Brandis Tallman is engaged in underwriting and private placement in municipal bonds on behalf of cities, counties, special districts, and school districts in California


Oppenheimer to acquire Brandis Tallman to expand public finance investment banking business. (Credit: Pixabay/bertholdbrodersen )

US-based investment bank and wealth manager Oppenheimer & Co has agreed to acquire Brandis Tallman, an investment bank focused on underwriting and placement of municipal debt for issuers, for an undisclosed amount.

The combination of Brandis Tallman and Oppenheimer’s existing public finance efforts is expected to make Oppenheimer one of the top underwriters and private placement agents of California municipal bonds.

The closing of the transaction is expected to be completed, subject to receipt of regulatory review and approvals.

Oppenheimer senior managing director and US Investment Banking head Robert Lowenthal said: “I am delighted that Rick, Nicki and their team have joined Oppenheimer. This acquisition demonstrates our commitment to grow our presence in the California municipal bond market and stand out as a national leader in public finance.”

Brandis Tallman co-founders will be appointed as Oppenheimer managing directors

Under the terms of the transaction agreement, Brandis Tallman co-founders Rick Brandis and Nicki Tallman will be appointed as Oppenheimer managing directors, and both will report to Oppenheimer public finance investment banking head Bill Reisner.

In addition, they will continue leading their existing team out of San Francisco and Los Angeles, operating as a division of Oppenheimer under the Brandis Tallman brand.

Reisner said: “In this current economic environment, issuers are increasingly looking for executable solutions to the fiscal challenges brought about by the economic shutdown. We have been developing a team of senior bankers with strong credit expertise and deep sector knowledge, and we expect that issuers will increasingly demand high caliber coverage from their investment bankers.

“We have also seen a growing number of deals done on a private placement basis, which insulates the issuers from the vagaries of market volatility. With our new Brandis Tallman division, Oppenheimer is well-positioned to capture significant opportunities driven by both of these trends.”

Oppenheimer, a principal subsidiary of Oppenheimer Holdings, and its affiliates are engaged in offering wealth management, securities brokerage and investment banking services to high-net-worth individuals, families, corporate executives, local governments, businesses and institutions.

Brandis Tallman will be provided with access to the resources and scale of Oppenheimer, including deep bench underwriting, placement, debt structuring, research, and trading and sales personnel focused exclusively on the municipal capital markets, to enhance its services and capabilities.

Brandis and Tallman jointly said: “The California municipal bond market is highly complex, but also presents exceptional growth opportunities for underwriters that combine an established network of relationships and a proven track record for successful execution with national resources and capabilities.

“As a division of Oppenheimer, Brandis Tallman will optimize its relationships and expertise as a top California municipal bond underwriter, while preserving our brand, our leadership and all the other elements of our team that have driven our success over the years.