Strategic Recruitment of 10 New Hires
Builds on Oppenheimer's Momentum as the Credit Landscape and
Macroeconomic Trends Signal Greater Demand for Leveraged
Finance
NEW
YORK, July 15, 2024 /PRNewswire/ -- Oppenheimer
& Co. Inc. (Oppenheimer) — a leading investment bank,
wealth manager and a subsidiary of Oppenheimer Holdings (NYSE: OPY)
—announced today the continued expansion of its Fixed Income
Division with the addition of 10 more High Yield and Distressed
Debt Team members.
The additions coincide with a more challenging credit
environment and expansion of the firm's restructuring and debt
advisory capabilities. Oppenheimer is well positioned to help
clients navigate ballooning inflation and elevated interest rates,
which have reached a 13-year high while net interest expenses have
soared to levels not seen in 30 years. Moreover, these additions to
the firm's Fixed Income Division come as other large Financial
Institutions on Wall Street have either scaled back or shuttered
their distressed trading desks.
The combined expertise of the new members will further
strengthen the firm's capabilities across the spectrum of credit
products, beyond its recognized expertise in high yield and
distressed bonds. Many highly levered companies with lower credit
ratings, particularly those that borrowed heavily post pandemic,
operate in sectors undergoing secular changes. This dynamic has
created challenges and opportunities for the firm's institutional
clients, who can benefit from Oppenheimer's enhanced fixed income
capabilities.
"We're making deep investments at a time when we believe there's
great opportunity to invest in sourcing, trading and distribution
expertise for differentiated credit products on behalf of our
institutional clients," said Peter
Albano, Senior Managing Director and Global Head of Fixed
Income at Oppenheimer. "These include bank loans, distressed bonds,
reorg equity, preferreds and claims."
The new hires report to Jay
McDermott, Head of Leveraged Finance Sales and Trading.
McDermott and 10 other Distressed Debt Team members from TD Cowen
joined Oppenheimer in late 2023. The new team members are:
- Michael Brennan, Managing
Director, Sales
- Daniela Bar-Ilan, Managing
Director, Sales
- Jeremy Goldman, Managing
Director, Sales
- John Mori, Managing Director,
Co-Head of Distressed
- Kirk Ruddy, Managing Director,
Sales
- Jay Sommer, Managing Director,
Co-Head of Special Assets
- Peter Taukus, Managing Director, Trading
- Kevin Cleary, Executive
Director, Sales
- Gail Rosenblum, Executive
Director, Special Assets
- Jason Gong, Associate,
Research
Oppenheimer's High Yield Desk and Distressed Debt Team now
consists of 32 professionals, including dedicated traders,
salespeople, sourcers and analysts. Over a third of the team has
more than 15 years of experience in the space. The team covers over
1,000 institutional accounts.
"By continuing to build out our team, we have positioned
Oppenheimer to stand out as an industry leader in high yield and
distressed debt," said Robert
Lowenthal, President of Oppenheimer. "The steady stream of
restructurings and liability management programs emerging over the
next few years provides an increasing number of investment
opportunities, especially as a substantial wall of global
speculative-grade corporate maturities are set to come due."
McDermott concluded, "As a more classic distressed cycle
emerges, with a U-shape rather than the V-shaped recoveries we've
seen since the Great Financial Crisis, a longer entry and longer
recovery is poised to play out. Oppenheimer's Leveraged Finance
Sales and Trading capabilities are well positioned to help our
clients navigate this increasingly complex and difficult
environment."
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.
Media Contact:
Joseph
Kuo / Michael Dugan
Haven Tower Group LLC
424 317 4851 or 424 317 4852
jkuo@haventower.com or mdugan@haventower.com
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SOURCE Oppenheimer & Co. Inc.