At a time of expected cutbacks and layoffs, Oppenheimer & Co. has added five institutional sales representatives to its municipal bond division.
Anne Eudaly has been named head of institutional sales at Oppenheimer. Previously, Eudaly was a vice president of institutional sales at Chemical Securities Inc., where she began working in 1990.
Before joining Chemical, Eudaly was president, chief executive officer, and owner of A&E Capital Group Inc., a defunct New York-based municipal bond dealer. Eudaly also had been in. charge of institutional sales at the former Moseley, Hallgarten, Estabrook & Weeden Inc.
Also joining Oppenheimer from Chemical are Kurt Von Der Linden and Elliott Stringham. Both have been named vice presidents.
Von Der Linden joined Chemical in 1991 as a vice president and senior institutional salesman specializing in long-term bonds. Previously he was a vice president at Kemper Securities Inc. Von Der Linden also has worked as a special agent for the Federal Bureau of Investigation..
Stringham was employed at Chemical for 13 years, and before joining Chemical he worked at Chase Manhattan Bank.
In addition, Todd Rogers has joined Oppenheimer from Cowen & Co., where he worked as a vice president.. Richard G. Riccardi, previously a vice president and institutional salesman for R.D. White, Glaves & Co., also has been named a vice president.
"We're still growing in a tough environment. We're well capitalized and have a clear business plan," said William H. Frazier, a managing director and head of Oppenheimer's municipal division.
The addition of the new salespeople brings Oppenheimer's total municipal institutional sales' force to 14 professionals, Frazier said.
"We believe that the relationships they bring to the firm compliment our aggressive secondary trading effort. This is one quality group of salespeople, and I'm especially delighted to have attracted such a group of top professionals," Frazier said.
Oppenheimer's expansion comes at a time when gloom is a dominant mood on Wall Street, fueled by expected layoffs due to dwindling volume and tight underwriting spreads. Meanwhile, declining municipal issuance has refocused the efforts of some firms on secondary market trading, which has always been a key focus at Oppenheimer, Frazier said.
"Everybody will feel some of the cutbacks. Everybody makes more money in a high-volume period," Frazier said. But Oppenheimer hopes to maintain its profitability and believes that the additions to its sales staff will help the firm maintain market share "in a tough environment and be ready to expand that share if the market improves," he said.
The firm also is looking for additional sales representatives to fill specific market needs for its regional trading operations throughout the country, Frazier said.
