Here’s how Howard Lutnick is growing Cantor’s real estate biz

The Cantor Fitzgerald head is teaming up with a former Deutsche Bank exec

New York /
Sep.September 21, 2018 11:55 AM

Howard Lutnick and Wall Street (Credit: Getty Images and Wikipedia)

Howard Lutnick isn’t done yet.

The head of Cantor Fitzgerald LP has managed to stage an improbable comeback on Wall Street, according to Bloomberg News. Lutnick lost two of every three people who worked for him on 9/11, including his brother (though he was later criticized for cutting checks off of deceased employees). But since then, he has become a billionaire and is now spending hundreds of millions of dollars to move into new businesses.

Lutnick has partnered with Anshu Jain, the former co-CEO of Deutsche Bank, to court sovereign wealth funds to back Cantor’s move into investment banking and prime brokerage. He is now the sole stockholder of Cantor Fitzgerald Group Management and has a roughly 60 percent economic stake in the company, giving him a net worth of at least $1.5 billion.

He hopes to expand more into real estate by competing with Wells Fargo to finance multifamily homes, and he and Jain are trying to get talent from rivals with pay packages of more than $10 million.

It’s not his first try at expanding his empire’s real estate presence. In 2012, Lutnick’s BGC Partners announced it would be rolling out a real estate derivative platform.

Lutnick has been at Cantor for his entire adult life, joining after graduating from Haverford College in 1983 and becoming president and CEO in 1991. He said his rise started in 1986, when he convinced Bernie Cantor to invest in Burlington Resources before it spun off from Burlington Northern Railroad. Bernie Cantor and the company earned $150 million from the decision.

“That’s how you become president when you’re 29,” he told Bloomberg. “You make the boss so much money that he decides he really likes you.” [Bloomberg] – Eddie Small


Related Articles

arrow_forward_ios
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
Charter school takes 85K sf in Queens condo building
Charter school takes 85K sf in Queens condo building
(IStock illustration by Kevin Rebong)
Smaller cities look to cash in on shift to remote work
Smaller cities look to cash in on shift to remote work
421-427 East 14th Street (Google Maps, iStock)
Stuy Town to get new 17K sf grocery store
Stuy Town to get new 17K sf grocery store
Photo illustration of Mayor Bill de Blasio as Uncle Sam (iStock, Getty/Illustration by Kevin Rebong)
NYC has $1.3B in unpaid property taxes
NYC has $1.3B in unpaid property taxes
Photo illustration of RXR Realty CEO Scott Rechler (Getty, iStock)
Office landlords offer no-wait Covid tests to lure workers back
Office landlords offer no-wait Covid tests to lure workers back
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Manhattan job losses in Q3 worst of any large county in the US
Manhattan job losses in Q3 worst of any large county in the US
Rudin Management's Bill Rudin, 1675 Broadway and Gannett CEO Mike Reed (Getty, Google Maps, Gannett)
Gannett to move its NYC office two blocks north
Gannett to move its NYC office two blocks north
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...