Back To List Print Page
  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • U.S. Oppenheimer Private Client Division of CIBC World Markets Corp.
  • Fahnestock Viner Holdings Inc.
  • Securities and Investment Banking
  • December 10, 2002
  • N/A

Seller Details

CIBC Oppenheimer, the U.S. Oppenheimer Private Client Division of CIBC World Markets Corp., operates a high net worth retail business, which consists of 620 financial consultants in 17 branches in major financial centers across the United States, with client assets of approximately $672 million and money market balances of approximately $3.2 billion.

Buyer Details

Fahnestock's principal subsidiary, Fahnestock & Co, Inc., is a full-service, self-clearing broker-dealer headquartered in New York City which has been in operation since 1881. Fahnestock employs over 1,100 financial consultants in 89 branches throughout the United States as well as in South America and Canada. Fahnestock & Co., Inc. is a member firm of the New York Stock Exchange and all principal U.S. exchanges. Fahnestock has been recently renamed Oppenheimer Holdings Inc. and trades under the symbol OPY.

Transaction Summary

Fahnestock Viner Holdings, Inc. has acquired the assets of CIBC Oppenheimer, the U.S. Oppenheimer Private Client Division of CIBC World Markets Corp. As a result of the transaction, FVH almost doubles its private client presence, adding over 620 high-quality, strong-producing financial consultants in major financial centers throughout the United States. The transaction pushes FVH into the top ten list of independent full service retail broker-dealers in the United States, based on financial consultants and client assets.

Back To List