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OPPENHEIMER Oppenheimer Holdings Inc. Reports Third Quarter 2021 Earnings Press Release New York , October 29 , 2021 - Oppenheimer Holdings Inc. ( NYSE : OPY ) ( the " Company " or " Firm " ) today reported net income of $ 26.3 million or $ 2.07 basic earnings per share for the third quarter of 2021 , an increase of 67.8 % , compared with net income of $ 15.6 million or $ 1.25 basic earnings per share for the third quarter of 2020. Revenue for the third quarter of 2021 was $ 315.3 million , an increase of 14.1 % , compared to revenue of $ 276.3 million for the third quarter of 2020 . Albert G. Lowenthal , Chairman and CEO commented , " The results for the quarter reflect the significant impact of our investment in the Capital Markets franchise over the past several years . Robust demand for investment banking services continues to propel revenue and earnings in the Capital Markets business . These results , coupled with the continued steady performance of our Wealth Management business , led to the Firm's best first nine months in its history . Wealth management continued to deliver solid results driven by near record AUM and strong net investor flows , despite being negatively impacted by lower interest rates , while a significant increase in M & A advisory and placement fees in Capital Markets topped off a very successful quarter . Concerns around inflation , higher oil prices , the Federal Reserve's tapering of bond buying , and congressional uncertainty weighed on equity markets during the period . These concerns drove up the yield on the 10 - Year Treasury to 1.52 % as the period of ultra - low interest rates may be coming to an end . " Summary Operating Results ( Unaudited ) ( ' 000s , except per share amounts or otherwise indicated ) Firm Revenue 30-21 3Q - 20 • Compensation Expense Pre - Tax Income $ 315,342 $ 276,259 $ 206,312 $ 189,654 Non - compensation Expense $ 71,636 $ 64,887 $ Income Taxes 37,394 $ 21,718 $ 11,144 $ 6,079 Net Income $ 26,250 $ 15,639 Earnings Per Share ( Basic ) $ 2.07 $ 1.25 Earnings Per Share ( Diluted ) $ 1.92 $ 1.19 Book Value Per Share $ 61.43 $ 49.20 Tangible Book Value Per Share ( 1 ) $ 47.95 $ 35.61 Private Client Revenue $ 160,864 $ 141,097 Pre - Tax Income $ 37,426 $ 25,764 Assets Under Administration ( billions ) $ 117.8 $ 94.3 Asset Management • Revenue $ 26,894 $ 20,632 Pre - Tax Income $ 9,412 $ 6,426 Assets Under Management ( billions ) $ 43.6 $ 34.5 • Capital Markets Revenue $ 128,585 $ 114,289 $ 17,888 $ 19,369 Pre - Tax Income ( 1 ) Represents book value less goodwill and intangible assets divided by number of shares outstanding . • • Highlights Record revenue , net income , and earnings per share for the first nine months of the year Record third quarter gross revenue was driven by investment banking revenue and advisory fees from near record high assets under management Record revenue in Capital Markets segment for the third quarter was driven by strong M & A advisory and placement fees in investment banking Client assets under administration at record level while client assets under management near record level at September 30 , 2021 Shareholders ' Equity reached a record high of $ 775.0 million at September 30 , 2021 Book value and tangible book value per share reached record levels at September 30 , 2021