- Brad Watkins, a former KPMG partner, was appointed CFO of Oppenheimer & Co., a principal subsidiary of Oppenheimer Holdings, effective Aug. 1, the company announced Monday. He will also hold the role of CFO for Oppenheimer Holdings, a company spokesperson said.
- The move comes after the firm appointed controller Salvatore Agosta in March to serve as interim CFO after Jeffrey Alfano resigned as CFO of Oppenheimer Holdings and Oppenheimer & Co., according to a Feb. 10 S&P Global Market Intelligence Report.
- As a member of the management committee, Watkins will report to CEO and chairman Albert G. Lowenthal, who said Watkin’s “expertise in providing audit services to the country's largest financial services companies will be invaluable as we focus on the quality and efficiency of our operating model to drive growth in an evolving business and market landscape,” according to a company release.
The announcement comes as Oppenheimer & Co. and other investment firms have been under pressure as valuations in the equity and fixed income markets have slumped.
The company’s assets under management fell to $37.1 billion in the second quarter from $43.7 billion in the year earlier, according to the company’s earnings release Friday. Oppenheimer & Co. also reported a net loss of $3.9 million in the second quarter, compared to net income of $31.2 million in the year-earlier period.
Starting his career at KPMG in 2003, Watkins eventually worked his way up to partner in 2015 and has experience in SEC reporting matters and in auditing complex process areas, according to his LinkedIn account.
Watkins also has extensive experience with SEC reporting matters and auditing complex process areas that involve technical accounting literature, including securitization matters, foreign currency accounting, financial instruments and fair value measurements, consolidation and variable interest entities, and derivatives and hedging.
At Oppenheimer Watkins will be responsible for all aspects of Oppenheimer's financial operations and will direct long-term budgetary planning and cost management to ensure alignment with Oppenheimer's strategic growth plans, the company said.
"The firm has a strong balance sheet and the potential for growth while delivering an exceptional client experience. I look forward to becoming part of the Oppenheimer family and partnering with the team,” Watkins said in a statement.
Oppenheimer did not respond to request for comment.