Cantor Fitzgerald & Co. announced today that the management team of PCS Dunbar Securities is joining its Prime Services division. In a move to further increase the firm's growing Prime Services business and breadth of products, the addition of the PCS Dunbar team expands our product reach, offering broader distribution of Cantor's full-service, multi-asset prime brokerage platform.
The deal marks an important step for our business and Cantor as we continue to increase our client base said Noel Kimmel, Senior Managing Director and Global Head of Cantor Prime Services. We are very pleased to have the PCS Dunbar team joining our platform, as they have a long and impressive track record of building customer relationships and share our focus on delivering a superior, custom- tailored client service experience. As the Prime Brokerage landscape continues to evolve, we think that further consolidation is likely and Cantor is uniquely positioned to benefit from those trends.
We are thrilled to join Cantor's team and are very enthusiastic about offering our clients a more robust Prime Services platform along with the broader capabilities of a global investment bank. Cantor Prime Services' significant investment in technology accompanied by their client service focus has proven to be vital in landing some high profile clients, said Harry Freda, formerly the Chief Executive Officer of PCS Dunbar Securities and now a Managing Director at Cantor.
PCS Dunbar's Purchase, NY location will now operate under the Cantor Fitzgerald name and its members will report into Mr. Kimmel in New York City.
Cantor Fitzgerald added nearly a hundred sales and trading professionals in 2010 strengthening Cantor's global presence in response to client interest and demand for broader product and service penetration. Focused on a capital structure-centric business model and cross-market strategy, Cantor Fitzgerald is continuing to grow the fixed income, equity and investment banking businesses.