This approach, coupled with ongoing investment in Oppenheimer’s leading equity research capabilities, has been one of the key drivers of the firm’s record-setting results for its investment banking business over the past year. Full-year investment banking revenue of $222 million for 2020 increased more than 70% over 2019, while Q1 2021 revenue for the division increased 384% versus Q1 2020, to $124.5 million. The expansion of Oppenheimer’s FIG investment banking group is expected to build even further on this momentum. This most recent enhancement to Oppenheimer’s FIG team supports the firm’s broader investment banking growth strategy, which emphasizes the ongoing, thoughtful expansion of the firm’s senior leadership expertise across key industries and sectors. 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. For more information, please visit www.oppenheimer.com.
Mr. Penn is also based in Baltimore and will report to John Parks, Director of Research. Oppenheimer also announced that it has added Mitchel Penn as Managing Director, Equity Research, expanding the firm’s coverage of the Specialty Finance sector with a specific focus on business development corporations (BDCs). Mr. Penn most recently served as Managing Director, Equity Research at Janney Montgomery Scott, LLC, where he covered BDCs and Mortgage REITs. Prior to Janney Montgomery Scott, LLC, Mr. Penn was a portfolio manager at Legg Mason Capital Management and Fixed Income Portfolio Manager at Aetna Life Insurance Company.
Mr. Dychiao said, “Expanding into the fast-growing and strategically vital specialty finance segment with Cliff and JD at the helm will provide our clients with differentiated, high-value solutions to support their financial and strategic objectives while continuing to round out our global investment banking capabilities across the financial institutions space. With this announcement building on our recent additions of Joseph Lovell as Managing Director within our Asset Management team, Philippe Jacquemard as Managing Director covering European Insurance and Leslie Fenton and Ritendra Roy as Managing Directors for US Insurance, we are continuing to put in place the tools and capabilities to provide insightful, unconflicted advice to clients across the full scope of the rapidly-evolving financial services universe.” Both Mr. Booth and Mr. Nelson, who are based in Baltimore, MD, will report directly to Gilbert Dychiao, Managing Director and Head of Oppenheimer’s Financial Institutions Group.
SOURCE Oppenheimer & Co. Inc. Media Contact:Joseph Kuo / Michael DuganHaven Tower Group LLC424 317 4851 or 424 317 4852 or
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