Cantor Fitzgerald Investment Advisors (CFIA), a subsidiary of US-based investment firm Cantor Fitzgerald, has acquired the asset management business of Smith Group Asset Management.

Financial terms of the deal were not revealed.

Founded in 1995, Smith Group is a long-only equity manager of publicly-traded securities both within the US and rest of the world.

The firm specialises in investing in companies poised to accelerate earnings growth.

Under the agreement, the Texas based asset management platform will operate out of a newly formed subsidiary of CFIA, with the same team.

It will continue to be led by Smith Group founder and CEO Stephen Smith in his role as senior managing director, founder and CEO.

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Commenting on the deal, Smith said: “As we continued to think about expansion and how to give our clients, employees, and our management teams the best resources possible, this was an easy decision.”

CFIA offers investment and advisory solutions to global investors.

The latest deal follows the firm’s acquisition of the asset management business of RIA firm Flippin, Bruce & Porter last month.

Cantor Fitzgerald global head of asset management Michael Millard said: “Smith adds a world class Large Cap manager with a growth tilt that answers the question of ‘Passive vs Active’ with its 25 year record of beating the S&P.

“We fully expect our customers to benefit from the increasing breadth of our asset management offering and look forward to working with the Smith Group.”

In 2019, Cantor Fitzgerald was fined $2m by the FINRA for flouting short sale and supervisory norms between January 2013 and December 2017.