Cantor Fitzgerald Enters Prime Brokerage Biz

Jul 22 2009 | 12:56pm ET

The prime brokerage space just got a bit more crowded: Cantor Fitzgerald has set up its own prime brokerage business, hiring a JPMorgan Chase veteran to lead the new effort.

The financial services firm snagged Noel Kimmel to head its prime brokerage. Kimmel most recently served as head of sales and marketing for JPMorgan’s fixed-income prime brokerage in North America. He worked at Bear Stearns’ prime brokerage before joining JPMorgan.

“Our customers have been asking us to develop a prime services business to help meet their needs,” Shawn Matthews, Cantor CEO, said. “The mid-market in particular has been underserved by the largest banks. Noel will focus on creating our equity and fixed income prime brokerage offering.”

Cantor enters the increasingly crowded prime brokerage space as more established firms seek to increase their market share amid the shakeup in the hedge fund industry. The firm is perhaps best known for losing 658 employees at the World Trade Center, on Sept. 11, 2001.

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