McCarthy joins as managing director as the firm expands its focus on defense technology and national security
NEW YORK, Nov. 3, 2026 /PRNewswire/ — Oppenheimer & Co. Inc. (Oppenheimer), a leading investment bank, wealth manager, and subsidiary of Oppenheimer Holdings Inc., (NYSE: OPY), today announced that Patrick McCarthy has joined as Managing Director as the firm launches defense research coverage.
McCarthy’s work will focus on defense technology and national security, including space, autonomous systems and robotics. The new coverage will help the firm’s clients assess the companies and technologies shaping the sector’s growth.
The coverage launch comes as advances in artificial intelligence, drones and robotics reshape military capabilities and create opportunities for established defense companies and emerging businesses. As speed, precision and autonomy become increasingly important, McCarthy’s research will examine how these changes influence defense spending, competitive positioning and investment opportunities.
McCarthy’s appointment builds on Oppenheimer’s expansion in the defense sector earlier this year, when William (Bill) Farmer joined as Managing Director and Head of Aerospace & Defense Technology Investment Banking. The additions deepen the firm’s expertise across research and investment banking as clients navigate a growing and increasingly complex market.
“Patrick’s experience across research, banking and corporate strategy brings a valuable perspective to a sector undergoing significant change,” William (Bill) Bird, Director of Research, said. “He understands the technologies, policy decisions and funding priorities that shape these businesses. Oppenheimer is investing in the expertise clients need to understand how the next generation of defense and national security will develop and how to invest in it.”
McCarthy brings more than 25 years of experience in research, banking and corporate strategy across defense and national security markets. His work spans public and private companies, from established aerospace and defense businesses to innovators developing emerging technologies.
Before joining Oppenheimer, McCarthy served as a Managing Director at BTIG. Previously, he was Managing Director of the Securities Group at Carbon Advisors and Chief Strategy Officer at Capewell Aerial Systems. He also served as Principal at Neptune Holding, a firm focused on defense strategy, advisory services and private investment.
Earlier, McCarthy served as Senior Managing Director at FBR Capital Markets, overseeing aerospace, defense and government services research. He also managed a team covering five industry sectors and more than 70 companies. Before FBR, he worked in equity research at Credit Suisse First Boston.
The new coverage also extends Oppenheimer’s broader focus on industrial innovation, including AI applied to physical systems, satellites, next-generation materials and components. Understanding the connections among these technologies and their supply chains will help clients assess how developments across industries are influencing defense markets.
“Defense innovation is changing both what militaries need and the companies that can meet those needs,” McCarthy said. “Oppenheimer’s strength in industrial innovation provides a strong foundation for this coverage. I look forward to helping clients understand how technology, government priorities and company execution will shape investment opportunities across the sector.”
About Oppenheimer Holdings Inc.
Oppenheimer Holdings Inc., through its Oppenheimer & Co. Inc. subsidiary and related entities, provides a full range of wealth management, securities brokerage and investment banking services to high-net-worth individuals, families, corporate executives, businesses and institutions. For more information, please visit oppenheimer.com.
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SOURCE Oppenheimer & Co. Inc.
