A New York City-based investment bank that's also a key ETF market maker just bought an ETF strategist in Southern California.
| Shawn Matthews|
Cantor Fitzgerald & Co.
Chief Executive Officer
, CEO of Cantor Fitzgerald & Co.
that Cantor Fitzgerald LP subsidiary Cantor Fitzgerald Investment Advisors (CFIA) has acquired Efficient Market Advisors'
(EMA's) asset management business. EMA, founded in 2004, now has $1.1 billion in assets under advisement and is a mutual fund subadvisor
and SMA manager
Pricing and terms of the deal were not disclosed.
Dan McSwain of the San Diego Union-Tribune reported
on the deal, noting that EMA has 11 employees.
"With this transaction, we continue the build out of our asset management business, which is an important element of the overall strategic direction of our firm," Matthews states.
"Combining EMA's capabilities with Cantor's robust global distribution, infrastructure and capital markets expertise, will significantly strengthen our asset management platform," states Dave Goldfarb
, senior managing director at CFIA.
Herb Morgan III
, EMA's founder, CEO, and chief investment officer, will continue to lead his team from San Diego. Morgan will become senior managing director and chief investment officer of CFIA's EMA division. He praises Cantor Fitzgerald as "one of the world's most storied and dynamic financial services brands."
Morgan, the San Diego Union-Tribune
notes, is also a former president of San Diego's pension board.
Neil Anderson, Managing Editor
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