Cantor Fitzgerald Announces Next Generation of Ownership

• United States Secretary of Commerce Howard W. Lutnick to transfer his ownership of Cantor Fitzgerald, L.P. to next generation
• 26North, the alternative asset management firm founded by Josh Harris, will lead a minority investor group in Cantor Fitzgerald; Glenn August will also act as a minority investor in Cantor Fitzgerald’s ownership group
• Cantor Fitzgerald, L.P. will continue to hold controlling interests in its affiliates, BGC Group, Inc. and Newmark Group, Inc.

NEW YORK--(BUSINESS WIRE)--Marking a significant milestone in Cantor Fitzgerald’s (the “Company”) 80-year history, Howard W. Lutnick, United States Secretary of Commerce and the Company’s former Chairman and Chief Executive Officer, has agreed to transfer his ownership to the next generation through trusts for the benefit of Brandon G. Lutnick, Chairman & CEO, Kyle S. Lutnick, Executive Vice Chairman, and his other adult children. Mr. Brandon Lutnick is the controlling trustee of such trusts.

Cantor Fitzgerald’s current executive leadership team will remain in place and will continue the firm’s legacy of redefining the financial services and real estate industries. Driven by a steadfast entrepreneurial spirit and a proven ability to leverage first-mover advantages, the Company is strategically positioned to capitalize on emerging opportunities that will propel its next phase of growth.

In connection with the transfer, an investor group led by 26North, the alternative asset management firm founded by Josh Harris, will become minority investors in Cantor Fitzgerald. Glenn August, Founder and Chief Executive Officer of Oak Hill Advisors, will also act as a minority investor in Cantor Fitzgerald’s ownership group.

“Kyle and I are honored to continue building on our father’s legacy, leading Cantor Fitzgerald alongside the exceptional executive team we have in place today,” said Brandon G. Lutnick. “We are thrilled to welcome Josh Harris’ 26North and Glenn August as minority investors. As we enter the next chapter of our corporate journey, having the support of these world-class investors underscores the confidence in our management team and growth strategy.”

“Today marks an exciting and meaningful chapter in Cantor Fitzgerald’s storied history,” said Kyle S. Lutnick. “Alongside my brother, I’m proud to lead the next generation of the firm—building on the foundation our father created with a continued focus on talent, innovation, and delivering long-term impact for our clients.”

“Under Howard Lutnick’s visionary leadership, Cantor Fitzgerald has become a renowned financial services institution that delivers a uniquely differentiated client offering,” said Mr. Harris. “I am delighted to support Cantor Fitzgerald’s next generation of leadership through an investment in this incredible firm alongside Glenn August.”

Additional transactions

On May 16, 2025, Mr. Lutnick agreed to sell his Class A shares in BGC Group, Inc. (“BGC”) and Newmark Group, Inc. (“Newmark”) to the respective companies. Also, Cantor Fitzgerald agreed to purchase Mr. Lutnick’s shares of BGC Class B common stock. Cantor Fitzgerald will continue to hold a controlling interest in both BGC and Newmark.

Mr. Lutnick has entered into agreements to forgo all economic benefits in Cantor Fitzgerald, BGC, and Newmark as of May 16, 2025. These transactions divest his ownership, voting, and economic interests in the companies, complying with Mr. Lutnick's U.S. government ethics agreement.

The closing of the Cantor Fitzgerald transactions will occur after all required regulatory approvals.

More details relating to the divestiture transactions can be found in BGC and Newmark press releases and Forms 8-K and 13D to be filed with the SEC.

Wachtell, Lipton, Rosen & Katz is representing Cantor Fitzgerald in the transactions. Davis Polk & Wardwell LLP is representing 26North and Glenn August.

About Cantor Fitzgerald, L.P.

Cantor Fitzgerald, with more than 13,000 employees, is a leading global financial services and real estate services holding company and a proven and resilient leader for more than 79 years. Its diverse group of global companies provides a wide range of products and services, including investment banking, asset and investment management, capital markets, prime services, research, digital assets, data, financial and commodities brokerage, trade execution, clearing, settlement, advisory, financial technology, custodial, commercial real estate advisory and servicing, and more.