US-based Cantor Fitzgerald plans to diversify from its core business of electronically trading bonds with other brokers, and venture into the wealth management arena.
Scheduled to enter the wealth management market towards the end of 2014, the new business of Cantor Fitzgerald will be dubbed as Cantor Fitzgerald Wealth Partners. The new unit will be the first business of the company that will require it to directly interact with people at an individual level.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
According to Stan Gregor, co-chief executive of Cantor Fitzgerald Wealth Partners, the new company is anticipated to adhere to the requirements of people, who have a net worth of US$5 million or more. The firm will also lay emphasis on clients with US$50 million.
Gregor further stated that the new unit will be "independent and unbiased", and will be "free of conflict" from other Cantor businesses.
The market segment that Cantor Fitzgerald Wealth Partners is targeting is already a concentrated segment, which has high density of large and small broker-dealers, asset managers and consultants.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
