Securities Firm Founder Cantor Dies
B. Gerald Cantor, the Wall Street veteran who founded the securities firm Cantor Fitzgerald, died Wednesday after a long illness, a family spokeswoman said. He was 79.
Cantor, who suffered from diabetes and whose health had been failing for years, built a Wall Street firm that became preeminent in world bond and stock markets.
Cantor Fitzgerald, with about $200 million of capital and 2,000 employees, is the biggest broker in the $3.3-trillion U.S. Treasury securities market, matching buy and sell orders among the 37 firms that underwrite the majority of the government’s debt. Under Cantor’s stewardship, Cantor Fitzgerald also became the first Wall Street firm to offer global electronic access to the U.S. Treasury markets 24 hours a day.
Just two months ago, Cantor and his wife, Iris, settled a dispute over control of Cantor Fitzgerald. The firm’s management moved to declare Cantor incapacitated and have Howard Lutnick named managing general partner. The Cantors fought that move in court briefly before agreeing to a settlement that solidified Lutnick’s position. The Cantors’ 55% family stake was converted to a new limited-partnership interest and they withdrew as general partners.
Cantor was born in the Bronx in 1916 and attended DeWitt Clinton High School and New York University. He entered the securities industry in 1934 as an analyst.
After his discharge from the Army in 1945, Cantor founded a firm in Los Angeles, advising Hollywood celebrities. In 1972, the firm purchased Telerate Inc. and became the first to provide quotes to the public on prices of U.S. Treasuries, until then an opaque market. He sold Telerate in 1981 for about 30 times more than he paid.
By then, Cantor Fitzgerald was providing electronic access to the U.S. Treasury markets around the clock.
Throughout his life, Cantor collected sculpture by French artist Auguste Rodin. His collection eventually numbered 750 pieces--the world’s largest private Rodin collection.
He donated most of it, to more than 70 institutions worldwide. The couple endowed several galleries and sculpture gardens, including the B. Gerald Cantor Sculpture Garden and the Iris and B. Gerald Cantor Gallery at the Los Angeles County Museum of Art. He and his wife underwrote numerous exhibits around the country.
In recognition of their patronage of the arts, the Cantors received the National Medal of Arts from President Clinton in October.
Cantor was also a strong supporter of the health services at various U.S. institutions, including UCLA. The couple also established the Iris Cantor Center for Breast Imaging and the Iris Cantor-UCLA Women’s Health Center.
New York-based Cantor Fitzgerald is the biggest broker of Eurobonds and sovereign debt and is a major market for U.S. equities. Cantor Fitzgerald also serves as a broker for mortgage-backed, municipal and corporate bonds as well as emerging markets debt and futures.
Private funeral services were held Friday in Los Angeles.
