Cantor Fitzgerald to spin off its global voice brokerage business

BGC will also provide access to electronic trading services and technology support provided by eSpeed.

Lee Amaitis, former president and chief executive of Cantor Fitzgerald’s European and Asian operations, who joined the company in 1995, will become chairman and chief executive of the new company. Cantor said that over 400 brokers will accompany Amaitis to the new company, which will have offices in London, New York, Tokyo, Hong Kong, Singapore, Geneva and Milan. It will recruit more brokers as it seeks to expand in Europe, Asia and the US, it added.

Cantor Fitzgerald said it will be left with approximately 1,100 employees globally following the split. It will concentrate on expanding its institutional equity and fixed-income businesses, as well as adding to its capabilities in investment banking, asset management, market data and market commentary, it said.

“Spinning off BGC will enable our team to sieze the significant opportunity to expand in these markets, and allow our clients to benefit from efficiencies like seamless straight-through-processing of their transactions,” said Amaitis.