(Fixes typo in paragraph 7)
By David French
NEW YORK (Reuters) - Cantor Fitzgerald has hired nine investment bankers as it bolsters its advisory services to technology companies, the boutique bank said in a statement to Reuters on Thursday.
The additions, seven managing directors and two at director level, follow the appointment of Cole Bader as global head of technology investment banking in December. In total, the bank has hired more than 25 tech bankers in recent months, the statement said.
After the rapid rise in interest rates caused investors to move out of technology stocks, suppressing company valuations and, with it, a desire among executives for dealmaking, the recent rebound in share prices has revitalized mergers and acquisitions in the space.
Through the first two months of 2024, technology companies accounted for 17% of global M&A, second only to financial services, according to LSEG data.
"We are committed to expanding our investment banking offering across key sectors where we can truly make an impact," Howard Lutnick, chairman and CEO of Cantor Fitzgerald, said in the statement, adding that the expanded team would help the bank support a broader range of technology clients.
Among the managing directors are three previously employed with Bader at Stifel. These are Mark Baillie, who specializes in software deals, and Stephen Butkow and Bryan Dow, who cover industrial technology companies.
Joining them, from various other financial institutions, are Jason Harkness, who focuses on internet companies, software banker Karan Kapoor, as well as Ben May, who covers telecommunication and media companies, and Mike Rosso, who works on private share placements.
All will be located in San Francisco with the exception of Baillie and Butkow, who will work from New York, and May, who will be London-based, the statement added.