Cantor Fitzgerald has named two managing directors of sales for its Prime Services Group. Both John Fiore and Marc Young will be responsible for business development and origination for hedge fund clients. In a joint statement, the two newcomers expressed their hope to be part of a growth story at Cantor Prime Services because “the mid-market hedge fund space continues to be underserved by investment firms.”

Noel Kimmel, senior managing director and global head of Prime Services tells On Wall Street that this is a growing segment of the market and Cantor is uniquely positioned to service it. “These mid-tier funds, in some cases, were jettisoned by their service providers at the worst possible time,” he says, “resulting in a general lack of trust.”

In this environment, Kimmel believes that opportunities exist for a firm with the right strategy in the mid-market hedge fund space. “Some providers miss the mark by trying to make one size fit all,” he says. “Each client is different, with different motivations. Therefore, you need a thoughtful approach to a client’s businesses and future needs, and to do this you need to fully understand the complexity of the client’s business model.”

Cantor expects Fiore and Young to bring that understanding.  Fiore, who has worked at Goldman Sachs, joins Cantor from Bank of America Merrill Lynch, where he was a director and senior financing salesperson in its Prime Brokerage Group. He’ll be based in New York.

Young, who will be in San Francisco, has experience with Husic Capital Management, Morgan Stanley, and UBS. He comes to Cantor from BNP Paribas, where he was vice president in the prime brokerage area. “John and Marc have proven track records with deep knowledge and strong relationships within the hedge fund industry and prime brokerage space,” says Kimmel. “Their appointments will strengthen our team and help to drive our business forward as we build an even greater market franchise."

According to Cantor, these appointments reflect the firm’s commitment to expanding its prime brokerage business through enhanced client coverage. The goal is to grow via broader distribution of Cantor’s full-service equity and fixed income prime brokerage capabilities to hedge funds and money managers.

“Our target is not the multi-billion manager who has most of his own infrastructure and dictates rate,” says Kimmel, “but the manager who utilizes the technology and services we do offer. We plan to grow our business by identifying the right clients, understanding their businesses, and delivering daily as a partner.”

Donald Jay Korn writes for On Wall Street.