Oppenheimer + Close, LLC (New York)

Oppenheimer + Close, LLC is a mid-sized advisory firm based in New York. It manages $89.24 million of regulatory assets for 163 client accounts. It has been registered with the SEC as an adviser since 2013 and has operated in the jurisdictions of Arizona, California, Connecticut, and 8 other states.

Oppenheimer + Close provides financial planning services, portfolio management for individuals and small businesses, and portfolio management for pooled investment vehicles. It prepares financial plans for more than 25 clients. On top of advisory services, the firm doesn't engage in other business activities.

Oppenheimer + Close: assets under management

The assets under management (AUM) of Oppenheimer + Close, LLC is $89.24 million. The firm's AUM has gone down by -68% since the beginning of its operation, and $658.52 thousand of the total AUM is attributable to clients outside of the United States.

The firm manages $86.82 million in discretionary accounts and $2.42 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $539.26 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $1.21 million.

Oppenheimer + Close has custody of $15.26 million in cash and securities for 6 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 51% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 33% of the firm’s portfolio. Investments in government bonds form 15% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Oppenheimer + Close, LLC for their services and products based on a percentage of assets under management, hourly charges, and performance-based fees. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Oppenheimer + Close serves?

The firm provides services to individuals, high net worth individuals, pooled investment vehicles, and pension and profit sharing plans. The largest group of clients of Oppenheimer + Close is high net worth individuals with 62 clients and $37.84 million of assets under management. Among the 7 most similar advisory firms, Oppenheimer + Close has the 4th highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $89.24 million for 163 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 1% of the firm’s clients are foreign persons or businesses.

Oppenheimer + Close also advises several private funds. Namely, one hedge fund. The minimum investment commitment required of non-related persons is $250,000 for each fund.

Careers at Oppenheimer + Close, LLC

The company employs 5 people that are either part- or full-time employees. 60 percent of the employees work as investment advisers or researchers. No employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Philip Victor Oppenheimer	Director, managing member	1 Apr 1984	Other	353146
Mary Close Oppenheimer	Member	1 Oct 1998	Other	3139452
Carl Kirby Oppenheimer	Director, managing member	1 Mar 2007	50% - 75%	3139451
John Jay Koller	Member	1 Mar 2007	Other	2400754
Mark Healy Close	Member	1 Jan 2009	Other	2414261
Gabriela Powell	Chief compliance officer, member	1 Mar 2010	Other	3220216
Ronald K Cheng	Member	1 Jan 2014	Other	5777920

Based in New York

The principal office where Oppenheimer + Close, LLC performs its advisory services is located at 119 W 57 Th Street, New York, NY 10019 2303, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 212-489-7527 or by fax 212-489-1626. The normal business hours are 9:00am to 5:00pm on Monday - Friday.