Cantor Hires From UBS For DCM Platform – Financial News

Financial News Online, January 14, 2009

Broker-dealer Cantor Fitzgerald hired former UBS head of US structured wwwucts distribution as senior managing director and head of national fixed-income sales to further expand its debt capital markets team.

John Baldo will head up sales in all wwwucts in fixed income, including rates, MBS/ABS and corporates in this newly created position, he told Financial News. He will report to Shawn Matthews, executive managing director and head of debt capital markets.

Baldo said that there are opportunities across the board, including in the residential mortgage-backed securities space, which is very active, the high-yield space, and the high-grade corporate sector, which is "the asset of choice as spreads are wider."

Baldo spent 17 years at UBS, which he left on December 30. Before being managing director and head of US structured wwwucts distribution, he held several sales management positions, including head of rates sales and MBS/ABS sales. He also was formerly with Paine Webber and Merrill Lynch.

Last month, Cantor hired former Goldman Sachs vice president Martin Teevan as a managing director to drive the brokerage’s leveraged finance sales and trading platform. The firm also added an assortment of 33 fresh hires across the US.

Baldo said that the firm is looking to add staff.

Cantor has already hired 90 people to its DCM team this year and plans to add 100 more next year, Matthews said. He said the firm has the opportunity to become a major player in the high-yield distressed business space by taking advantage of redundancies on Wall Street.

In addition, he said that Cantor plans to expand to its bank loan business as well as its high-yield and distressed business in Europe.