Cantor Fitzgerald LP has opened offices in Houston and Austin that will sell fixed-income products, including municipal debt, corporate bonds, mortgage-backed bonds, and asset-backed securities to institutional investors.
The offices, which were opened late last month, are headed by director Stephen Blakley, who is based in Houston, a spokesman said, adding that the sales people in both offices will be generalists.
Scott Golden, national fixed-income manager, said yesterday that since the offices opened, Cantor has hired four sales people in Austin and six in Houston. The firm already had an office in Dallas.
Cantors Houston office has capacity for as many as 30 fixed-income sales professionals, according to a company statement. The new offices are designed to accommodate future growth in the region, the statement said.
Golden added that there is a growing class of sales people in both markets, which fits well with the companys strategy in hiring experienced sales staff with strong relationships. The firm also opened the new offices because of the enhanced business prospects in the state.
Issuers in Texas ranked second among borrowers in the first five months of this year as issuers there sold $16.85 billion in 485 issues, according to Thomson Financial.
Irvin Goldman, president and chief executive officer of Cantors debt capital markets group, said: This is a particularly exciting time to join Cantor Fitzgeralds debt capital markets group. We continue to aggressively grow our institutional client services across the fixed-income markets and the addition of these experienced sales professionals coupled with our plans to continue expanding strategically throughout the U.S. will offer existing and prospective customers access to new products and services.
Cantor Fitzgerald has over 20 offices worldwide, bringing additional resources to local markets, while expanding their ability and commitment to servicing existing local clients, the statement said.
Cantor Fitzgerald officially re-entered the municipal market as a broker-dealer in October. Cantor exited the interdealer municipal business in January 2002, when it separated from its municipal division, Municipal Partners.
In October, Cantor spun off the interdealer voice brokerage portion of its business into a new entity called BGC Partners LLP. Goldman told The Bond Buyer then that the firm was developing a municipal investment banking and public finance business and would cater to institutional investors.
