Oppenheimer Holdings beats Q1 expectations with strong capital markets growth and rising wealth management assets.

Oppenheimer Holdings reported strong Q1 results, surpassing expectations despite a challenging market environment. The capital markets segment showed significant growth driven by operating leverage and increased advisory and equity capital markets revenues. Wealth Management assets under management grew about 10%, boosting advisory fees and commissions, although pre-tax income in this segment declined due to higher compensation costs. The company trades at a notable valuation discount compared to peers, with a litigation-adjusted P/E ratio below 8x versus 15–20x for similar mid-market investment banks, suggesting potential value for investors.