Oppenheimer Elevates Fleming to Private Client Head After 36% Revenue Growth
Oppenheimer & Co. has promoted David Fleming to lead its Private Client Division in New York, shifting Ron Guidi to manage the San Francisco branch. The division generated over $1 billion revenue in 2025, with AUM at $55.2 billion, while Fleming grew San Francisco revenue 36% and assets 34% since 2022.
1. Leadership Realignment
Oppenheimer has elevated David Fleming to oversee its Private Client Division from New York, reporting to EVP Ed Harrington, as Ron Guidi assumes branch management in San Francisco, aiming to strengthen regional operations and recruiting efforts across key markets.
2. Division Performance
The Private Client Division recorded over $1 billion in revenue for 2025, achieved an all-time high AUM of $55.2 billion and maintained AUA of $143.3 billion as of year-end, reflecting robust client engagement and asset growth.
3. Fleming’s San Francisco Track Record
Since joining in 2022, Fleming expanded the San Francisco branch’s revenue by 36%, increased assets by 34% and added seven advisors, underscoring his capacity to drive branch-level performance.
4. Strategic Outlook
The leadership adjustments aim to leverage Fleming’s development expertise at a divisional level while tapping Guidi’s 26 years of Bay Area experience to sustain momentum, positioning the firm for further wealth management expansion.