OPPENHEIMER HOLDINGS-CL A Business Summary

Oppenheimer Holdings Inc. (OPY) operates as a leading middle-market investment bank and wealth management firm, generating revenue through a diversified model of asset-based advisory fees, transaction-driven commissions, investment banking fees (M&A and underwriting), and interest income. The company’s business is primarily structured into two core segments: Wealth Management, which provides comprehensive financial planning and portfolio management for high-net-worth individuals, and Capital Markets, which encompasses institutional sales, trading, and investment banking services. As of early 2026, the firm manages approximately $55.2 billion in assets under management (AUM) and $143.3 billion in assets under administration (AUA), following a record fiscal year 2025 with $1.6 billion in total revenue. Oppenheimer competes directly with mid-tier peers such as Stifel Financial, Raymond James, and Jefferies Financial Group, positioning itself as a high-touch, relationship-driven alternative to bulge-bracket firms by focusing on specialized research and middle-market corporate clients. Tracing its lineage to 1881 through Fahnestock & Co., the modern firm is defined by the leadership of Albert G. Lowenthal, who acquired control in 1985 and transformed the company into a global financial services provider. In May 2025, Robert S. Lowenthal succeeded his father as CEO and President, bringing over 25 years of experience in fixed income and investment banking to the role, while Albert remains Chairman of the Board and Executive Chairman of the primary subsidiary, Oppenheimer & Co. Inc. The executive suite includes CFO Jeffrey J. Alfano and General Counsel Dennis P. McNamara, both veterans of the firm’s strategic and regulatory operations. A critical element of the company's governance is the Lowenthal family's concentrated control, holding approximately 98% of the Class B voting shares. The Board of Directors is further strengthened by notable industry figures such as Lead Independent Director Paul M. Friedman, formerly of Bear Stearns, and Stacy J. Kanter, previously a senior partner at Skadden Arps, ensuring a robust framework of institutional pedigree and risk oversight.