METWEST BUYING PART OF N.Y. FIRM.Byline: Evan Pondel Staff Writer Metropolitan West Securities said Monday Monday: see week. it will acquire a portion of Cantor Fitzgerald's Fitzgerald's is one of the oldest and widely recognized live music venues in the Greater Houston area. The club has been at the top of the live music scene in Houston since it opened in 1977. client base valued at $3.4 billion. Under terms of the agreement, MetWest Securities will share profits from the newly acquired securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. operations with New York-based Cantor Fitzgerald Cantor Fitzgerald L.P. is a global financial services firm specializing in bond trading, as well as investment banking, asset management, market data and brokerage services. for two years. ``MetWest Securities is dedicated exclusively to securities lending so Cantor Fitzgerald's employees and clients will meld easily in our existing operations,'' said Louis V Louis V, king of France Louis V (Louis the Sluggard), c.967–987, last French king of the Carolingian dynasty; son of King Lothair. His father had him crowned in 979, but he did not become king until Lothair's death in 986. . Molinari, managing director of Los Angeles-based MetWest Securities in a statement. Despite several requests, Metropolitan West Securities and Cantor Fitzgerald declined to comment about the transaction. Cantor Fitzgerald, which lost about 675 people when the World Trade Center towers collapsed, will exit the securities lending business upon completion of the deal. Cantor Fitzgerald is the largest trader of U.S. Treasuries U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. . Harry Fry, senior managing director of Cantor Fitzgerald, said the securities lending business, built by surviving and lost employees, will thrive under MetWest's leadership. ``We chose MetWest Securities because it is a stable firm with an excellent reputation that can ensure a smooth transition for this business,'' he said in a statement. Michael Tucci, Karen Costigliola and John Gaudioso from Cantor Fitzgerald will join MetWest Securities and retain their vice president titles. The Cantor Fitzgerald securities lending group will be folded into MetWest Securities' existing operations in Short Hills, N.J. |
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