NEW YORK, Oct. 27, 2017 /CNW/ - Oppenheimer Holdings Inc.
(NYSE: OPY) today reported net income of $7.8 million or $0.59 basic
net income per share for the third quarter of 2017 compared with a net loss of $712,000 or
$0.05 basic net loss per share for the third quarter of 2016. Income before income taxes from
continuing operations was $11.8 million for the third quarter of 2017 compared with a loss before
income taxes from continuing operations of $1.8 million for the third quarter of 2016. Net
income from discontinued operations was $461,000 for the third quarter of 2017 compared with net
income from discontinued operations of $413,000 for the third quarter of 2016. Revenue from
continuing operations for the third quarter of 2017 was $226.2 million compared with revenue from
continuing operations of $211.8 million for the third quarter of 2016, an increase of 6.8%.
Revenue from discontinued operations for the third quarter of 2017 was $785,000 compared with
revenue from discontinued operations of $1.8 million for the third quarter of 2016.
|
|
Summary Operating Results (Unaudited)
|
|
('000s, except Per Share Amounts)
|
|
|
|
|
|
|
For the 3-Months Ended
|
|
For the 9-Months Ended
|
|
|
9/30/2017
|
|
9/30/2016
|
|
% Change
|
|
9/30/2017
|
|
9/30/2016
|
|
% Change
|
|
Revenue
|
$
|
226,220
|
|
$
|
211,804
|
|
6.8
|
|
$
|
655,365
|
|
$
|
638,834
|
|
2.6
|
|
Expenses
|
214,392
|
|
213,614
|
|
0.4
|
|
652,199
|
|
653,230
|
|
(0.2)
|
|
Income (Loss) Before Income Taxes from Continuing Operations
|
11,828
|
|
(1,810)
|
|
*
|
|
3,166
|
|
(14,396)
|
|
*
|
|
Income Taxes
|
4,425
|
|
(751)
|
|
*
|
|
2,464
|
|
(7,190)
|
|
*
|
|
Net Income (Loss) from Continuing Operations
|
7,403
|
|
(1,059)
|
|
*
|
|
702
|
|
(7,206)
|
|
*
|
|
Net Income from Discontinued Operations
|
461
|
|
413
|
|
11.6
|
|
1,101
|
|
9,362
|
|
(88.2)
|
|
Net Income (Loss )
|
7,864
|
|
(646)
|
|
*
|
|
1,803
|
|
2,156
|
|
(16.4)
|
|
Less Net Income Attributable to Non-Controlling Interest, Net of
Tax
|
75
|
|
66
|
|
13.6
|
|
180
|
|
1,527
|
|
(88.2)
|
|
Net Income (Loss) Attributable to Oppenheimer Holdings Inc.
|
$
|
7,789
|
|
$
|
(712)
|
|
*
|
|
$
|
1,623
|
|
$
|
629
|
|
158.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Net Income (Loss) Per Share (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations
|
$
|
0.56
|
|
$
|
(0.08)
|
|
*
|
|
$
|
0.05
|
|
$
|
(0.54)
|
|
*
|
|
Discontinued Operations
|
0.03
|
|
0.03
|
|
—
|
|
0.07
|
|
0.59
|
|
(88.1)
|
|
Net Income (Loss) Per
Share
|
$
|
0.59
|
|
$
|
(0.05)
|
|
*
|
|
$
|
0.12
|
|
$
|
0.05
|
|
140.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Net Income (Loss) Per Share (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations
|
$
|
0.54
|
|
$
|
(0.08)
|
|
*
|
|
$
|
0.05
|
|
$
|
(0.54)
|
|
(109.3)
|
|
Discontinued Operations
|
0.03
|
|
0.03
|
|
—
|
|
0.07
|
|
0.59
|
|
(88.1)
|
|
Net Income (Loss) Per Share
|
$
|
0.57
|
|
$
|
(0.05)
|
|
*
|
|
$
|
0.12
|
|
$
|
0.05
|
|
140.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
13,213
|
|
13,367
|
|
(1.2)
|
|
13,290
|
|
13,371
|
|
(0.6)
|
|
Diluted
|
13,764
|
|
13,367
|
|
3.0
|
|
13,790
|
|
13,371
|
|
3.1
|
|
|
As of
|
|
As of
|
|
|
9/30/2017
|
|
9/30/2016
|
|
% Change
|
|
9/30/2017
|
|
12/31/2016
|
|
% Change
|
|
Book Value Per Share
|
$
|
38.48
|
|
$
|
38.41
|
|
0.2
|
|
$
|
38.48
|
|
$
|
38.22
|
|
0.7
|
|
Tangible Book Value Per Share
|
$
|
25.54
|
|
$
|
25.73
|
|
(0.7)
|
|
$
|
25.54
|
|
$
|
25.53
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Percentage not meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
(1) Attributable to
Oppenheimer Holdings Inc.
|
|
|
|
|
|
|
|
|
|
|
The S&P 500 index increased 4.0% during the third quarter of 2017 driven by improving economic conditions, low interest
rates, and improved corporate earnings. Despite geopolitical issues around the world (North
Korea, Syria, and South China Sea) and destructive hurricanes hitting the U.S. mainland,
the U.S. Virgin Islands and Puerto Rico, market volatility
remained at historic lows during the period. Expectations of another increase in short-term interest rates by the Federal
Reserve in December 2017, the unwinding of the Federal Reserve's balance sheet, and the prospects
of tax reform resulted in a stronger U.S. dollar and an increase in U.S. Treasury yields. The 10-Year Treasury yield ended the
quarter at 2.33%.
Albert G. Lowenthal, Chairman and CEO commented, "Results from continuing operations improved
significantly over the comparable period last year driven by increased investment banking activity, higher fee-based revenues
from investment management, as well as higher fees from the FDIC-insured bank deposit program. Investment banking results
were positively impacted by increased participations in equities and debt underwritings. The fee-based business
continued to perform well driven by strong equity markets and the continued adoption of fee-based strategies by our wealth
management clients propelling assets under management to record highs. Trading activity and transaction revenues continued
to decline as retail and institutional investor activity levels continued their long-term decline amid record low levels of
volatility. Spreads increased on our interest rate sensitive assets as we began to see the full benefit of the June 2017 increase in short-term interest rates."
Financial Highlights
- Commission revenue was $77.6 million for the third quarter of 2017, a decrease of 13.8%
compared with $90.0 million for the third quarter of 2016 due to reduced transaction volumes from
retail and institutional investors and a lower financial adviser headcount during the third quarter of 2017.
- Advisory fees were $74.3 million for the third quarter of 2017, an increase of 10.2% compared
with $67.5 million for the third quarter of 2016 due to a higher level of client assets under
management.
- Investment banking revenue increased 18.0% to $23.9 million for the third quarter of 2017
compared with $20.3 million for the third quarter of 2016 due to higher equity and debt
underwriting fees partially offset by lower merger and acquisition advisory fees during the third quarter of 2017.
- Principal transactions revenue increased 4.3% to $5.1 million for the third quarter of 2017
compared with $4.9 million for the third quarter of 2016 due to higher income from fixed income
trading during the third quarter of 2017.
|
|
Business Segment Results (Unaudited)
|
|
('000s)
|
|
|
|
|
|
|
|
|
|
|
|
For the 3-Months Ended
|
|
For the 9-Months Ended
|
|
|
9/30/2017
|
|
9/30/2016
|
|
% Change
|
|
9/30/2017
|
|
9/30/2016
|
|
% Change
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
Private Client (1)
|
$
|
147,428
|
|
$
|
127,835
|
|
15.3
|
|
$
|
425,069
|
|
$
|
376,737
|
|
12.8
|
|
Asset Management (1)
|
19,277
|
|
23,234
|
|
(17.0)
|
|
57,247
|
|
68,978
|
|
(17.0)
|
|
Capital Markets
|
58,808
|
|
60,703
|
|
(3.1)
|
|
168,418
|
|
187,292
|
|
(10.1)
|
|
Corporate/Other
|
707
|
|
32
|
|
2,109.4
|
|
4,631
|
|
5,827
|
|
(20.5)
|
|
|
226,220
|
|
211,804
|
|
6.8
|
|
655,365
|
|
638,834
|
|
2.6
|
|
Income (Loss) Before Income Taxes from Continuing Operations
|
|
|
|
|
|
|
|
|
Private Client(1)
|
36,950
|
|
20,137
|
|
83.5
|
|
93,763
|
|
50,799
|
|
84.6
|
|
Asset Management(1)
|
3,338
|
|
9,380
|
|
(64.4)
|
|
11,130
|
|
21,851
|
|
(49.1)
|
|
Capital Markets
|
(1,639)
|
|
(1,103)
|
|
48.6
|
|
(25,235)
|
|
(3,856)
|
|
554.4
|
|
Corporate/Other
|
(26,821)
|
|
(30,224)
|
|
(11.3)
|
|
(76,492)
|
|
(83,190)
|
|
(8.1)
|
|
|
$
|
11,828
|
|
$
|
(1,810)
|
|
(753.5)
|
|
$
|
3,166
|
|
$
|
(14,396)
|
|
(122.0)
|
|
|
(1) Effective January 1, 2017, the
allocation of advisory fees between Private Client and Asset Management changed from 77.5% and 22.5% to 90.0% and 10.0%,
respectively.
|
Private Client
Private Client reported revenue of $147.4 million for the third quarter of 2017, 15.3% higher
than the third quarter of 2016 due to increased advisory fee revenue from higher client assets under management, changes in the
revenue allocation with the Asset Management segment (see below) and higher fees earned on client deposits in the FDIC-insured
bank deposit program offset by lower retail commissions during the third quarter of 2017. The third quarter of 2017 was
also positively impacted by an arbitration award and insurance proceeds, totaling $4.1
million. Income before income taxes was $37.0 million for the third quarter of 2017,
an increase of 83.5% compared with the third quarter of 2016 due to the increases in revenue referred to above during the third
quarter of 2017.
- Client assets under administration were $82.8 billion at September 30,
2017 compared with $77.2 billion at December 31, 2016, an
increase of 7.3%.
- Financial adviser headcount was 1,117 at the end of the third quarter of 2017, down from 1,177 at the end of the third
quarter of 2016. The decline in financial adviser headcount since the third quarter of 2016 has resulted from the Company's
attention to adviser productivity leading to attrition for less productive financial advisers. The decline in headcount also
has been impacted by retirements and normal attrition.
- Retail commissions were $48.1 million for the third quarter of 2017, a decrease of 11.6% from
the third quarter of 2016 due to reduced transaction volumes from retail investors and a lower financial adviser headcount
during the third quarter of 2017.
- Advisory fee revenue on traditional and alternative managed products was $55.2 million for
the third quarter of 2017, an increase of 22.1% from the third quarter of 2016 (see Asset Management below for further
information). The increase in advisory fees was due to the increase in the value of client assets under management ("AUM") and
the change in the allocation of advisory fees between the Private Client and Asset Management segments, effective January 1, 2017, which contributed to an increase of $5.6 million in revenue in
the Private Client segment.
- Fees earned on client cash deposits in the FDIC-insured bank deposit program were $21.1
million during the third quarter of 2017 versus $9.6 million for the third quarter of
2016. The increase was due primarily to higher short-term interest rates during the third quarter of 2017.
Asset Management
Asset Management reported revenue of $19.3 million for the third quarter of 2017, 17.0% lower
than the third quarter of 2016 primarily due to the change in revenue allocation (see below). Income before income taxes
was $3.3 million for the third quarter of 2017, a decrease of 64.4% compared with the third quarter
of 2016.
- Advisory fee revenue on traditional and alternative managed products was $19.1 million for
the third quarter of 2017, a decrease of 14.3% from the third quarter of 2016. Advisory fees are calculated based on the value
of AUM at the end of the prior quarter which totaled $26.1 billion at June
30, 2017 ($24.3 billion at June 30, 2016) and are allocated
to the Private Client and Asset Management business segments. Advisory fees decreased $5.6
million due to the change in the allocation of advisory fees between the Private Client and Asset Management segments
which became effective January 1, 2017.
- At September 30, 2017, AUM hit a record high of $27.2 billion,
an increase of 10.6% compared with $24.6 billion at September 30,
2016. AUM at September 30, 2017 is the basis for advisory fee billings for the fourth
quarter of 2017. The increase in AUM was comprised of asset appreciation of $1.7 billion and net
contributions of assets of $0.9 billion.
Capital Markets
Capital Markets reported revenue of $58.8 million for the third quarter of 2017, 3.1% lower than
the third quarter of 2016 due to lower institutional equities and fixed income commissions offset by higher fees from investment
banking activities during the third quarter of 2017. Loss before income taxes was $1.6
million for the third quarter of 2017, compared with a loss before income taxes of $1.1
million for the third quarter of 2016 due to the decreases in revenue referred to above offset by lower salaries and
production-related compensation expenses during the third quarter of 2017.
- Institutional equities commissions decreased 14.0% to $21.5 million for the third quarter of
2017 compared with the third quarter of 2016 due to lower volatility and trading volumes in the equity markets.
- Advisory fees from investment banking activities decreased 47.7% to $6.8 million in the third
quarter of 2017 compared with the third quarter of 2016 due to lower fees earned on completed mergers and acquisitions
transactions during the third quarter of 2017.
- Equity underwriting fees increased 234.3% to $11.7 million for the third quarter of 2017
compared with the third quarter of 2016 due to the Company's increased focus on equity issuance and penetration in the
healthcare and technology sectors leading to higher equity underwriting activity during the period.
- Revenue from Taxable Fixed Income decreased 7.6% to $13.3 million for the third quarter of
2017 compared with the third quarter of 2016 due to low volatility which led to decreased institutional fixed income activity
during the third quarter of 2017.
- Public Finance and Municipal Trading revenue increased 16.7% to $3.5 million for the third
quarter of 2017 compared with the third quarter of 2016.
Compensation and Related Expenses
Compensation and related expenses (including salaries, production and incentive compensation, share-based compensation,
deferred compensation, and other benefit-related items) totaled $142.1 million during the third
quarter of 2017, roughly flat compared with the third quarter of 2016. Lower production-related expenses were offset by
higher incentive and share-based compensation costs during the third quarter of 2017. Compensation and related expenses as a
percentage of revenue was 62.8% during the third quarter of 2017 compared with 67.2% during the third quarter of 2016.
Non-Compensation Expenses
Non-compensation expenses were $72.3 million during the third quarter of 2017, an increase of
1.4% compared with $71.3 million during the third quarter of 2016 due to higher interest and
external portfolio manager expenses partially offset by lower legal and regulatory costs during the third quarter of 2017.
Income Taxes
The effective income tax rate from continuing operations for the third quarter of 2017 was 37.4% compared with 41.5% for the
third quarter of 2016 and reflects the Company's estimate of the annual effective tax rate adjusted for certain discrete
items.
Discontinued Operations
During 2016, the Company completed the sales of substantially all of the assets of its Oppenheimer Multifamily Housing and
Healthcare Finance Inc. ("OMHHF") subsidiary. The following table is a summary of revenue and expenses from discontinued
operations for the three and nine months ended September 30, 2017 and 2016:
|
|
|
|
|
('000s)
|
|
|
|
|
|
For the 3-Months Ended
|
|
For the 9-Months Ended
|
|
|
9/30/2017
|
|
9/30/2016
|
|
9/30/2017
|
|
9/30/2016
|
|
Revenue
|
|
|
|
|
|
|
|
|
Interest
|
$
|
2
|
|
$
|
112
|
|
$
|
7
|
|
$
|
921
|
|
Principal transactions, net
|
—
|
|
(2,380)
|
|
—
|
|
(9,008)
|
|
Other (1)
|
783
|
|
4,073
|
|
1,887
|
|
31,547
|
|
Total revenue
|
785
|
|
1,805
|
|
1,894
|
|
23,460
|
|
Expenses
|
|
|
|
|
|
|
|
|
Compensation and related expenses
|
1
|
|
573
|
|
18
|
|
4,225
|
|
Communications and technology
|
8
|
|
40
|
|
20
|
|
201
|
|
Occupancy and equipment costs
|
—
|
|
37
|
|
—
|
|
399
|
|
Interest
|
7
|
|
28
|
|
7
|
|
408
|
|
Other
|
—
|
|
239
|
|
15
|
|
2,630
|
|
Total expenses
|
16
|
|
917
|
|
60
|
|
7,863
|
|
Income before income taxes
|
769
|
|
888
|
|
1,834
|
|
15,597
|
|
Income taxes
|
308
|
|
475
|
|
733
|
|
6,235
|
|
Net income from discontinued operations
|
$
|
461
|
|
$
|
413
|
|
$
|
1,101
|
|
$
|
9,362
|
|
|
(1) Other revenue for the three and nine months ended
September 30, 2017 was primarily due to an earn-out from the sale of OMHHF's pipeline of business in 2016.
|
Balance Sheet and Liquidity
- At September 30, 2017, total equity was $504.8 million compared
with $513.3 million at December 31, 2016.
- At September 30, 2017, book value per share was $38.48
(compared with $38.22 at December 31, 2016) and tangible book value
per share was $25.54 (compared with $25.53 at December 31, 2016).
- The Company's level 3 assets, primarily auction rate securities, were $107.0 million at
September 30, 2017 (compared with $86.0 million at December 31, 2016). The increase in level 3 assets was primarily due to the purchase of auction rate
securities during the nine-month period ended September 30, 2017 pursuant to regulatory and legal
settlements.
Dividend Announcement
The Company today announced a quarterly dividend in the amount of $0.11 per share payable on
November 24, 2017 to holders of Class A non-voting and Class B voting common stock of record on
November 10, 2017.
Company Information
Oppenheimer Holdings Inc., through its operating subsidiaries, is a leading middle market investment bank and full service
broker-dealer that provides a wide range of financial services including retail securities brokerage, institutional sales and
trading, investment banking (both corporate and public finance), research, market-making, trust, and investment management.
With roots tracing back to 1881, the firm is headquartered in New York and has 93 offices in 24
states and 5 foreign jurisdictions.
Forward-Looking Statements
This press release includes certain "forward-looking statements" relating to anticipated future performance. For a
discussion of the factors that could cause future performance to be different than anticipated, reference is made to Factors
Affecting "Forward-Looking Statements" and Exhibit 99.1 – Risk Factors in the Company's Current Report on Form 8-K filed with the
SEC on June 7, 2017.
|
|
Oppenheimer Holdings Inc.
|
|
Consolidated Statements of Operations (unaudited)
|
|
('000s, except Per Share Amounts)
|
|
|
|
|
|
|
|
|
|
|
|
For the 3-Months Ended
|
|
For the 9-Months Ended
|
|
|
9/30/2017
|
|
9/30/2016
|
|
% Change
|
|
9/30/2017
|
|
9/30/2016
|
|
% Change
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
|
$
|
77,635
|
|
$
|
90,023
|
|
(13.8)
|
|
$
|
248,204
|
|
$
|
286,447
|
|
(13.4)
|
|
Advisory fees
|
74,329
|
|
67,452
|
|
10.2
|
|
216,521
|
|
199,582
|
|
8.5
|
|
Investment banking
|
23,940
|
|
20,280
|
|
18.0
|
|
57,347
|
|
51,544
|
|
11.3
|
|
Interest
|
12,952
|
|
11,291
|
|
14.7
|
|
36,346
|
|
36,340
|
|
—
|
|
Principal transactions, net
|
5,135
|
|
4,922
|
|
4.3
|
|
15,810
|
|
19,117
|
|
(17.3)
|
|
Other
|
32,229
|
|
17,836
|
|
80.7
|
|
81,137
|
|
45,804
|
|
77.1
|
|
Total revenue
|
226,220
|
|
211,804
|
|
6.8
|
|
655,365
|
|
638,834
|
|
2.6
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and related expenses
|
142,090
|
|
142,308
|
|
(0.2)
|
|
428,625
|
|
432,524
|
|
(0.9)
|
|
Communications and technology
|
17,781
|
|
17,201
|
|
3.4
|
|
53,886
|
|
52,519
|
|
2.6
|
|
Occupancy and equipment costs
|
15,288
|
|
14,909
|
|
2.5
|
|
45,721
|
|
44,796
|
|
2.1
|
|
Clearing and exchange fees
|
5,622
|
|
5,886
|
|
(4.5)
|
|
17,392
|
|
19,006
|
|
(8.5)
|
|
Interest
|
6,500
|
|
4,687
|
|
38.7
|
|
18,710
|
|
14,526
|
|
28.8
|
|
Other
|
27,111
|
|
28,623
|
|
(5.3)
|
|
87,865
|
|
89,859
|
|
(2.2)
|
|
Total expenses
|
214,392
|
|
213,614
|
|
0.4
|
|
652,199
|
|
653,230
|
|
(0.2)
|
|
Income (Loss) before income taxes from continuing operations
|
11,828
|
|
(1,810)
|
|
*
|
|
3,166
|
|
(14,396)
|
|
*
|
|
Income taxes
|
4,425
|
|
(751)
|
|
*
|
|
2,464
|
|
(7,190)
|
|
*
|
|
Net income (loss) from continuing operations
|
7,403
|
|
(1,059)
|
|
*
|
|
702
|
|
(7,206)
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations
|
769
|
|
888
|
|
(13.4)
|
|
1,834
|
|
15,597
|
|
(88.2)
|
|
Income taxes
|
308
|
|
475
|
|
(35.2)
|
|
733
|
|
6,235
|
|
(88.2)
|
|
Net income from discontinued operations
|
461
|
|
413
|
|
11.6
|
|
1,101
|
|
9,362
|
|
(88.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
7,864
|
|
(646)
|
|
*
|
|
1,803
|
|
2,156
|
|
(16.4)
|
|
Less net income attributable to non-controlling interest, net of
tax
|
75
|
|
66
|
|
13.6
|
|
180
|
|
1,527
|
|
(88.2)
|
|
Net income (loss) attributable to Oppenheimer Holdings Inc.
|
$
|
7,789
|
|
$
|
(712)
|
|
*
|
|
$
|
1,623
|
|
$
|
629
|
|
158.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share attributable to Oppenheimer Holdings
Inc.
|
|
|
|
|
|
|
|
Continuing operations
|
$
|
0.56
|
|
$
|
(0.08)
|
|
*
|
|
$
|
0.05
|
|
$
|
(0.54)
|
|
*
|
|
Discontinued operations
|
0.03
|
|
0.03
|
|
—
|
|
0.07
|
|
0.59
|
|
(88.1)
|
|
Net income (loss) per share
|
$
|
0.59
|
|
$
|
(0.05)
|
|
*
|
|
$
|
0.12
|
|
$
|
0.05
|
|
140.0
|
|
Diluted net income (loss) per share attributable to Oppenheimer Holdings
Inc.
|
|
|
|
|
|
|
|
Continuing operations
|
$
|
0.54
|
|
$
|
(0.08)
|
|
*
|
|
$
|
0.05
|
|
$
|
(0.54)
|
|
(109.3)
|
|
Discontinued operations
|
0.03
|
|
0.03
|
|
—
|
|
0.07
|
|
0.59
|
|
(88.1)
|
|
Net income (loss) per share
|
$
|
0.57
|
|
$
|
(0.05)
|
|
*
|
|
$
|
0.12
|
|
$
|
0.05
|
|
140.0
|
|
Weighted Average Number of Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
13,213
|
|
13,367
|
|
(1.2)
|
|
13,290
|
|
13,371
|
|
(0.6)
|
|
Diluted
|
13,764
|
|
13,367
|
|
3.0
|
|
13,790
|
|
13,371
|
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
|
* Percentage not
meaningful.
|
|
|
|
|
|
|
|
|
|
|
SOURCE Oppenheimer Holdings Inc.
View original content: http://www.newswire.ca/en/releases/archive/October2017/27/c2768.html