Cantor Fitzgerald Wealth Partners is buying the advisory business of First Commonwealth Financial Advisors Inc.
The Pittsburgh, Pa.-based First Commonwealth unit has more than $2 billion in assets under advisement, and is a subsidiary of First Commonwealth Financial Corp. (NYSE: FCF). For First Commonwealth, the divestment allows the company to refocus on community banking. Indiana, Pa.-based First Commonwealth is the holding company for 110 First Commonwealth Bank retail branches. Terms of the deal were not disclosed.
Cantor Fitzgerald is an affiliate of Cantor Fitzgerald & Co., and provides advisory services to private wealth management market. The company expects the deal to increase its investment advisory services in western Pennsylvania.
Other recent asset management deals include Carlyle Group's (Nasdaq: CG) deal for hedge fund manager Diversified Global Asset Management Corp., and Hunt Companies Inc.'s purchase of Centerline Holding Co.
For more on M&A in the financial services industry, driven in part by regulatory pressures on banks to divest non-core assets, see "Financial Services Sector is Teeming with Targets."