Finance
Gerard Casey, CEO of Cantor’s Irish operation
The Irish arm of global financial services firm Cantor Fitzgerald has posted record financial results on the back of a big jump in the assets that it oversees.
Pre-tax profits at the wealth and asset-management services provider rose by 161pc to €9.4m in 2023.
That rise in profits was on the back of total income that increased by 23pc to €51.4m, the first time that Cantor has recorded total income over €50m at its Irish arm.
Assets overseen by the firm increased by 24pc last year to €8.2bn, according to the results.
“Our growth last year was underpinned by strong returns for both our institutional and retail businesses,” said Gerard Casey, who was appointed CEO of Cantor’s Irish operation in August 2023.
“This not only prompted an inflow of new clients, but also led to existing clients investing more in our funds. As our revenue has grown, so too has our investment in our people and in the technological solutions we offer.”
Cantor made 57 new hires last year, mostly in client-facing roles, he said.
“Last year we saw many clients looking for low-risk alternatives to low-interest-bearing deposit accounts. This trend has continued in 2024.”
Cantor is the longest-serving domestic primary dealer of Irish government debt, as well as investment services, primarily wealth management, fund management, debt capital markets and corporate finance.