Lutnick Divests Cantor Fitzgerald to His Children, 26North

US Commerce Secretary Howard Lutnick sold his stakes in the Wall Street business group he ran for more than three decades, passing ownership to his children and private outside investors and cashing out at least hundreds of millions of dollars.

Lutnick’s ownership of brokerage and investment bank Cantor Fitzgerald LP has been transferred to trusts for the benefit of his children, including Brandon and Kyle, his two oldest sons, who were appointed earlier this year to oversee the group, according to a statement Monday. Terms weren’t disclosed.