Oppenheimer Holdings to move headquarters from Canada to U.S.
Oppenheimer Holdings Inc. today moved the legal domicile of its corporation to the United States from Canada.
Oppenheimer Holdings Inc. today moved the legal domicile of its corporation to the United States from Canada.
The plan was approved by its shareholders May 8.
Oppenheimer will be required to pay a tax of approximately $2 million to the Canadian government.
The firm announced in a March statement that it was seeking shareholder approval for the move because “substantially all of Oppenheimer’s business is conducted in the U.S.”
As a result of its filing for reincorporation with the state of Delaware, Oppenheimer, which had been headquartered in Toronto since 1997, now has its headquarters in New York, where the firm traces its roots to the founding of Fahnestock & Co. in 1881
Simplification of the corporate structure and improved marketability of its Class A shares were also cited as reasons.
The firm’s subsidiaries, including the New York-based Oppenheimer & Co. Inc., a U.S. broker-dealer, and Oppenheimer Asset Management Inc. offer a range of financial services globally.
Oppenheimer’s asset management group had $11.5 billion in assets under management as of March 31 and employed 3,576 people.
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