Cantor ETF Boss Departs Within Two Months to Join ‘Old Friend’by and
Zubin Ramdarshan joined in April to help lead ETFs in Europe
Ramdarshan latest senior departure at Cantor Fitzgerald
Zubin Ramdarshan, who joined Cantor Fitzgerald LP in April to help lead the firm’s exchange-traded funds business in Europe, said he left to work with an “old friend.”
Ramdarshan will take up a “buyside role,” he said in an e-mail. He didn’t immediately respond to requests to identify his new employer. Karen Laureano-Rikardsen, a spokeswoman for New York-based Cantor Fitzgerald, declined to comment on his departure.
The exit of Ramdarshan adds to a series of top-level departures over the past year at Cantor Fitzgerald, a brokerage in stocks and bonds run by Howard Lutnick. The firm’s head of U.S. equities, Jared Kessler, left in December and was later fined and suspended by market regulators for his role in selling unregistered microcap stocks. Robert Krumme, head of equity research, departed earlier this year, and European co-head Gordon Neilly left last month, according to Financial Conduct Authority records.
“Amicable departure,” Ramdarshan said. “I could not pass on the opportunity to work with an old friend.”
ETFs are publicly-traded investment funds that track the performance of groups of securities. Ramdarshan was “head of ETF Europe” at Cantor, joining in April after holding a similar role at Jefferies Group LLC, according to his LinkedIn profile and FCA records. He previously worked at Macquarie Group Ltd. and Bear Stearns Cos.
Cantor Fitzgerald Europe, the brokerage’s subsidiary on the continent, made a pretax profit of about $2.3 million last year compared with a loss of $11.4 million in 2014, according to filings with the U.K. Companies House. The firm has shuttered some loss-making trading desks and branches and cut the number of employees by almost 20 percent in two years in a bid to slash costs, the filings show.