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Oppenheimer Holdings Inc. Annual Report 2009

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Oppenheimer Holdings Inc. Annual Report 2009 Oppenheimer Holdings Inc. Annual Report 2009 513175F1_Oppen_x3-09PP001_upfront_v28.indd 1 3/18/10 2:42:42 PM Company Overview 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 94 offi ces in 26 states and through local broker-dealers in fi ve foreign jurisdictions. OPY Credit Corp. offers syndication as well as trading of issued corporate loans. Oppenheimer employs over 3,600 people. 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. 513175F1_Oppen_x3-09PP001_upfront_v28.indd 2 3/18/10 2:42:42 PM Financial Highlights - Annual Report 2009 (In thousands of U.S. dollars except per share amounts) 2009 2008 2007 2006 2005 Gross Revenue $991,433 $920,070 $914,397 $800,823 $679,746 Profi t (loss) before income taxes $34,813 ($36,043) $127,394 $80,450 $41,689 Net profi t (loss) $19,487 ($20,770) $75,367 $44,577 $22,916 Basic earnings (loss) per share $1.49 ($1.57) $5.70 $3.50 $1.76 Total assets $2,203,883 $1,526,559 $2,138,241 $2,160,090 $2,184,467 Shareholders’ equity $451,447 $425,726 $443,980 $359,041 $308,123 Book value per share $34.15 $32.75 $33.22 $27.76 $24.46 Total shares outstanding 13,218 12,999 13,366 12,934 12,596 Number of employees 3,616 3,399 2,928 2,993 2,969 Gross Revenue Net Profit Shareholders’ Equity Book Value Per Share (US$ thousands) (US$ thousands) (US$ thousands) (US$) 1,000,000 80,000 500,000 35 70,000 30 800,000 60,000 400,000 50,000 25 40,000 600,000 300,000 30,000 20 20,000 400,000 200,000 15 10,000 0 10 200,000 -10,000 100,000 5 -20,000 0 -30,000 0 0 00 01 02 03 04 05 06 07 08 09 00 01 02 03 04 05 06 07 08 09 00 01 02 03 04 05 06 07 08 09 00 01 02 03 04 05 06 07 08 09 Assets Under Client Assets Financial Advisors* Branch Offices Management (US$ billions) (US$ billions) 20 80 2000 100 90 70 80 15 60 1500 70 50 60 10 40 1000 50 40 30 30 5 20 500 20 10 10 0 0 0 0 00 01 02 03 04 05 06 07 08 09 00 01 02 03 04 05 06 07 08 09 00 01 02 03 04 05 06 07 08 09 00 01 02 03 04 05 06 07 08 09 * Prior to 2006, we disclosed registered personnel, not financial advisors in the chart 1 513175F1_Oppen_x3-09PP001_upfront_v28.indd Sec1:1 3/18/10 2:42:42 PM Dear Fellow Shareholders All of us at Oppenheimer are proud of our performance in 2009. In the face of intense economic pressure, the Company remained on a profi table course, bolstered its fi nancial position and increased its market presence. We maintained a healthy balance sheet, profi tability and unlike many others were able to continue paying our dividend. In the year just ended, we saw stock market aver- While we had a loss in our fi rst quarter that was ages drop 25.4% leading up to a dramatic turn largely associated with remaining 2008 acqui- that began off the bottom created on March 6th. sition expenses and low levels of activity due From there the averages gained 59.3% to end to severely affected markets, the fi rm turned the year with the S&P at 1115, up 23.5% for decidedly profi table for the remainder of the the year. Along with the meltdown in stocks, we year. We repaid $15.2 million on our senior saw markets for fi xed income securities practi- secured credit note, bringing the balance to cally evaporate. During March, securities of every $32.5 million at year-end. rating experienced the widest spreads off of U.S. Treasuries in history. Despite the Federal Reserve During this period, we have been in a unique maintaining rates at record lows and massive position to attract experienced professionals intervention by the government, other markets across the entire spectrum of our business: took months to respond. Markets fi nally regained some semblance of confi dence and as the spring • Our firm hired 240 experienced Financial turned to summer, markets began to recover. Advisors, a record. We also opened eleven branch offi ces including eight in the southeast, During 2009, the Company produced revenues an offi ce in Denver, CO. as well as an offi ce in of $991.4 million, an increase of 8 percent from Leawood, KS. $920.1 million in the prior year. Our net profi t was $19.5 million, compared to a loss of $20.8 million • Client assets in products that generate fee in 2008. The net profi t per share was $1.49 income ended the year at $16.4 billion, up compared to a loss of $1.57 per share in the 31 percent from 2008. We also opened over prior year. At December 31, 2009, the Company 4200 new accounts with significant new had a total of 13,217,681 shares outstanding. assets. Client assets under administration reached $66 billion, up 25 percent through In this volatile period, Oppenheimer the addition of new clients and a recovery in was challenged by the external environ- the markets. ment and the lowest interest rates in a generation which have led to money fund • Oppenheimer Trust Company’s account base fee waivers, low returns from FDIC deposits continued to grow, with the value of assets held and almost eliminated our interest profi ts, our reaching a new record of $3.6 billion at year- biggest profit contributor from our private end, for an increase of 260%. client business. In response, we addressed our worldwide costs in order to better position the • In Capital Markets, we made great strides in Company going forward. We eliminated support fi xed income with major additions to our staff- payments to CIBC, reduced expenditures and ing in London, New York, Chicago and San sustained substantially lower guaranteed com- Francisco as we added expertise in High Grade pensation to employees as well as reduced Corporate Debt, Mortgage Backed Securities, payments to support deferred compensation Loan Trading and undertook an effort to build for employees who joined in 2008. out our ability to trade U.S. Government Debt. 2 513175F1_Oppen_x3-09PP001_upfront_v28.indd Sec1:2 3/18/10 2:42:42 PM • We also expanded our coverage and trading to try to fi nd a comprehensive solution for our We continue to undertake efforts to attract, for institutions in municipal debt both taxable and clients to fi nd liquidity from their ARS holdings, develop and retain top talent. With regard non-taxable. During the year we produced record such a solution continues to elude us. We have to compensation, we will continue to take a revenues from municipal trading and sales. however reached agreement with state regula- prudent and cautious approach, designed to tors, whereby we will begin a process that will reward individuals for their contribution and • In equities, we added trading expertise in the ultimately provide liquidity to clients. It has the tie compensation to performance over both trading of options and initiated an event-trading added benefi t of resolving various investigations the short and long term. We are mindful of desk. We remained active in adding qualifi ed and litigations that were both expensive and the need to reduce compensation expense as and experienced research analysts to our staff distracting to our Company. a percentage of revenue, closer to historical along with a well renowned strategist. levels. At present, it appears that we will not On May 11, 2009, Oppenheimer Holdings Inc. be affected by employee compensation rule- • Although the revenues for investment became a U.S. Company, after domesticating to making. We believe that employees’ rewards banking were up over 10%, the results were Delaware. The move was approved by our share- must be related to individual efforts and returns lower than expected largely due to lower activity holders and our Company is now located in the delivered to shareholders. in the early months of the year. As the capital country where over 90% of our revenues are markets began to recover, our participations in sourced. While our motivation for this move ema- Our strategy is well defi ned and focused on equity underwritings increased 88% year over nated from an effort to resolve the ARS problem, delivering the best possible outcome for our year. However, this was offset by a decrease of we believe that this move and its cost ($2 million clients, our shareholders and our dedicated 24% in merger and acquisition and advisory in taxes paid) will serve the Company well. employees. This strategy comes from consis- fees, as mid-cap companies found few oppor- tency, knowing who we are, what we do and tunities available to them. We added banking The fi nancial markets remain a powerful engine how we do it, day in and day out. expertise in healthcare, aeronautics and defense, to drive economic recovery. Individuals, our as well as a strong team in telecommunications. largest market, can and will play a critical role.
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