Cantor Fitzgerald on Monday announced it's creating a transition management business.
Michael Gardner, who will lead the new business from London, was named senior managing director and global head of portfolio solutions. He will oversee a team that was brought in from J.P. Morgan Chase, where he was managing director and head of transition management. J.P. Morgan Chase closed its global transition management business in 2014.
“We are clearly in growth mode as a firm, specifically with respect to our asset management business, and will continue to look at opportunities to develop new business lines,” said Shawn Matthews, CEO of Cantor Fitzgerald, in an e-mail. “Cantor has traditionally worked with asset managers, and our expansion into transition management is a diversification of our client base.”
The new business will target pension funds, sovereign wealth funds and insurance companies, among other institutional asset owners, Mr. Matthews said.