As filed with the Securities and Exchange Commission on May 12, 2020


Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported):
May 11, 2020
(Exact Name of Registrant as Specified in its Charter)

Commission File Number 1-12043
Delaware 98-0080034
(State of incorporation) (IRS Employer Identification Number)

85 Broad Street New York, NY 10004
(Address of Principal Executive Offices) (Zip Code)

(212) 668-8000
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CRF 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock
The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act o



ITEM 5.07. Submission of Matters to a Vote of Security Holders.

(a) On May 11, 2020, Oppenheimer Holdings Inc. (the “Company”) held its Annual Meeting of Stockholders (the “Annual Meeting”) virtually.

(b) At the Annual Meeting, the holders of 98,543 shares of the Company’s Class B voting common stock (“Class B Voting Stock”) elected the nine (9) nominees for director named below as directors to serve until their successors are elected and qualified. The votes for such persons were as follows:

Broker Non-Votes
E. Behrens
T.M. Dwyer
W. Ehrhardt
P.M. Friedman
T.A. Glasser
A.G. Lowenthal
R.S. Lowenthal
A.W. Oughtred
R.L. Roth

In addition, at the Annual Meeting, the holders of the Company’s Class B Voting Stock (i) ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the 2020 fiscal year and authorized the Audit Committee to fix such auditor’s remuneration with 98,532 votes for such proposal, 11 votes against such proposal, and 0 abstentions as to such proposal. (ii) approved the compensation of the Company’s named executive officers with 98,022 votes for such proposal, 7 votes against such proposal, 53 abstentions as to such proposal, and 461 broker-non votes on such proposal; (iii) voted for the 3 year frequency option on future advisory votes on executive compensation with 98,029 votes for 3 year frequency, 2 votes for 2 year frequency, 6 votes for 1 year frequency, 45 abstentions as to such proposal, and 461 broker non-votes on such proposal; and (iv) authorized the issuance of up to 1,250,000 shares of Class A non-voting common stock to the Company’s 2014 Incentive Plan with 98,026 votes for such proposal, 11 votes against such proposal, 45 abstentions as to such proposal, and 461 broker non-votes on such proposal.

(c) Not applicable.

(d) Not currently applicable.


ITEM 7.01. Regulation FD Disclosure.

On May 11, 2020, representatives of the Company made a presentation to attendees at the Annual Meeting regarding the Company using the slides containing the information attached to this Current Report on Form 8-K as Exhibit 99.1 (the "Slides").

By filing this Current Report on Form 8-K and furnishing the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.


The information contained in the Slides is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission (“SEC”) filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in the Slides, although it may do so from time to time as its management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.

In accordance with General Instruction B.2 to Current Report on Form 8-K, the information presented in Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act or incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.


ITEM 9.01. Financial Statements and Exhibits.

(d) The following Exhibit is submitted herewith.

Exhibit No.




Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

Oppenheimer Holdings Inc.

Date: May 12, 2020

By: /s/ Jeffrey J. Alfano
Jeffrey J. Alfano
Chief Financial Officer
(Duly Authorized Officer)



Exhibit Number

OPPENHEIMER HOLDINGS INC. Annual Stockholders’ Meeting: Virtual New York, NY May 11, 2020

WELCOME to Oppenheimer’s 2020  Annual Stockholders’ Meeting May 11, 2020

SAFE HARBOR STATEMENT This presentation and other written or oral statements made from time to time by representatives of Oppenheimer Holdings Inc. (the “company”) may contain “forward‐looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward‐looking statements may relate to such matters as anticipated financial performance, future revenues or earnings, business prospects, new products or services, anticipated market performance and similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward‐looking statements. Forward‐looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the company’s current beliefs, expectations and assumptions regarding the future of the company’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward‐looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the company’s control. The company cautions that a variety of factors could cause the company’s actual results to differ materially from the anticipated results or other expectations expressed in the company’s forwarding‐looking statements. These risks and uncertainties include, but are not limited to, those risk factors discussed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10‐K for the year ended December 31, 2019 filed with the SEC on March 2, 2020 (the “2019 10‐K”). In addition, important factors that could cause actual results to differ materially from those in the forward‐looking statements include those factors discussed in Part I, “Item 2. Management’s Discussion & Analysis of Financial Condition and Results of Operations – Factors Affecting ‘Forward‐ Looking Statements’” and Part II, “Item IA. Risk Factors” of our Quarterly Report on Form 10‐Q for the quarter ended March 31, 2020 filed with the SEC on May 1, 2020 (“2020 10‐Q1”). Any forward‐looking statements herein are qualified in their entirety by reference to all such factors discussed in the 2019 10‐K, the 2020 10‐Q1 and the company’s other SEC filings. There can be no assurance that the companyhascorrectlyorcompletelyidentifiedandassessedallofthe factors affecting the company’s business. Therefore, you should not rely on any of these forward‐looking statements. Any forward‐looking statement made by the company in this presentation is based only on information currently available to the company and speaks only as of the date on which it is made. The company does not undertake any obligation to publicly update or revise any forward‐looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. 3

BUSINESS OVERVIEW A Preeminent Wealth Manager and Investment Bank Oppenheimer is a leading investment bank and full-service investment firm that provides financial services and advice to high net worth investors, individuals, businesses and institutions. Wealth Management Capital Markets Oppenheimer Snapshot 3/31/20 12/31/19 Private client services and  Investment banking  Shareholders’ Equity ($M): $587.0 $592.7 asset management solutions  services and capital markets  tailored to individuals’ unique  products for institutions  Market Cap ($M): $256.6 $383.5 financial objectives and corporations Book Value per Share: $46.16 $46.31 (2) Business Mix –FY 2019 Revenue ($1,033.4M) Tangible Book Value per Share: $32.79 $33.03 Share Price: $19.76 $27.48 Employees: 2,946 2,971 (1) #of Financial Advisors: 1,029 1,032 Retail Branches in the US: 93 93 Client Assets under Administration ($B): $79.1 $91.0 Assets Under Management ($B): $28.0 $32.1 (1) Wealth Management represents the Private Client and Asset Management business segments. 4 (2) Does not include $0.4 million allocated to Corporate/Other.

COVID-19 PANDEMIC COVID‐19 PANDEMIC: . COVID‐19 quickly spread in the U.S. with cases reaching more than 1.2 million and more than 75,000 deaths (May 8th) . States enforced regulatory mandates such as closures of non‐essential businesses, "shelter‐in place", school closures, and social distancing . New York hit particularly hard with over 330,000 cases (May 8th) FINANCIAL AND ECONOMIC IMPACT: . Widespread fall‐out as market volatility increased, credit quality deteriorated, liquidity concerns mounted, unemployment quickly ramped up, and supply and demand issues heightened . S&P 500 down almost 34% from its all‐time high of 3386 on February 19, 2020 to March low point . Federal Reserve cut short‐term interest rates by a total of 150bps along with a $700 billion quantitative easing program . The effective fed funds rate stood at 8bps on March 31, 2020 with a target range of 0bps to 25bps . Bond market experienced a flight to safety as COVID‐19 impact concerns caused declines in investment grade, high‐yield corporate, municipals, and emerging markets debt . Global oversupply of oil put pressure on oil prices which ended the quarter at $20.28 a barrel . U.S. 10‐Year Treasury bond yields dropped to a historical intraday‐low of .32% during March IMPACT ON OPPENHEIMER 1Q‐20 RESULTS: . Commission revenue ended the period up substantially (30%) due to transaction‐based commissions on both the retail and institutional sides as clients repositioned their portfolios . Asset management fees were up 17% during the 1Q‐20 due to record high asset values of client portfolios as of year‐end 2019 . Largestimpactonresultsforthe1Q‐20 was the decrease in short‐term interest rates, resulting in a decline of bank deposit sweep income of $15.1 million from the 1Q‐19 . Investment banking was down 8% due to the COVID‐19 pandemic’s effect on clients’ risk appetite and the resulting cancellation of active mandates . Trading losses of less than $1 million due to firm’s strong risk management amid reduced trading exposures . Government‐mandated shutdowns remain a major concern going into the second quarter with no certainty of when restrictions will be lifted or when the economy may resume a normal pattern of growth

GLOBAL FOOTPRINT Strong presence in the U.S. and Internationally . 93 offices in the U.S. . 6 international offices . 2,946 employees – 1,029 financial advisors – 185+ institutional sales professionals – ˜40 senior research analysts Hong St.  US London Tel Aviv Geneva Frankfurt Kong Helier Wealth  Europe Middle East Asia  Beijing Shanghai Management Hong Kong Institutional      Equities . London, UK . Fixed Income     Tel Aviv, Israel . Hong Kong . Geneva,  Investment  Switzerland    Banking . St. Helier, Isle of  Jersey Research   . Frankfurt, Germany Data as of March 31, 2020 6

FULL YEAR 2019 HIGHLIGHTS  Highest gross revenue since 2010  Highest net income and earnings per share since 2007  Record assets under management of $32.1 billion at December 31, 2019  Record client assets under administration of $91.0 billion at December 31, 2019  Incentive fees of $38.3 million for the year ended December 31, 2019, the highest since 2007  Highest investment banking quarterly and full year revenue since 2010   Shareholders' equity of $592.7 million, a record high  Book value per share was $46.31 and tangible book value per share was $33.03 at December 31, 2019, both at record highs 7

SUMMARY OPERATING RESULTS – FULL YEAR ($000’s) For the 12‐Months Ended Highlights REVENUE 12‐31‐19 12‐31‐18 % Change (2.9) Commissions $       320,114 $       329,668 . Year‐to‐date revenues up  Advisory fees 353,671 314,349 12.5 approximately 8% Investment banking 126,211 115,353 9.4 . Advisory fees higher due to higher  Bank deposit sweep income 117,422 116,052 1.2 incentive fees earned on  Interest  50,723 52,484 (3.4) alternative investments Principal transactions, net 30,094 14,461 108.1 . Investment banking fees increased  Other 35,144 15,787 122.6 due to higher M&A fees and debt  underwriting income Total Revenue 1,033,379 958,154 7.9 . Bank deposit sweep income  increased due to higher short‐term  EXPENSES interest rates over the comparable  Compensation and related expenses 657,714 607,192 8.3 period  Non‐Compensation related expenses 300,753 306,093 (1.8) . Other revenue increased primarily  Total Expenses 958,467 913,285 4.9 due to increases in cash surrender  Pre‐tax Income 74,912 44,869 67.0 value of Company‐owned life  insurance  Net income $          52,953 $          28,892 83.3 . Compensation as a percentage of  Basic net income per share  $             4.10  $             2.18 +88.1% revenue was 63.6% in FY 2019  compared to 63.4% in FY 2018 Diluted net income per share $             3.82 $             2.05 +86.3% 8

SUMMARY OPERATING RESULTS – FIRST QUARTER ($000’s) For the 3‐Months Ended Highlights REVENUE 3‐31‐20 3‐31‐19 % Change Commissions $      103,249  $        79,409  23.1% . Commissions higher due to clients  repositioning their portfolios during  Advisory fees 86,164 73,647 14.5% market volatility related to COVID‐19  Investment banking 25,728 28,043 ‐9.0% pandemic Bank deposit sweep income 18,826 33,968 ‐80.4% . Advisory fees higher based on record  Interest  10,890 12,727 ‐16.9% client assets under management at  year‐end 2019 Principal transactions, net (868) 11,438 * . Lower short‐term interest rates  Other (9,219) 12,538 * negatively impacted bank deposit  Total Revenue 234,770 251,770 ‐7.2% sweep income . Small trading losses due primarily to  EXPENSES widening spreads in non‐investment  grade bonds and the dislocation in the  Compensation and related expenses 157,676 160,355 ‐1.7% municipal credit markets Non‐Compensation related expenses 66,871 75,363 ‐12.7% . Other revenue decreased primarily  Total Expenses 224,547 235,718 ‐5.0% due to decreases in value of assets  Pre‐tax Income 10,223 16,052 ‐57.0% supporting company‐owned life  insurance policies used to hedge  Net income $          7,818  $        11,194 ‐43.2% deferred compensation obligations Basic net income per share  $0.61  $0.86 ‐41.0% . Compensation as a percentage of  revenue was 67.2% in 1Q‐20  Diluted net income per share $0.58  $0.81 ‐39.7% compared to 63.7% in 1Q‐19 *  Percentage not meaningful. 9

SELECT FINANCIAL MEASURES Shareholders’ Equity(1) Return on Equity (%) Earnings per Share ($) Book Value & Tangible Book Value per Share ($)(1) (1) Reduction in Shareholders’ Equity during the 1Q‐20 primarily due to repurchases of stock and vesting of employee share plan awards partially offset by issuance of  10 stock pursuant to employee share plan and net income during the period.

CAPITAL STRUCTURE Conservative risk profile with strong balance sheet Liquidity & Capital As of March 31, 2020 ($ in thousands) . The Company’s level 3 assets were $nil at March 31, 2020  (compared with $21.8 million at March 31, 2019) Total Assets: $2,139,633 . Regulatory Net Capital and Excess Net Capital at record  levels Shareholders’ Equity: $586,730 . During the 1Q‐20, the Company redeemed a total of $1.4  Long‐Term Debt: $148,600 million of its Senior Secured Notes Total Capitalization: $735,330 . VaR increase during the 1Q‐20 due to increased volatility  during the period as the CBOE Volatility Index (“VIX”)  increased from 14.38 on 2/19/20 to 82.69 on 3/16/20  prior to ending the quarter at 53.54 Debt to Equity Ratio: 25.3% Value-at-Risk (VaR) ($ in thousands) Gross Leverage Ratio(1):3.6x Broker‐Dealer Regulatory Capital ($ in thousands) Regulatory Net Capital:                                              $250,900 Regulatory Excess Net Capital:                                  $224,100 11 (1) Total Assets divided by Total Shareholders’ Equity.

OPY CORPORATE CLASS A BUYBACK ACTIVITY Shares Average Price Amount Paid ($M) Shares Outstanding ($M) Note: The Company bought back a total of 409,504 shares for $8.4 million (average price of $20.60 per share) during the 1Q‐20. 12

INTEREST AND FEE REVENUE FDIC Insured Bank Deposit Program Margin Lending . Client funds swept into deposit accounts at . Credit extended to clients on a collateralized participating banks and eligible for FDIC deposit basis insurance . Average customer margin debits were $764.7 . +45 participating banks million for TTM 3‐31‐20 . FDIC Insured Bank Deposit program balance of . Margin interest revenue of $31.6 million for $6.4 billion at 3‐31‐20 ($4.9 billion at 12‐31‐19) TTM 3‐31‐20 . Bank deposit sweep income of $102.3 million for TTM 3‐31‐20 Interest and Fee Revenue ($M) 13

BUSINESS SEGMENT RESULTS For the 12‐Months Ended For the 3‐Months Ended ($000's) 12‐31‐19 12‐31‐18 % Change 3‐31‐20 3‐31‐19 % Change Revenue Wealth Management(1)(2) 742,164  689,567  7.1% 160,694  180,113 ‐12.1% Capital Markets 290,830  272,719  6.2% 75,542  70,961  6.1% Corporate ‐ Other 385  (4,132) * (1,466) 696  * $ 1,033,379  $    958,154  7.3% $      234,770  $    251,770 ‐7.2% Pre‐tax Income (loss) Wealth Management(1)(2) 195,523  167,687  14.2% 37,674  45,076 ‐19.6% Capital Markets (13,724) (13,416) 2.2% (143) (2,647) ‐1751.0% Corporate ‐ Other (106,887) (109,402) ‐2.4% (27,308) (26,377) 3.4% $      74,912  $      44,869  40.1% $        10,223  $      16,052 ‐57.0% *   Percentage not meaningful. (1) Wealth Management represents the Private Client and Asset Management business segments. (2) The decline in Wealth Management revenue for the 1Q‐20 when compared to the 1Q‐19 was primarily due to lower bank deposit sweep income of $15.1 million and  14 lower asset values underlying deferred compensation plans of $20.3 million.

LEADING WEALTH MANAGEMENT PLATFORM Well recognized brand and one of the few independent, non-bank broker-dealers with full service capabilities Wealth Management Services Wealth Management Revenue ($M) . Retail services: – Full‐Service Brokerage – Financial Planning, Retirement Services, Corporate &  Executive Services, and Trust Services – Margin & Securities Lending . Advisory Services: – Investment Policy Design & Implementation – Asset Allocation & Portfolio Construction – Research, Diligence & Manager Selection – Portfolio Monitoring & Reporting . Alternative Asset Management: – Hedge Funds & Fund‐of‐Funds – Private Equity Client Assets per Financial Advisor ($M) Wealth Management Profit Margin 15

WEALTH MANAGEMENT METRICS Increasing shift to Fee-Based Revenue Advisory Fees as a Percentage of Wealth Management Advisory Fees and Commissions Client Assets Under Administration ($B) Client Assets Under Management ($B) 16

CAPITAL MARKETS A leading capital markets business providing sophisticated investment banking, research and trading solutions Summary Capital Markets Revenue Breakdown Capital Markets segment includes: FY 2019 ($290.8M) – Investment Banking • Mergers & Acquisitions • Equity Capital Markets • Debt Capital Markets • Restructuring & Special Situations – Institutional Equities Capital Markets Revenue ($M) • Sales & Trading • Equity Research • Corporate Access – Global Fixed Income • Taxable Fixed Income • Non‐Taxable Fixed Income • Public Finance 17

OPPORTUNITIES MOVING FORWARD SHARE REPURCHASE PROGRAM: INORGANIC GROWTH OPPORTUNITIES:   Purchased 409,504 shares for $8.4 million   Will continue to pursue opportunities in the  at an average price of $20.60 during the   independent channel. 1Q‐20.  Re‐pricing of the sector improves likelihood   Will continue to opportunistically purchase  of attractive business opportunities in the  outstanding shares in the open market.  near term. (Remaining authorization: 180,031 shares) SENIOR SECURED NOTES (“Notes”):  Purchased $1.4 million of Notes at a discount of $94 during the 1Q‐20.    Will continue to opportunistically purchase Notes in the open market.  Call price declines from 103.375% to 101.6875% at June 30, 2020.  Exploring refinancing alternatives in low interest rate environment. 18