As per the terms of the deal, Cantor Fitzgerald will allow Irish customers access to a number of financial instruments, including institutional bond and equity market trading and dealing, investment banking services, retail stock broking, currency broking, sale of structured products, discretionary wealth management, and pension services. Ronan Reid, the current head of Dolmen, will continue to serve as chief executive of the newly acquired business, which will be renamed Cantor Fitzgerald Ireland.
"Dolmen Stockbrokers ranks as one of the leading firms in the Irish marketplace, and complements our strength in serving clients with a full range of investment resources," said Shawn P. Matthews, Chief Executive Officer of Cantor Fitzgerald & Co. and Chairman of Cantor Fitzgerald Ireland. "Building a full-service sales and trading, research and advisory business in Ireland is an important step in our continued expansion, as Ronan and the team of talented, well-respected Dolmen professionals provide clients with the high quality service Cantor is known for, coupled with our world-class execution".
The deal will boost Cantor Fitzgerald's, a leading global financial services firm, capacity to provide sales and trading, research, and advisory services to clients in Ireland as part of the continued growth of its global capital markets franchise. Cantor will also gain access to the Irish marketplace through offices in Dublin, Cork, and Limerick.
"We are all excited by the opportunity to join a world-class firm such as Cantor, which continues to see tremendous growth," said Mr. Reid. "We look forward to the scale and opportunity that Cantor brings, allowing us to serve a broader global client base, as well as deepening our product offering for clients in Ireland."
The acquisition comes amid turbulent times as Irish economy continues to rebound from the financial crisis, and requires bailout from local politicians. However, Ireland’s gross domestic product is expected to rise marginally to 0.4 percent this year, compared with a 0.3 percent decline for the entire European Union.
Cantor Fitzgerald received regulatory approval for the transaction from the Central Bank of Ireland. The purchase price was not disclosed.