Cantor Fitzgerald, a boutique investment firm that lost two thirds of its 960 employees in the 9/11 terrorist attacks, continued on its path to rebuild and grow its global footprint today by opening a new office in San Juan, Puerto Rico.
Joaquin Iglesias, formerly of Oriental Financial Services and Carlos Ramos, formerly of the Puerto Rico Retirement System Administration, will head operations for the new office and are focused on serving institutional clients in fixed income sales and trading.
"Our new presence in Puerto Rico demonstrates our ongoing and continued commitment to expanding the firm's capability to serve investors in local markets," said Cantor CEO Shawn Matthews, in a statement released today.
Cantor Fitzgerald currently has 1,600 employees in 30 locations including the major financial centers of New York, London, Asia Pacific and the Middle East. It is one of 21 primary dealers who trade U.S. government securities directly with the Federal Reserve Bank of New York. Cantor is also a provider of investment banking, asset management, market data and brokerage services.
A few months ago, Cantor Fitzgerald revealed plans to hire 1,000 people in the next several years, including 200 during 2012. The announcement came amid a flurry of job cuts at other banks, setting the smaller, privately held bank apart from its larger competitors.
At the time, Matthews said Cantor could expand while big banks had to contract because of the "structural change in the financial landscape" that would affect other banks but not his. New regulations such as Basel III, a set of regulations among G-20 countries that will go into effect in January 2013, will force large banks, or those with at least $50 billion in assets, to set aside more capital. As a result, Matthews was quoted as saying, "they'll pull back and ultimately lay off employees." According to the company, Cantor doesn't have to implement Basel III regulations because it doesn't meet the minimum for assets.