forward-looking statements" relating
to anticipated future performance. For a discussion of the factors that could
cause future performance to be different than anticipated, reference is made
to Oppenheimer's Annual Report on Form 10-K for the year ended December 31,
Oppenheimer, through its principal subsidiaries, Oppenheimer & Co. Inc.
(a U.S. broker-dealer) and Oppenheimer Asset Management Inc., offers a wide
range of investment banking, securities, investment management and wealth
management services from 86 offices in 21 states and through local
broker-dealers in 3 foreign jurisdictions. Oppenheimer employs over 3,500
people, approximately 1,250 of whom are financial advisers. Oppenheimer offers
trust and estate services through Oppenheimer Trust Company. Evanston
Financial Corporation is engaged in mortgage brokerage and servicing. In
addition, through its subsidiary, Freedom Investments, Inc. and the BUYandHOLD
division of Freedom, Oppenheimer offers online discount brokerage and
dollar-based investing services.
For further information:
For further information: A.G. Lowenthal, (212) 668-8000; E.K. Roberts,
(416) 322-1515; Media Contact: Brian Maddox, (212) 850-5661