Wealth Management: Oppenheimer / Hyundai to bridge Pacific

"We are excited to work with Hyundai, one of Korea's leading financial services firms. We believe that our strong financial services business in the United States, coupled with Hyundai's strong domestic presence in Korea, large business network and comprehensive focus on investment banking and wealth management, will lead to significant opportunities for both firms," said Mr. Albert Lowenthal, Chief Executive Officer of Oppenheimer & Company.

And well they might: South Korea has a growing wealthy class and many Koreans feel more of an affinity with the USA than with Japan or China - nationally, it has had a rocky past with both countries.

Opps plans to leverage the link through its Hong Kong office: "This alliance will help us further grow our business in Asia and will also direct potential Asian clients to our well-developed US operation," added Mr. Steve Bernstein, Chief Executive Officer of OPCO's Hong Kong-based affiliate, Oppenheimer Investments Asia Limited.

The alliance will cover a number of areas including corporate finance (advisory, public and private offerings), M&A, institutional sales (fixed income and equity products), research and wealth management, the companies said in a statement issued this morning.

Oppenheimer & Co. Inc. , a principal subsidiary of Oppenheimer Holdings Inc. "provides a full range of wealth management, securities brokerage and investment banking services to high-net-worth individuals, families, corporate executives, local governments, businesses and institutions," the company said.

Hyundai was a little more woolly in its expectations: "We look forward to partnering with Oppenheimer, a strong US-based global financial institution. This partnership will help us intensify our business in the United States and, at the same time, will help both institutions create synergy to grow business in Asia," said Mr. Kyung Soo Choi, Chief Executive Officer of Hyundai Securities.