Sept. 28 (Bloomberg) -- Cantor Fitzgerald LP named Jeffrey Lumby head of equity capital markets at its sales and trading unit as the New York-based firm seeks to expand its services to help companies raise capital.
Lumby, 42, took the new position at Cantor Fitzgerald & Co. this month after serving as a senior managing director overseeing the firm’s at-the-market stock-offering service, he said yesterday in an interview at his office.
Cantor Fitzgerald is expanding its equity-offering services to attract companies that want to finance growth with stock sales, said Lumby, who joined the firm in 2001. The move is part of a global push to hire investment bankers and broaden its business.
“My focus is going to be equity capital markets and expanding that,” Lumby said. “There’s still going to be a focus on the ATM business.”
At-the-market share sales are executed by brokers on behalf of companies that gain permission from the U.S. Securities and Exchange Commission to sell a set amount of equity gradually on the open market. Lumby has helped complete more than 100 at-the- market offerings since 2002, raising more than $14 billion, he said. He will report to Shawn Matthews, chief executive officer of Cantor Fitzgerald & Co.
Joshua Feldman has been promoted to managing director and will help oversee at-the-market and other capital-markets transactions, Matthews said during the interview.
Cantor Fitzgerald, with about 50 bankers, plans to double that number over the next two years, Matthews said. Altogether, the firm aims to hire at least 200 people in the next year in areas including sales and trading, banking and asset management. The company is also in negotiations to acquire sales and trading operations in Europe, Asia and Latin America.
“What we’re doing is building a middle-market practice to raise capital for mid-tier firms that need the extra sources of liquidity as they grow,” Matthews said. “We’re in outright growth mode at this time, as everyone else is retrenching.”
--Editors: Chris V. Nicholson, Elizabeth Wollman
-0- Sep/27/2011 22:40 GMT
-0- Sep/28/2011 12:20 GMT
To contact the reporter on this story: Lee Spears in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Jennifer Sondag at email@example.com