NEW YORK, Oct. 24, 2012 /PRNewswire/ -- Cantor Fitzgerald Investment Advisors, L.P. ("CFIA"), a registered investment advisor and a subsidiary of Cantor Fitzgerald, L.P., today announced plans to assume the investment management responsibilities for the fund of hedge funds products of Coast Asset Management, broadening the scope of asset management services Cantor Fitzgerald offers to its clients.
CFIA is currently performing investment management services pursuant to a subadvisory arrangement with Coast Asset Management. Upon completion of the process of transitioning client service and portfolio management responsibilities and customary closing conditions, including receipt of all necessary consents and approvals, CFIA will become investment advisor to the Coast Diversified Funds and other Coast multi-manager fund of hedge fund products.
Shawn P. Matthews, Chief Executive Officer of Cantor Fitzgerald & Co. said, "We look forward to working with the clients of the Coast fund of funds. The CFIA team is committed to being a leading provider in the alternative asset management and advisory space and providing investors with a customized approach to meet their unique needs. Cantor's extensive capital markets experience, broad distribution capabilities and deep relationships in the institutional marketplace serve as a strong foundation for clients. In addition to providing unparalleled customer service, we are committed to providing clients with a customized approach to meet their needs."
Dave Smith, Chief Executive Officer of Coast Asset Management said, "We believe CFIA's experience of managing illiquid credit related portfolios in various stages of wind down makes them particularly well-suited to assume the investment management responsibilities for these fund of funds. CFIA's deep experience in the multi-manager space positions them well to identify the best possible options for ongoing recovery and liquidity for our investors. It was important to Coast to find a team that not only had significant experience in taking funds through final dissolution, but an organization that shared our commitment to providing continuity and unparalleled service to our clients."
Kidron Corporate Advisors, a boutique investment bank, acted as financial advisor to Coast Asset Management in conjunction with this transaction.
Stephen Ardizzoni, Global Co-Head and CIO of CFIA, said, "We are pleased to be working on behalf of Coast's clients and with the underlying managers in these portfolios to efficiently provide the best value to investors."
John Trammell, Global Co-Head of CFIA added, "This is the first of many diverse transactions we hope to make in the global asset management arena to benefit clients and establish new business relationships."
Summit Partners, a leading growth equity firm, owns a minority stake in Coast Asset Management and will continue to work with and develop business opportunities for Cantor Fitzgerald in growing the CFIA business.
About Cantor Fitzgerald
Cantor Fitzgerald, a leading global financial services firm at the forefront of financial and technological innovation, has been a proven and resilient leader for over 65 years. Cantor is a preeminent capital markets investment bank serving more than 5,000 institutional clients around the world, recognized for its strengths in institutional equity and fixed income sales and trading and for its expanding presence serving the middle market with investment and banking services, prime brokerage, and commercial real estate financing. Cantor Fitzgerald also is a leader in new businesses including advisory and asset management services, gaming technology, e-commerce and other ventures. Cantor Fitzgerald & Co. is one of 21 primary dealers authorized to trade U.S. government securities with The Federal Reserve Bank of New York. Cantor Fitzgerald's 1,600 employees serve clients through over 30 locations, including major financial centers around the world in the Americas, Europe, Asia/Pacific, and the Middle East. For more information please visit www.cantor.com.
Note to Editors: Cantor Fitzgerald, L.P. is the parent entity of Cantor Fitzgerald & Co.
About Coast Asset Management
Operating since 1991, Santa Monica, California-based Coast Asset Management is an independent alternative investment firm managing assets for institutional and high net worth investors worldwide. Coast, majority owned by its management, is experienced in fixed income arbitrage and structured products.
SOURCE Cantor Fitzgerald, L.P.