While some of the major investment banks undergo a restructuring to offset the impacts of the global financial crisis, Cantor Prime Services is seeing numerous CVs from industry professionals affected by these restructurings who are looking for new opportunities, says Noel Kimmel, head of Cantor Prime Services. The prime brokerage arm of the US investment bank wants to expand into Europe and is in hiring mode ahead of opening its London office next year.
Cantor Prime Services began domestically in the US in 2009 with Kimmel at the helm. It has been expanding its sales teams and has been able to leverage its parents existing client relationships in the areas of sales and trading. The prime broker currently has over 100 clients and a team of 30 people and wants to gain scale. Kimmel says the company will expand domestically in Europe through partnerships, acquisition and additional staff.
There is a good opportunity now to expand in prime brokerage, says Kimmel. Prime brokerage is a high margin business compared to others where volumes are off, he says.
Well continue to expand market share and cultivate existing relationships, especially since the large commercial banks are facing margin and cost pressures and their ability to grow talent is under strain, he adds.
Cantor Prime Services will further leverage its parents infrastructure and sales and trading relationships with existing clients, particularly European hedge funds, when it opens in London. We see European client potential as hedge funds want to trade in different regions. Were able to provide multiple asset points for assets including futures, equities and fixed income.
In addition to sales teams, Cantor Prime Services will also look to hire dedicated operations and technology staff for Europe. Kimmel concludes: We plan to clone the offering we built in the US and maintain that level of quality in Europe.
(JDC)