US-based Cantor Fitzgerald Wealth Partners has agreed to acquire the advisory business of First Commonwealth Financial Advisors (FCFA), a registered investment advisory firm with over US$2 billion in assets under advisement.
According to Cantor Fitzgerald, the advisory offices will be operated with the same team of advisors that previously served the clients at FCFA.
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The offices will continue to be led by Richard Applegate in his role as a member of Cantor Fitzgerald Wealth Partners.
Shawn Matthews, CEO of Cantor Fitzgerald, said: "This acquisition underscores our unwavering dedication to providing value add services for clients, and reflects our ability to attract talented teams to our growing wealth management platform."
Jane Grebenc, President of First Commonwealth Bank, said: "The decision to realign our investment advisory services through our agreement with Cantor Fitzgerald Wealth Partners reinforces our mission as a community bank and enables First Commonwealth to focus our resources on our core community banking business, trust, insurance, brokerage, and investment management efforts."
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