references to primary sources . please improve this by adding secondary or tertiary sources . july 2012 learn how and when to remove this template message oppenheimer holdings type public traded as nyse opy industry financial services founded 1881 ; 135 years ago 1881 founder harris c. fahnestock headquarters new york city usa key people albert g. lowenthal chairman products investment banking investment management wealth management revenue 1 019.7 million 2013 net income 25.1 million 2013 aum 25.3 billion 2013 number of employees 3500 website www.opco.com oppenheimer holdings is an investment bank and full service investment firm offering investment banking financial advisory services capital markets services asset management wealth management and related products and services worldwide . the company which once occupied the one world financial center building in manhattan now bases its operations at 85 broad street and world headquarters at 125 broad street in new york city . contents 1 history 1.1 cibc oppenheimer 1.2 fahnestock viner holdings 1.3 cibc world markets 1.4 settlements with us regulators 2 business groups 3 major locations 4 notable current and former equity research analysts 4.1 business 5 see also 6 references 7 external links history edit the company was founded in 1950 when a partnership was created to act as a broker dealer and manage related financial services for large institutional clients but origins of the firm trace back to 1881 . the 1960s and 1970s were a time of great prosperity for the company which eventually led to the 1975 restructuring . oppenheimer & co. formed three operating subsidiaries oppenheimer & co. inc. a retail brokerage firm oppenheimer capital corporation an institutional investment manager oppenheimer management corp. now oppenheimerfunds inc. in the 1980s opco founding partners began looking for a buyer . mercantile house holdings plc a publicly owned british corporation made an offer in 1982 which was accepted and closed a year later . in 1986 a majority interest was bought in oppenheimer & co. and oppenheimer capital by the firm s management stephen robert and nathan gantcher along with a small group of their colleagues from mercantile for 150 million . a year later british & commonwealth holdings plc acquired mercantile . the 1990s brought another separation of the original firm when oppenheimer capital s senior personnel acquired a majority interest in the subsidiary and separated from opco . in 1995 robert and gantcher who controlled about 40 percent of opco s equity became eager to locate additional capital to grow their firm . at first opco explored options of forming a possible alliance with ing groep nv that eventually fell through . carrying on with this goal management set out to merge with a bulge bracket bank that had access to the foreign markets . robert and gantcher entertained offers from the second largest private german financial institution and retail bank bayerische vereinsbank . on thursday may 8 1997 the wall street journal announced that pittsburgh based pnc bank corp. was in talks to buy oppenheimer & co. for about 500 million in cash stock and options . the article s source warned that pnc and oppenheimer hadn t arrived at a fixed price and that chatter could break the formal agreement which was two weeks or more away . analysts speculated that pnc would be paying too much for a brokerage house that no longer carried the brand recognition it once did in the securities industry . only 13 days following the announcement the bloomberg news desk announced that for the third time in two years opco had been abandoned by a prospective buyer . two months later it was announced that cibc wanted to expand its brokerage business and was interested in the new york based investment banking firm which had annual revenues of 800 million and 680 brokers who sell stocks and bonds . cibc oppenheimer edit nathan gantcher who joined oppenheimer & co. as a stockbroker in 1968 along with his partner stephen robert who joined oppenheimer management inc. the same year as a portfolio manager began talks with cibc in july 1997 . fourth time being the charm cibc closed on oppenheimer holdings inc. in november 1997 for 525 million and was paid over the next three years and included 175 million in order to retain the loyalty of key oppenheimer executives who were not shareholders in the closely held private firm . the purchase was made through cibc s existing us based investment banking arm cibc wood gundy . however with the deal having been closed the firm s name was changed to cibc oppenheimer holdings . cibc wood gundy continued to act as the operating name in canada yet all european and asian subsidiaries took the cibc oppenheimer name . in 2003 cibc made the decision to sell oppenheimer s retail brokerage business and name for 257 million to fahnestock viner holdings which subsequently changed its name to oppenheimer . this separation was a sore wound among the institutional employees . upon this sale cibc unified all cibc wood gundy and cibc oppenheimer operations under the cibc world markets name . fahnestock viner holdings edit fahnestock viner traces its lineage back to harris c. fahnestock an investment banker who was a founding member of one of citigroup s predecessors the first national bank of new york . in 1881 harris son william formed his own investment bank at two wall street fahnestock & co. which expanded through the decades and was eventually acquired in 1988 by e.a. viner holdings ltd. the new company fahnestock viner holdings would eventually change its name in 2003 upon the acquisition of cibc oppenheimer s retail brokerage business the private client and u.s. asset management divisions . upon this acquisition the new oppenheimer & co. would attempt to build an institutional division brandishing the once infamous oppenheimer moniker . after several unsuccessful tries oppenheimer & co. in late 2007 announced that they would be purchasing certain assets from cibc world markets . cibc world markets edit on november 4 2007 cibc announced from toronto that they agreed to sell to oppenheimer & co. its u.s. domestic investment banking equities leveraged finance and related debt capital markets businesses . the transaction also included cibc s israeli investment banking and equities business and certain parts of other u.s. capital markets related businesses located in the uk and asia . the formal agreement dictated that oppenheimer would borrow 100 million from cibc in the form of a subordinated debt as well as a warehouse facility provided by the canadian bank . the warehousing facility initially up to 1.5 billion would allow the newly formed oppenheimer u.s. entity to finance and hold the syndicated loans for u.s. middle market companies . underwriting of loans pursuant to the warehouse facility would be subject to joint credit approval by oppenheimer and cibc . in doing so cibc would benefit from the future success of oppenheimer & co. some speculated that this sale was the result of the 2005 settlement of the civil lawsuits related to cibc s entanglement with enron for about 3 billion . it was one of the largest such settlements to date and believed to adversely affect cibc operations . for many cibc world markets employees who remained from the original oppenheimer & co. the sale was reunification of sorts . the deal closed on january 14 2008 yet both entities would share infrastructure for some time and possibly office buildings . this included 300 madison avenue the building once set out to be the new york cibc center ; however it was sublet to pricewaterhousecoopers after a concern of having all employees under one roof following the 9 11 terrorist attacks and the sale of the u.s. retail brokerage division to fahnestock . settlements with us regulators edit in january 2015 oppenheimer & co. paid 20 million in civil settlements with u.s. regulators . 1 business groups edit wealth management oppenheimer asset management oppenheimer trust company capital markets major locations edit united states new york city atlanta boston denver houston los angeles san francisco international london united kingdom toronto canada hong kong china sar tel aviv israel geneva switzerland notable current and former equity research analysts edit business edit henry blodget equity research analyst russ dallen latin american research analyst 2 3 meredith whitney equity research analyst steve eisman equity research analyst carter braxton worth technical analyst see also edit companies portal cibc world markets wood gundy inc. references edit oppenheimer paying 20m in settlements with us regulators . the gazette . 27 january 2015 . retrieved 11 april 2016 . as others fled venezuela stanford international saw a golden opportunity . the new york times . 9 november 2009 . retrieved 15 september 2016 . scrutiny of stanford s bank spreads to caribbean . reuters . 13 february 2009 . retrieved 15 september 2016 . external links edit oppenheimer & co official website oppenheimer funds official website cibc sells oppenheimer unit for 400 million v t e investment banks bank divisions of universal banks bulge bracket bank of america merrill lynch barclays citi institutional clients group credit suisse deutsche bank corporate and investment bank j.p. morgan & co. j.p. morgan cazenove ubs investment bank other berenberg bank bmo capital markets boc international bnp paribas corporate & institutional banking brown shipley cibc world markets citic securities clsa commerzbank corporates & markets cr dit agricole corporate and investment bank daiwa securities capital markets everbank world markets harris williams & co. hsbc global banking and markets ing commercial banking is investment kbc bank korea development bank daewoo securities lloyds bank corporate markets mitsubishi ufj securities mizuho corporate bank natixis nomura securities rbc capital markets rbs markets & international banking sberbank cib soci t g n rale corporate & investment bank standard chartered td securities unicredit corporate & investment banking vtb capital wells fargo securities independents bulge bracket goldman sachs morgan stanley other allen & company blackstone group brewin dolphin btg pactual centerview partners china international capital corporation close brothers group evercore partners everbright fbr capital markets galaxy greenhill & co. haitong securities houlihan lokey investec jefferies keefe bruyette & woods lazard macquarie group mediobanca moelis & company n m rothschild & sons oppenheimer & co. perella weinberg partners piper jaffray raymond james financial renaissance capital roth capital partners salam investment ltd. sandler o neill and partners stifel nicolaus stone key partners william blair & company category list retrieved from https en.wikipedia.org w index.php title oppenheimer holdings & oldid 739647960 categories companies listed on 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