OPPENHEIMER 145 Years of History
Rooted in History. Shaped for Tomorrow.
Founded in 1881, Oppenheimer’s story spans the earliest days of Wall Street to today’s global financial markets. From our origins as Fahnestock & Co., through periods of economic transformation, expansion, and resilience, the firm has continually evolved to meet the needs of each new generation of clients.
Today, Oppenheimer operates 86 branch offices across the United States, with international offices in Europe, Israel, and Asia—reflecting the scale and reach of a firm built to serve clients wherever opportunity exists. Across 145 years, one principle has remained constant: a commitment to long-term relationships, thoughtful guidance, and forward-looking growth.
View our history video to learn more, and explore Oppenheimer’s journey through the eras in the interactive timeline below.
Our History
Guiding Generations for 145 Years
A Pillar of Early American Finance
Fahnestock & Co. is founded at Two Wall Street by William Fahnestock, son of Harris C. Fahnestock—prominent financier and founding member of the First National Bank of New York (a Citigroup predecessor).
Becomes a pillar of early American finance, admired for steadiness and trust.
Survival and Strategic Expansion
Amid the profound economic upheaval of the Great Depression, the firm demonstrated resilience, discipline, and prudent stewardship. Through conservative management, strong client relationships, and an unwavering commitment to its core principles, it successfully navigated one of the most challenging periods in modern financial history.
As markets stabilized and global conditions evolved, the firm not only endured but positioned itself for measured growth—laying the groundwork for continued expansion in the decades that followed.
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Broadening the Firm’s Reach
With the absorption of H.L. Horton & Co., the firm strengthened its domestic foundation during a pivotal period in financial history. By 1937, this integration supported continued expansion within the United States, reinforcing its market presence and operational scale.
In the years following World War II, the firm extended its reach beyond U.S. borders, expanding into Europe and South America as global markets reopened and international commerce accelerated. This outward-looking strategy marked an early step toward broader global engagement.
Importantly, this period also contributed to the firm’s evolving corporate lineage. Fahnestock’s history would later connect directly to Fahnestock Viner Holdings through E.A. Viner, linking generations of leadership and shaping the firm’s long-term structural evolution.
The Founding of Oppenheimer & Co.
Oppenheimer & Co. is established by Max E. Oppenheimer, a former Lehman Brothers broker, guided by a vision rooted in analytical rigor, disciplined execution, and enduring integrity.
From the outset, the firm concentrates on serving large institutional clients, building its reputation through thoughtful market insight, careful research, and a deep commitment to client relationships. These founding principles would shape the firm’s identity for generations.
Diversification and Platform Expansion
As the financial services industry evolves, Oppenheimer broadens its business model through the creation of three core subsidiaries, expanding both its capabilities and reach.
These include a retail brokerage division, an institutional asset management platform, and a mutual fund management business—later sold to Invesco. This expansion reflects the firm’s growing ambition and its commitment to serving clients across a wider spectrum of investment needs.
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A Pivotal Acquisition
UK's Mercantile House Holdings acquires Oppenheimer, setting the stage for a new phase of growth and international alignment.
Management Buyback
Stephen Robert and Nathan Gantcher lead a $150 million transaction to repurchase the firm’s broker-dealer, restoring management control.
Oppenheimer's Change in Ownership
Mercantile is acquired by British & Commonwealth; Oppenheimer continues operating independently.
Senior leadership becomes majority owner of Oppenheimer Capital.
The Fahnestock Revival
Fahnestock & Co. is acquired by E.A. Viner Holdings for $7.3M.
Becomes Fahnestock Viner Holdings, led by Albert “Bud” Lowenthal.
National Expansion Through Acquisitions
Fahnestock accelerates its national footprint through a series of targeted acquisitions, strengthening its regional presence and broadening its client base.
Key additions include:
Hopper Soliday, W.H. Newbold’s Son & Co., Reich & Co., Pace Securities, and Cranbrook Capital Management — each contributing to the firm’s expanding geographic reach and diversified capabilities.
Pursuing Global Scale and Strategic Alignment
Amid rapid industry consolidation, Oppenheimer actively explores partnerships to enhance its international presence and long-term competitiveness.
- 1995: Leadership engages in discussions with ING and Bayerische Vereinsbank to evaluate transformative alliances.
- 1997: Negotiations with PNC do not advance.
- 1997: CIBC acquires Oppenheimer for $525 million, establishing CIBC Oppenheimer Holdings and marking a significant step in the firm’s global evolution.
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Fahnestock Builds Scale
With the acquisition of Josephthal & Co., Fahnestock significantly enhances its investment banking capabilities while expanding its national footprint and strengthening its competitive position.
The Pivotal Merge
Fahnestock Viner acquires CIBC Oppenheimer’s U.S. retail brokerage and asset management divisions for $241–$257M.
The firm reclaims the Oppenheimer & Co. Inc. name, uniting the 1881 and 1950 legacies into one modern institution.
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Capital Markets Acquisition
Oppenheimer acquires major U.S./global divisions of CIBC World Markets.
Adds 700+ employees, $400M revenue, and expanded presence in:
- U.S., U.K. (London), Israel, Asia
- Receives $100M subordinated debt + $1.5B lending commitment from CIBC.
Marks Oppenheimer’s transformation into a full-service, globally connected investment bank.
Independence Drives National and Global Expansion
In the wake of the Great Recession, the firm preserves its independence and enters a period of sustained growth and modernization.
Throughout the 2010s and 2020s, it expands across key markets in the United States while strengthening its international presence. Significant investments in technology, digital infrastructure, trading platforms, data analytics, and client-facing innovation modernize its capital markets, advisory, and private client businesses.
By combining disciplined geographic expansion with a technology-forward strategy, the firm evolves into a more integrated, globally connected enterprise—positioned for long-term leadership across generations.
Leadership Transition
Albert G. Lowenthal (CEO from 1985–2025) becomes Executive Chairman after growing revenue from $5M → $1.4B.
Robert S. Lowenthal becomes CEO & President, ushering in the next chapter.
The unified firm stands today as a multi-generation, diversified, global financial institution built from two powerful lineages.
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