NEW YORK, April 22 (Reuters) - Cantor Fitzgerald Wealth Partners, launched in November 2013 by institutional trading firm Cantor Fitzgerald, has hired Lowell “Bob” Serhus as chief investment officer to guide the firm’s financial advisers on portfolio and risk management, with a focus on alternative investments.
Serhus ran his own capital management firm in Freehold, New Jersey, for the past two years before joining New York-based Cantor Fitzgerald Wealth this month. He was previously research director at Attalus Capital, a hedge fund near Philadelphia, and from 2001 to 2005 was chief investment officer and head of portfolio management at Julius Baer Investment Management, according to his LinkedIn profile and regulatory records.
Cantor Wealth Partners has recruited four advisory businesses or teams of advisers with $3.4 billion of assets under management to date. They include a group that had been with registered investment advisory firm Mariner Wealth Advisors, the former RIA unit of First Commonwealth Bank in Pittsburgh and a New York-based adviser who had been with Neuberger Berman.
Though Cantor Wealth has a staff of only about 24 people to help its advisers, the first two teams who joined since last fall moved all client assets from their former firms in a little over a month and increased assets from those clients by 15 percent since they joined, Stan Gregor, president and chief executive officer, said in an interview on Tuesday.
Most of the new assets were invested in alternative investment funds and separately managed accounts available through Cantor, he said.
In addition to hiring Serhus, Cantor Wealth Partners has a consulting agreement with Wilshire Funds Management to advise its investment management committee on building customized portfolios and picking outside managers.
Gregor, who hopes to grow to 250 to 350 advisers within a few years, said he has more than $1 billion of capital to use for acquisitions and hires. The firm last week sent six letters of intent to advisers at independent investment advisory firms and a full-service large brokerage firms, he said.
Advisers can join as partners who receive equity in Cantor Wealth or draw down traditional compensation based on the revenue they produce, Gregor said. (Reporting by Jed Horowitz; Editing by Tom Brown)