Cantor Fitzgerald Wealth Partners, an affiliate of Cantor Fitzgerald, said Thursday that it has agreed to acquire First Commonwealth Financial Advisors. No financial terms were disclosed. Headquartered in Indiana, Penn., FCFA is a financial investment advisory firm.
NEW YORK and INDIANA, Pa., Feb. 27, 2014 /PRNewswire/ — Cantor Fitzgerald Wealth Partners, LLC, an affiliate of Cantor Fitzgerald & Co. serving the private wealth management market, today announced its agreement to acquire the advisory business of First Commonwealth Financial Advisors, Inc. (FCFA), a registered investment advisory firm with over $2 billion in assets under advisement, and a subsidiary of First Commonwealth Financial Corporation (NYSE: FCF). The Pittsburgh-based advisory offices will operate with the same team of advisors that previously served the clients at FCFA, and will continue to be led by Richard R. Applegate, CFP, AIFA, ChFC, CLU in his role as a Member of Cantor Fitzgerald Wealth Partners, LLC.
“FCFA is a highly-respected and established brand that clients have grown to trust. This acquisition underscores our unwavering dedication to providing value add services for clients, and reflects our ability to attract talented teams to our growing wealth management platform,” said Shawn P. Matthews, Chief Executive Officer of Cantor Fitzgerald & Co. “Building our asset base and wealth management platform is an important focus for the firm, and we expect to rapidly expand our position in the investment advisory marketplace.”
“This transition ensures that our valued clients experience the continuity of investment counsel and expertise they have come to expect from the eminently talented team at First Commonwealth Financial Advisors,” said Jane Grebenc, President of First Commonwealth Bank. “The decision to realign our investment advisory services through our agreement with Cantor Fitzgerald Wealth Partners reinforces our mission as a community bank and enables First Commonwealth to focus our resources on our core community banking business, trust, insurance, brokerage, and investment management efforts.”
Stan Gregor, President & Chief Executive Officer of Cantor Fitzgerald Wealth Partners, said, “We have dedicated a great deal of time and resources to researching and identifying the local financial services provider that best aligns with Cantor’s comprehensive wealth management suite of services and commitment to providing exceptional client service. Our synergistic approach will ensure a smooth and mutually beneficial transition to the Cantor Fitzgerald platform, as we expand our investment advisory services in western Pennsylvania and surrounding markets.”
About Cantor Fitzgerald
Cantor Fitzgerald, a leading global financial services group at the forefront of financial and technological innovation has been a proven and resilient leader for over 65 years. Cantor is a preeminent capital markets investment bank serving more than 7,000 institutional clients around the world, recognized for its strengths in fixed income and equity capital markets, investment banking, prime brokerage, and commercial real estate financing and its global distribution platform. Cantor Fitzgerald & Co. is one of 22 primary dealers authorized to trade U.S. government securities with The Federal Reserve Bank of New York. Cantor Fitzgerald’s 1,600 employees serve clients through over 30 locations, including major financial centers around the world in the Americas, Europe, Asia/Pacific, and the Middle East. For more information please visit www.cantor.com.
About First Commonwealth Financial Corporation
First Commonwealth Financial Corporation is a $6.2 billion financial holding company headquartered in Indiana, Pennsylvania. It operates 110 retail branch offices in 15 counties in western and central Pennsylvania through First Commonwealth Bank, a Pennsylvania chartered bank and trust company. Insurance products are also provided through First Commonwealth Insurance Agency.