Investing.com -- In a landmark transition for Cantor Fitzgerald, L.P., Howard W. Lutnick, the United States Secretary of Commerce and the firm’s former Chairman and CEO, is set to transfer his ownership to his adult children through trusts. Brandon G. Lutnick, now Chairman & CEO, and Kyle S. Lutnick, Executive Vice Chairman, will be the controlling trustees of these trusts, ensuring that leadership remains within the family.

This change comes as part of a broader strategy to maintain the firm’s legacy and drive future growth. The executive leadership team at Cantor Fitzgerald will remain intact, continuing the company’s track record of innovation in financial services and real estate.

Alongside the transfer, 26North, an alternative asset management firm founded by Josh Harris, and Glenn August, CEO of Oak Hill Advisors, will join as minority investors in Cantor Fitzgerald. Their investment is seen as a vote of confidence in the firm’s direction and leadership under the Lutnick siblings.

Brandon G. Lutnick expressed honor in building upon his father’s legacy and welcomed the new investors. His brother, Kyle S. Lutnick, echoed the sentiment, emphasizing their commitment to innovation and client impact.

In a related move on May 16, 2025, Howard Lutnick agreed to sell his Class A shares in BGC Group, Inc. and Newmark Group (NASDAQ: NMRK ), Inc. to the respective companies and divest his Class B common stock in BGC to Cantor Fitzgerald. These transactions, which also include forgoing all economic benefits in the companies, align with Lutnick’s ethics agreement with the U.S. government.