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OPPENHEIMER Press Release Oppenheimer Holdings Inc. Reports Second Quarter 2021 Earnings and Announces Increase in the Quarterly Dividend New York , July 29 , 2021 - Oppenheimer Holdings Inc. ( NYSE : OPY ) ( the " Company " or " Firm " ) today reported net income of $ 31.2 million or $ 2.46 basic earnings per share for the second quarter of 2021 , an increase of 76.5 % , compared with net income of $ 17.6 million or $ 1.40 basic earnings per share for the second quarter of 2020 . Revenue for the second quarter of 2021 was $ 340.3 million , an increase of 28.5 % , compared to revenue of $ 264.7 million for the second quarter of 2020 . Albert G. Lowenthal , Chairman and CEO commented , " We are extremely pleased with the operating results for the second quarter which helped us post the best first half results in the Firm's history . The results are a reflection of our strong operating model with contributions across the platform . In particular , we had dramatically improved results from investment banking compared to the same period last year . The Investment Banking results reflected robust equity underwriting fees and higher M & A fees . Our Wealth Management business continued to post new records for AUM as investors continued to favor equities amid a strengthening economic recovery . Continued stimulus spending , low interest rates , and lower levels of unemployment powered the broader equity markets to new highs as the S & P 500 increased 8.2 % during the second quarter . Operating results in Wealth Management continued to be negatively impacted by low interest rates . As a result of the strong operating environment and dramatically improved results , the Firm's board of directors has approved a 25 % increase in the quarterly dividend to $ 0.15 per share beginning with the upcoming dividend payment in August . We , once again , want to express our gratitude to our employees who continue to provide superior service to our clients and have continued to support the overall business during these extraordinary times . " Summary Operating Results ( Unaudited ) ( ' 000s , except per share amounts or otherwise indicated ) Firm Revenue Compensation Expense Non - compensation Expense Pre - Tax Income Income Taxes Net Income Earnings Per Share ( Basic ) 2Q - 21 20-20 $ 340,293 $ 264,730 $ 231,140 $ 179,594 $ 65,985 $ 61,872 $ 43,168 $ 23,264 $ 12,009 $ 5,615 $ 31,159 $ 17,649 $ 2.46 $ 1.40 Earnings Per Share ( Diluted ) $ 2.28 $ 1.34 Book Value Per Share $ 59.29 $ 47.92 Tangible Book Value Per Share ( 1 ) $ 45.90 $ 34.37 Private Client Revenue $ 166,863 $ 141,825 Pre - Tax Income $ 21,673 $ 24,349 Assets Under Administration ( billions ) $ 117.3 $ 89.7 Asset Management Revenue $ 25,544 $ 17,515 Pre - Tax Income $ 8,638 $ 3,983 Assets Under Management ( billions ) $ 43.7 $ 32.7 Capital Markets Revenue $ 147,945 $ 105,270 Pre - Tax Income $ 39,373 $ 22,322 • Highlights Record second quarter gross revenue was driven by investment banking revenue and advisory fees Record revenue and earnings in Capital Markets segment for the second quarter was driven by record investment banking results Capital Markets pre - tax profit margin was 26.6 % driven by strength in the equities underwriting and M & A advisory businesses Client assets under administration and under management were both at record levels at June 30 , 2021 Shareholders ' Equity reached a record $ 752.5 million as of June 30 , 2021 Book value and tangible book value per share reached record levels at June 30 , 2021 ( 1 ) Represents book value less goodwill and intangible assets divided by number of shares outstanding .