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Oppenheimer Holdings Inc. Annual Report 2010

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Oppenheimer Holdings Inc. Annual Report 2010 Oppenheimer Holdings Inc. Annual Report 2010 2 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 96 offices in 26 states and through local broker-dealers in five foreign jurisdictions. OPY Credit Corp. offers syndication as well as trading of issued corporate loans. Oppenheimer employs over 3,500 people. Oppenheimer offers trust and estate services through Oppenheimer Trust Company. Oppenheimer Multifamily Housing & Healthcare Finance, Inc. 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. Financial Highlights — Annual Report 2010 (In thousands of U.S. dollars except per share amounts) 2010 2009 2008 2007 2006 Gross Revenue $1,035,072 $991,433 $920,070 $914,397 $800,823 Profit (loss) before income taxes $70,766 $34,813 ($36,043) $127,394 $80,450 Net profit (loss) $38,331 $19,487 ($20,770) $75,367 $44,577 Basic earnings (loss) per share $2.87 $1.49 ($1.57) $5.70 $3.50 Total assets $2,620,034 $2,203,883 $1,526,559 $2,138,241 $2,160,090 Shareholders’ equity $497,596 $451,447 $425,726 $443,980 $359,041 Book value per share $37.02 $34.15 $32.75 $33.22 $27.76 Total shares outstanding 13,368 13,218 12,999 13,366 12,934 Number of employees 3,576 3,616 3,399 2,928 2,993 Gross Revenue Net Profit Shareholders’ Equity Book Value Per Share (US$ thousands) (US$ thousands) (US$ thousands) (US$) 1200000 80000 500000 40 70000 35 1000000 60000 400000 50000 30 800000 40000 300000 25 30000 600000 20000 20 10000 200000 400000 15 0 100000 10 200000 -10000 -20000 5 0 -30000 0 10090807060504030201 10090807060504030201 10090807060504030201 0 10090807060504030201 Assets Under Client Assets Financial Advisors* Branch Offices Management (US$ billions) (US$ billions) 20 80 2000 100 70 90 80 15 60 1500 70 50 60 10 40 1000 50 30 40 30 5 20 500 20 10 10 0 0 0 0 10090807060504030201 10090807060504030201 10090807060504030201 10090807060504030201 * Prior to 2006, we disclosed registered personnel, not financial advisors in the chart 1 Dear Fellow Shareholders The year 2010 will be remembered as a pivotal one for Oppenheimer. The Company delivered sharply improved financial results despite sluggish global economic conditions that restrained revenues in some of our business lines. Nonetheless our revenues surpassed $1 billion for the first time. We also made significant investments aimed at widening our footprint and expanding our global market presence. As a result, the Company remains well- positioned to capitalize on growth in the world economy and in the longer term, to benefit from broad economic trends that hold attractive promise for the future. We maintained our strong financial condition with a conservatively capital- ized balance sheet and solid financial performance. While our earnings did not reach a record, we saw significant improvements in many of our business lines, good performance in others and a sense of confidence in the external environment that was not present in the past several years. In 2010, we saw stock market averages gain for the second straight year with the S&P 500 at 1,257, up 12.8% for the year. Interest rates remained at record lows. This easy credit and massive liquidity began to create a desire by investors to hold commodities as an inflation hedge, pushing gold up 29.8% to a record $1,421 per ounce and oil up 15.2% to $91.38 at year-end. Investor confidence remains strong as we enter 2011. Although the U.S. and global economies are still recovering from the financial crisis and ensuing recession, the U.S. recovery seems well entrenched - led by improved corporate earnings, high levels of corporate cash, unprecedented global liquidity and recent improvements in employment. Economic growth in the coming year is widely expected to continue, and with it, greater opportunities for improving levels of business at Oppenheimer. During 2010, the Company produced revenues of $1.035 billion, an increase of 4.4% percent from $991.4 million in the prior year. Our net profit was $38.3 million, compared to $19.5 million in 2009, an increase of 96.7%. The net profit per share was $2.87 compared to $1.49 per share in the prior year. At December 31, 2010, the Company had a total of 13,368,202 shares outstanding. Our improved performance was largely impacted by a greater control over costs. The low interest rate environment almost eliminated any contribution from client-held money market funds, FDIC insured deposits and interest profits, which are traditionally our biggest profit contributor from our private client business. As markets recovered in the final quarter of 2010, we saw improved contribution from our asset management and investment banking businesses. During the year we continued to pay down our long term debt ($10 million). We saw our shareholders’ equity rise to a record $497.6 million compared to $451.4 in the prior year. Our book value per share rose to $37.02 at year-end compared to $34.15 in 2009. Tangible book value rose to $24.07 compared to $20.87. Our share price continues to be significantly impacted by the uncertainty around the effects of the failure of the auction rate securities (ARS) market in February 2008. 2 In February 2010, we entered into agreements with regulators under In developing economies, rising prosperity, with a stunning rise of family which the Company agreed to begin a process of tenders to purchase incomes, means demand for high-quality investment services is growing ARS from clients that continued to hold such securities. At year-end, fast. In 2010, we opened an office in Asia for our wealth management we had purchased from clients a total of $36.7 million ARS pursuant to business and we continue to look to expand our footprint in Latin those settlements. This provided some relief to holders but still not nearly America. We expect that this investment will allow us to serve existing enough. We continue to work our way through substantial amounts and new investors as well as corporate clients in these regions. of litigation related to the ARS market failure that is expensive and distracting, but should abate over the next 12 months. Closer to home, 2010 saw the passage of “Dodd-Frank”, new legislation that will result in new regulatory imperatives affecting our business in 2010 highlights within major segments of our business are as follows: the coming years. Thankfully, an early review seems to indicate that very limited changes will impact the way we do business. • Our Firm hired 91 experienced Financial Advisors, a significant reduc- tion from recent levels. We also opened four branch offices including Recruiting across our business over the past several years was and will con- a new office in Austin, Texas, Cherry Creek, CO and White Plains, NY. tinue to be rewarded. We continue to undertake efforts to attract, develop • Client assets in products that generate fee income ended the and retain top talent. Investment in talented and experienced professionals year at $18.8 billion, up from $16.4 billion in 2009. We also is the keystone to success. It appears that rule-making regarding employee opened over 3,200 new accounts with significant new assets. compensation will not impact our ability to fairly pay employees for their Client assets under administration reached $73.2 billion, up from contribution to our ongoing success, while continuing to be mindful of the $66 billion last year through the addition of new clients and a need to reduce compensation as a percentage of revenue. recovery in the markets. The Company remains well-positioned to capture the economic tailwinds. • Oppenheimer Trust Company’s account base continued to grow, We have a talented group of people—employees committed to long-term with the value of assets held reaching $2.7 billion at year-end. success. In the face of difficult and uncertain times, our employees rolled • In Capital Markets, we continued to see development in our fixed up their sleeves, worked hard and continued to get the job done. We income business with additions to staffing in Hong Kong and in other continue our dedication to the Company’s values of integrity, quality, locations. Profits were sustained by business coming from the trading commitment to our clients’ welfare and success, and maintaining our of developing market and Eurozone sovereign debt securities. financial strength. We remain confident about the Company’s prospects and our ability to deliver significant value to clients and investors in the • We saw continued interest in municipal debt by investors. By year- years ahead. end, the expiration of the Build America Bonds program along with increased uncertainty around municipal budgets put pressure on this In tough times, character is more important than ever. To our employees, market. Despite these developments, we had our second best year in I sincerely appreciate your commitment and dedication. I come to work the trading and sale of these securities. every day energized by the challenges we face, aware of our potential • In equities, despite an improved equity market, we saw a trading and certain of how much more we can collectively achieve. On behalf of reduction in traditional markets. There were lower rates and an overall the Board and the Company, I want to acknowledge, with gratitude, the reduction in revenues of 10% compared to the prior year.
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