Oppenheimer & Co. added two managing directors as part of an effort to expand the firm's fixed income business and strengthen the municipal finance team.
Beth Wolchock will act as head of municipal underwriting and David Frank will work in underwriting and trading, the company said in an announcement Monday. Both new additions will be based in the firm's Stamford, Conn., office. Underwriting at Oppenheimer will be consolidated under Wolchock's leadership and certain responsibilities previously held by traders will be transferred to Wolchock's desk.
"Oppenheimer continues to develop capabilities that serve our clients across all products," Robert Lowenthal, senior managing director and global head of fixed income, said in an email. "We are pleased to be attracting talented, well respected individuals across all areas of fixed income."
Oppenheimer is a top-50 underwriter that was senior manager to $808.1 million in 2012, according to data from Thomson Reuters. In December, the Financial Industry Regulatory Authority fined Oppenheimer $675,000 for unfair municipal pricing and an inadequate supervisory system, and ordered the firm to pay $246,000 in restitution. The firm's head muni trader was fined $100,000 and suspended.
The two new hires are part of an ongoing effort to build out Oppenheimer's municipal business, a spokesperson for the company said. Wolchock and Frank, who have worked together for 14 years in the municipal securities industry, were at Castle Oak Securities before joining Oppenheimer. Prior to that, both had stints at Jackson Securities Partners and Greenwich Partners.
"Oppenheimer has a well-established business in the municipal bond market and public finance," Wolchock said in the press release. "David and I are pleased to join the firm and build upon its strong capabilities and experience."
Wolchock was also head of municipal underwriting at Dean Witter earlier in her career, and Frank was a founding partner of Belle Haven Investments. The two have traded municipal securities ranging from short term debt to 30-year maturities across the country, Oppenheimer said in the announcement.
