- Investment Firm Introduces Unified Managed Accounts to Investment Advisory Services -

NEW YORK, NY, January 23, 2007 -- Oppenheimer Asset Management, Inc., together with its affiliates Oppenheimer Holdings Inc. and Oppenheimer & Co. Inc., (Oppenheimer) a leading national investment boutique, and Placemark Investments, Inc., the industry's largest independent provider of active overlay portfolio management services, are pleased to announce the launch of a unified managed account (UMA) offering created to continue Oppenheimer's tradition of providing innovative investment management solutions to the firm's clients.

Oppenheimer's UMA program offers portfolios consisting of premier investment managers and ETFs for a broad spectrum of investor needs and risk levels. The UMAs are part of Oppenheimer's highly successful Investment Advisory Service (IAS) program. "UMAs have rapidly become an important platform for delivering integrated wealth management solutions to individual and institutional investors," said Peter Amendolair, Oppenheimer's Senior Managing Director in charge of the Consulting Group. "The UMA portfolios we have constructed allow our financial advisors to continue providing superior programs and services to our clients."

The UMA portfolios have minimums ranging from $50,000 to $500,000, and include focused equity as well as fully diversified asset allocation offerings. Placemark, based in Dallas, TX, and Wellesley, MA, will be the overlay manager for the portfolios, taking investment discretion on all accounts and coordinating the back office and administrative functions. Oppenheimer clients will also have the option of adding Strategic Tax Management to their UMA portfolios, allowing those portfolios to be custom tailored by Placemark to each client's individual tax needs.

"Placemark's overlay capabilities enable us to offer a single account that encompasses a variety of diversified investment strategies," continued Amendolair. "Because Placemark handles the day-to-day administration of the program -- rebalancing, cashflow management, and tax management -- our financial advisors can continue to provide the high level of personal advisory service that Oppenheimer clients expect and deserve without getting bogged down in the operational details required to deliver such highly customized solutions."

"We are extremely pleased to be able to partner with Oppenheimer to offer their advisors and their clients a unified investment solution," said Lee Chertavian, Chairman and Chief Executive Officer of Placemark Investments. "The marketplace for UMAs has increased dramatically over the last year; it's no longer a question of should you offer one, but how soon can you get it implemented."

About Oppenheimer With roots tracing back more than a century, Oppenheimer and its predecessor companies have been pioneers in the financial services industry and are known for their innovative work in the securities industry, particularly where it relates to asset management and equity research. Throughout its history, Oppenheimer has strived to provide investors with the necessary expertise and insight to meet the challenge of achieving their financial goals.

In January 2003, Fahnestock & Co. Inc. acquired Oppenheimer & Co., and in September of the same year adopted the name Oppenheimer for the combined company. As a leading investment boutique, it ranks as the eleventh largest independent full-service securities firm in the United States, in terms of the number of retail registered representatives, as of September 2006.
Fahnestock was founded in 1881 in New York City as a privately owned full-service securities brokerage firm. It successfully weathered the Great Depression and grew steadily over the years, expanding significantly in the last decade through acquisitions. Oppenheimer & Co. was founded in 1950 when a partnership was created to act as a broker-dealer and to manage related financial services. The firm was a groundbreaker in securities research and asset management.

Today, Oppenheimer occupies a unique position among competitors thanks to the dedication, expertise and creativity of its people. Oppenheimer professionals have earned the firm an excellent reputation among investors by being responsive to client needs, by operating with the highest standards of objectivity and integrity, and by providing financial services that put clients' interests first.