Oppenheimer & Co. Sign Memorandum of Understanding With Hyundai Securities to Form a Strategic Working Alliance

Dec 08, 2010, 20:00 ET from Oppenheimer & Co. Inc.

NEW YORK, Dec. 8, 2010/PRNewswire/ -- Oppenheimer & Co. Inc. (OPCO) and Hyundai Securities Co. Ltd (Hyundai), have signed a memorandum of understanding (MOU) to form a non-exclusive Alliance that will enable them to cooperate on business opportunities in both Korea and the United States.  The scope of the partnership covers both investment banking and securities activities.

"We are excited to work with Hyundai, one of Korea's leading financial services firms. We believe that our strong financial services business in the United States, coupled with Hyundai's strong domestic presence in Korea, large business network and comprehensive focus on investment banking and wealth management, will lead to significant opportunities for both firms," said Mr. Albert Lowenthal, Chief Executive Officer of Oppenheimer & Company.  

"We look forward to partnering with Oppenheimer, a strong US-based global financial institution. This partnership will help us intensify our business in the United States and, at the same time, will help both institutions create synergy to grow business in Asia," said Mr. Kyung Soo Choi, Chief Executive Officer of Hyundai Securities.

"This alliance will help us further grow our business in Asia and will also direct potential Asian clients to our well-developed US operation," added Mr. Steve Bernstein, Chief Executive Officer of OPCO's Hong Kong-based affiliate, Oppenheimer Investments Asia Limited.

The alliance will cover a number of areas including corporate finance (advisory, public and private offerings), M&A, institutional sales (fixed income and equity products), research and wealth management.

Oppenheimer & Co. Inc. (Oppenheimer), a principal subsidiary of Oppenheimer Holdings Inc. (OPY on the New York Stock Exchange), provides 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.

SOURCE Oppenheimer & Co. Inc.