Cantor Fitzgerald’s founder and head of its prime brokerage business has left to join private equity fund manager Cerberus Capital Management.
Noel Kimmel joined Cantor Fitzgerald in 2009 to establish its prime services unit, and has since served as CEO of Cantor Clearing.
Kimmel left the New York-based broker last week, and has joined Cerberus as a managing director.
His departure comes despite a string of hirings for Cantor’s prime brokerage team. In October it appointed Jon Yalmokas as global head of prime brokerage from Bank of America Merrill Lynch, and in June also hired Greg Dabal from Credit Suisse as head of prime brokerage client service.
Cerberus manages over $80 billion in assets, focusing primarily on private equity, distressed securities and assets, and middle-market lending.