Cantor-Fitzgerald names DaPuzzo, President; Marber, Chief Operating Officer, Institutional Equities Sales and Trading Division.

NEW YORK--(BUSINESS WIRE)--July 3, 1996--Cantor Fitzgerald, LP today named Peter J. DaPuzzo, president of the firm's Institutional Equities Sales and Trading Division (ITD), its highly successful equity broker/dealer operation, and Philip Marber, managing director and chief operating officer of the Division. Cantor Fitzgerald is the nation's largest third-market equity broker and a leading market maker in NASDAQ and other listed securities.

Mr. DaPuzzo, 55, was formerly senior managing director of ITD. Mr. Marber, 35, previously headed listed sales and trading at the Division.

Commenting on the promotions, Howard W. Lutnick, chief executive officer of Cantor Fitzgerald, LP, said: "The time has come for me to step back from day-to-day operations of ITD and pass authority on to new leadership. I have total confidence in DaPuzzo and Marber to grow the Division and further strengthen its first-place position in the third market equities sector.

"The Division's first half results have doubled over the last year due in large measure to the skills, tenacity and drive that DaPuzzo and Marber have brought to the organization."

He added that the key to ITD's success is also "the cohesiveness and teamwork of our 80 global sales/traders. No other firm, I believe, has integrated sales and trading as closely as Cantor Fitzgerald."

A 38-year veteran of the securities industry, Mr. DaPuzzo began his career as an outside runner for Carl M. Loeb, Rhoades in 1958. Prior to joining Cantor Fitzgerald in January, 1993, he served for a year as senior equity trader at Steinhardt Management Co.

From l990 to 1992, Mr. DaPuzzo was senior executive vice president and co-director of the Worldwide Equities Division of Shearson Lehman and a member of the Lehman Brothers Executive Committee. During the previous decade, he also served as a member of the Shearson American Express Board of Directors following American Express' acquisition of Shearson. Mr. DaPuzzo, a graduate of Rutgers University, resides in Greenwich, Conn. with his family.

Mr. Marber, a resident of Darien, Conn., originally joined Cantor Fitzgerald in l990 to start up the firm's institutional equity options sales and trading unit. He was named head of listed sales and trading of the Institutional Equities Sales and Trading Division in March of this year.

Cantor Fitzgerald L.P. provides a broad spectrum of institutional brokerage and execution services. Cantor Fitzgerald is the world's leading broker of U.S. Government securities, Eurobonds and sovereign debt and the largest equity third market firm in the U.S. The firm also actively brokers mortgage-backed, municipal and corporate fixed income securities as well as emerging markets and futures. Headquartered in New York City, Cantor Fitzgerald, L.P. employs over 2000 people in offices throughout the U.S., Europe and Asia.

CONTACT: Debra Walton-Collings

Cantor Fitzgerald

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