Muni Director Joins Cantor Fitzgerald

Cantor Fitzgerald & Co. has hired Hardy Manges, former executive director of municipal sales and trading at Mitsubishi UFJ Securities, to help further expand its municipal sales and trading business.

"We are delighted to welcome Hardy to the Cantor team, and I am confident that his deep market knowledge and extensive track record add great value as we continue to strengthen and grow our municipal business," Shawn P. Matthews, chief executive officer of Cantor Fitzgerald, said in a press release.

The global financial services firm began to develop its municipal sales and trading business by hiring Jim Dolan, Susan Marron, Dennis DiCicco, and Tom Basehart in October 2012.

In January 2013 Cantor Fitzgerald appointed Frank Hammond and John Dwyer to its New York and Chicago offices.

Manges began working in Cantor Fitzgerald's New York offices March 10th overseeing trading as the managing director and co-head of municipal debt capital markets. The firm serves over 5,000 institutional clients.

"We have a trader in Memphis, a trader in San Francisco and now Manges in New York," said Dolan, head of the municipal division. "Cantor has approximately seven dedicated muni salespeople, combined with our generalist sales force, and our high yield and investment grade sales capabilities. I anticipate we will have a few more salespeople joining within the next few months."

As co-head, Manges oversees municipal trading and competitive underwriting.

"Jim Dolan has created a great sales and trading team and my joining complements his previous efforts," Manges said. "Jim and I both will be tasked with growing our trading capabilities, growing our sales teams, leveraging the existing distribution."

Cantor Fitzgerald currently has a high yield and an investment grade sales group in both the United States and Europe with clients who hold U.S. municipal bonds.

"The expansion of our municipal sales and trading business has been a key focus for us, particularly in competitive underwriting," Matthews said. "The addition of Hardy to our team underscores our ongoing commitment to expand our client offering and leverage our global distribution platform."

Manges' responsibilities include widening the U.S. banking business for negotiated and competitive sales.

"Our goals are to combine and leverage our growing trading capabilities, sales team and robust distribution network, to build a niche municipal sales trading and origination business," Manges said. "Leveraging and combining all these ideas with senior management support, in addition to our large distribution network, helps to differentiate Cantor's muni platform."

Previously, Manges ran the secondary municipal trading desk at Mitsubishi UFJ, the investment bank subsidiary of Mitsubishi UFJ Financial Group, the largest financial services company in Japan in terms of assets.

Before joining Mitsubishi UFJ in 2011, he supervised both primary and secondary trading at Deutsche Bank as the managing director and head of private wealth management for fixed income.

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