Funds News

MOVES-Cantor names Apthorpe to build out EQL business

Jan 8 (IFR) - Cantor Fitzgerald has appointed Andrew Apthorpe as global head of equity-linked origination, another high-profile hire as it builds out a relatively new business.

Apthorpe joins Cantor from RBC Capital Markets, where he had served as global co-head of convertible bonds and equity-linked origination since 2009.

Before that, he spent 12 years in convertible origination at Deutsche Bank.

“There were a number of things that really attracted me to Cantor Fitzgerald,” Apthorpe told IFR.

“The entrepreneurial aspect of building a new platform - and the momentum of a rapidly growing investment bank focused on life sciences and healthcare.”

Cantor Fitzgerald has plenty of momentum in straight equity.

Between 2016 and 2017, it climbed 16 spots in the combined US equity league tables to reach 22nd place with US$1.1bn of business from 26 companies, according to Thomson Reuters data.

That excludes at-the-market stock sales, where the bank has a long-established practice.

But the last time it was a bookrunner on an equity-linked deal was in 2011, and then just as one of three banks on a US$160m convertible bond for broker affiliate BGC Partners.

By 2014, five years after Apthorpe joined RBC, the bank ranked fifth in the US equity-linked league tables with 17 transactions and US$3.3bn of business.

That compared to just one deal for US$50m in 2009.

Apthorpe joins a growing team in Cantor Fitzgerald’s equity-linked business.

James Kenney, the longtime head of convertible bond sales at Goldman Sachs, joined Cantor in December in a similar role.

Kevin Cadden, another Goldman Sachs alumnus, also signed on last month as a senior director in convertible sales.

Former Credit Suisse banker Julie Reid was hired in 2016 as a managing director in sales and trading.

Nikola Dimitrov, an RBC and Goldman alumnus, was also hired last year to head convertible trading. (Reporting by Stephen Lacey; Editing by Marc Carnegie)