Cantor Opening Asset Management Unit

September 12, 2003 ( - Cantor Fitzgerald LP has announced plans to open an asset management services division in the first quarter of 2004.

The foray into asset management combined with a previously announced expansion into fixed-income sales and trading, will double the company’s staff over the next few years.   Irvin Goldman, former head of sales and trading at CSFB, will head up the new debt capital markets and asset management divisions, according to a Reuters report.

The asset management unit will target money managers, pension fund managers and corporations with services including clearing, trading, capital raising and a prime brokerage.   A Cantor spokesman said the firm has already begun hiring for the new unit.

In addition, Cantor plans to expand its fixed-income sales and trading totarget institutional customers who need help with special trades such as finding buyers for les -liquid, and more difficult to sell securities.