Thursday, 7 May 2015
Last updated 15 hours ago
Oct 24 2012 | 10:53am ET
Cantor Fitzgerald Investment Advisors, which has been serving as a sub-advisor to California-based Coast Asset Management's funds of hedge funds, will become the actual investment advisor.
CFIA is now in the process of transitioning client service and portfolio management responsibilities for Coast Diversified Funds and other multi-manager hedge fund products.
Said Shawn P. Matthews, CEO of CFIA's parent company, Cantor Fitzgerald & Co., in a statement: "We look forward to working with the clients of the Coast fund of funds. The CFIA team is committed to being a leading provider in the alternative asset management and advisory space and providing investors with a customized approach to meet their unique needs. Cantor's extensive capital markets experience, broad distribution capabilities and deep relationships in the institutional marketplace serve as a strong foundation for clients. In addition to providing unparalleled customer service, we are committed to providing clients with a customized approach to meet their needs."
Coast CEO Dave Smith said his firm believes CFIA's experience managing illiquid credit-related portfolios makes it “particularly well-suited to assume the investment management responsibilities for these fund of funds. CFIA's deep experience in the multi-manager space positions them well to identify the best possible options for ongoing recovery and liquidity for our investors.”
Kidron Corporate Advisors, a boutique investment bank, acted as financial advisor to Coast Asset Management in conjunction with this transaction.
The growth equity firm Summit Partners, which owns a minority stake in Coast Asset Management, will continue to work with Cantor Fitzgerald in growing the CFIA business.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…