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Specifically, the official consented to shift a portion of the financial firm Cantor Fitzgerald to trusts, the beneficiaries of which are his children, including sons Brandon and Kyle, according to the company.
The agreement will position 26North as a minority stakeholder in the firm, yet there will be no alterations to Cantor Fitzgerald's executive leadership.
Brokerage and fintech company BGC Group announced its plan to repurchase over 16.4 million shares from Howard Lutnick for $151.5 million.
The Newmark Group, a property consultancy, will purchase 11 million shares from him for $127 million.
Cantor Fitzgerald will continue to be the dominant shareholder of BGC and Newmark. Howard Lutnick served as chairman and CEO of Cantor Fitzgerald and BGC, as well as executive chairman of Newmark
source: bloomberg.com
The agreement will position 26North as a minority stakeholder in the firm, yet there will be no alterations to Cantor Fitzgerald's executive leadership.
Brokerage and fintech company BGC Group announced its plan to repurchase over 16.4 million shares from Howard Lutnick for $151.5 million.
The Newmark Group, a property consultancy, will purchase 11 million shares from him for $127 million.
Cantor Fitzgerald will continue to be the dominant shareholder of BGC and Newmark. Howard Lutnick served as chairman and CEO of Cantor Fitzgerald and BGC, as well as executive chairman of Newmark
source: bloomberg.com
