Oppenheimer & Company, the New York-listed wealth manager, and South Korea’s Hyundai Securities have signed a memorandum of understanding to form an alliance which will see the two firms collaborate on securities and investment banking activities in the US and Korea.

The alliance will cover a number of areas, including wealth management, corporate finance and institutional sales, the firms said in a statement.

Hyundai hopes that the alliance will help it to intensify its business in the US, while Oppenheimer for its part sees the partnership as a way to not only grow its business in Asia but also as a means of attracting Asian clients to its US operation.

"We believe that our strong financial services business in the US, coupled with Hyundai's strong domestic presence in Korea, large business network and comprehensive focus on investment banking and wealth management, will lead to significant opportunities for both firms," said Albert Lowenthal, Oppenheimer’s chief executive.  

Established in 1962, Hyundai Securities has grown to have a network of 135 offices in Korea and a total global headcount of around 2,500 staff. Oppenheimer, meanwhile, traces its roots back to 1881 and outside of the US has offices in London, Tel Aviv and Hong Kong.