NEW YORK, June 7, 2016 /PRNewswire/ -- Oppenheimer Asset Management Inc. (OAM) today announced strategic advancements to the technology and operations platforms for financial advisors of Oppenheimer & Co. Inc. (Oppenheimer). In addition to offering Unified Managed Accounts (UMA) Overlay Portfolio Management via Vestmark's technology platform, the OAM team also announced strategic hires made to manage client portfolios.
New hires for the firm include Executive Director Meghan Ramirez, who joins from Merrill Lynch after spending eight years on overlay portfolio management, and Director Edward Reneri, an experienced trade and order manager. Oppenheimer veteran Barry Chan, who spent the last 10 years dedicated to trading, management and order routing for the firm, will also join the Overlay Portfolio Management team.
"Today marks another big step forward for Oppenheimer on the path toward our long-term vision of a seamless operating model for advisors using a single technology platform," said Bryan McKigney, President of OAM. "We are constantly working to ensure our advisors have flexible investment options, an easy-to-use process and the best technology. With the new overlay portfolio management team managing UMA accounts, we continue to reinforce Oppenheimer's investment expertise, while helping our financial advisors accelerate business growth and stay ahead of competitors on every front."
With UMA, Oppenheimer financial advisors, working with clients, can customize asset allocation such as managed accounts, exchange traded funds (ETFs), and mutual funds into a single account, tailored to meet the needs of their investors. The new team of experienced portfolio managers and traders overseeing overlay portfolio management will work directly with the designated investment managers to receive, process, and implement customized client solutions.
"Investors, especially within the high net worth segment, are always looking for better financial advice and guidance to meet their investment goals," said Heeren Pathak, Chief Technology Officer of Vestmark. "We're excited to continue working with Oppenheimer to ensure their advisors have what they need to maximize the value-add for their clients in an efficient, flexible way."
OAM's UMA program marks the second phase of its platform improvement project, an initiative launched in 2015 to consolidate its entire advisory business to Vestmark's award winning technology platform, VestmarkONE®. The shift to a cloud-based solution provides Oppenheimer's financial advisors with enhanced tools to streamline the delivery of advice, improve efficiency, and grow business. VestmarkONE services over $60 billion in UMA assets.
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. Certain statements in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in the Company's filings with the Securities and Exchange Commission. OAM is also a subsidiary of OPY.
Vestmark is the premier technology provider for comprehensive unified wealth management solutions utilized by financial advisors and institutions. Vestmark provides VestmarkONE, the award-winning technology platform, to help clients gather more assets, increase operating efficiency, and minimize risk. Since 2001, the platform has grown to manage over 1.5 million accounts, representing over $500 billion in assets under management. For more information about Vestmark's solutions, call (781) 224-3640, email firstname.lastname@example.org, or visit www.vestmark.com.
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SOURCE Oppenheimer & Co. Inc.