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Cantor Fitzgerald's BGC Stake Diluted After Reorganization
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Fintel reports that Cantor Fitzgerald, L. P. has filed a 13D/A form with the SEC disclosing ownership of 131,778,115 BGC Partners (US:BGC) shares. This represents 29.7% of the company.
In their filing dated Dec. 12, 2018, they reported 124,370,181 shares and 31.20% of the company, an increase in shares of 5.96% and a decrease in total ownership of 1.50% (calculated as current – previous percent ownership).
BGC said it had “entered into a Corporate Conversion Agreement to reorganize and simplify its organizational structure through a series of proposed corporate conversion transactions. ”
The company also changed its name to BGC Group, Inc. from BGC Partners, Inc.
Howard W. Lutnick, Chairman of the Board and Chief Executive Officer of BGC, said: “With the execution of these agreements, the company will move rapidly with its conversion to a simpler, more transparent corporate structure. We believe increasing simplicity while reducing operational complexity will deliver tremendous value to BGC.”
BGC Partners is a leading global brokerage and financial technology company. BGC specializes in the brokerage of a broad range of products, including fixed income (rates and credit), foreign exchange, equities, energy and commodities, shipping, insurance, and futures. BGC provides various services to various financial and nonfinancial institutions, including trade execution, brokerage, clearing, trade compression, post-trade, information, and other back-office services.
BGC Partners is led by Chairman of the Board and Chief Executive Officer Howard W. Lutnick.
What are other large shareholders doing?
Rubric Capital Management LP holds 18,250,000 shares representing 4.92%company ownership. In its prior filing, the firm reported owning 16,250,000 shares, representing an increase of 10.96%. The firm increased its portfolio allocation in BGCP by 0.34% over the last quarter.
Cardinal Capital Management LLC /ct holds 15,473,897 shares representing 4.17% ownership of the company. In its prior filing, the firm reported owning 14,632,364 shares, representing an increase of 5.44%. The firm increased its portfolio allocation in BGCP by 10.78% over the last quarter.
Philosophy Capital Management LLC holds 9,157,833 shares representing 2.47% ownership. In its prior filing, the firm reported owning 8,462,195 shares, representing an increase of 7.60%. The firm decreased its portfolio allocation in BGCP by 18.86% over the last quarter.
AltraVue Capital, LLC holds 8,416,600 shares representing 2.27% ownership. In its prior filing, the firm reported owning 8,427,920 shares, representing a decrease of 0.13%. The firm decreased its portfolio allocation in BGCP by 54.98% over the last quarter.
Boussard & Gavaudan Investment Management LLP holds 7,287,564 shares representing 1.97% ownership. No change in the last quarter.
What is the overall institutional sentiment?
There are 398 funds or institutions reporting positions in BGC Partners, Inc. This is a decrease of 7 owner(s) or 1.73%.
Average portfolio weight of all funds dedicated to BGC Partners, Inc. is 0.1115%, an increase of 9.4375%. Total shares owned by institutions increased in the last three months by 3.21% to 228,307,872 shares.
This article originally appeared on Fintel
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