Oppenheimer Expands Treasury Trading and Launches Repo Operation

NEW YORK, June 1 /PRNewswire/ -- Oppenheimer & Co. Inc., a unit of Oppenheimer
Holdings Inc., has intensified the buildup of its Government Trading effort by
hiring Lee Cohen to be Managing Director, Head of the Government Trading and
Finance Desk. Lee is joined by his colleague Alan De Rose - Managing Director
of Treasury Trading.

Lee ran the Primary Dealer operations for CIBC World Markets from 1997-2007.
He joined Oppenheimer for the first time in 1994 as a proprietary trader
specializing in Treasury yield curve arbitrage. Previously, he had been
Managing Director at Bear Stearns in its Primary Dealer desk.

Alan De Rose originally joined Oppenheimer in 1993 as a proprietary fixed
income trader focused on relative value and yield curve arbitrage. He also
held positions as a proprietary trader at Bear Stearns, First Boston and
Morgan Stanley.

"Lee and Alan are a great addition to our Fixed Income trading business. They
bring the necessary experience and knowledge to help Oppenheimer create a
leading Government trading and financing business," said Robert S. Lowenthal,
Senior Managing Director, Taxable Fixed Income Trading.

Oppenheimer & Co. Inc. (Oppenheimer), and Oppenheimer Asset Management Inc.,
each principal subsidiaries of Oppenheimer Holdings Inc. (OPY on the New York
Stock Exchange), together provide 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.

Certain statements in this release may constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements involve a number of risks, uncertainties and other factors
that could cause actual results to differ materially, as discussed in the
Company's filings with the Securities and Exchange Commission.

SOURCE Oppenheimer & Co. Inc.

Robert S. Lowenthal, +1-212-667-5300, or Brian Maddox, +1-212-850-5661,
Brian.Maddox@fd.com