With Lutnick leaving, Cantor Fitzgerald meets ethical standards and remains in the family’s control.
United States: On Monday, Cantor Fitzgerald, a Wall Street firm, confirmed that Secretary Lutnick transferred his part of the company to his children and a group of investors and also sold off assets in two of its subsidiaries as required by his ethics agreement with the U.S. government, as reported by Reuters.
Lutnick steps down with his family taking over; his son, Brandon Lutnick, CEO and chairman, now controls and runs the company on their behalf.
It's a family affair. #Commerce boss #HowardLutnick turns his #WallSt firm #CantorFitzgerald, owner of #realestate services co #Newmark, over to sons #Brandon+#Kyle. $360M empire stake to change hands. #CRE #BGC #Trump #POTUS #Crypto #Tesla https://t.co/8tzl6Q12KT via @WSJ
— David Levitt (@dmlevitt) May 19, 2025
Investor Group Gains Minority Stake
Individuals in the U.S. government who have connections to Wall Street, with President Trump being an example, must get rid of or set aside shares if they could impact their judgment.
The investor group will comprise Josh Harris’s 26North and Glenn August’s Oak Hill Advisors, among others, and they will be minority owners.
Asset Divestment to Meet Federal Ethics Rules
After being sworn in as Commerce Secretary on February 24, Lutnick sold $151.5 million of his Class A shares in BGC Group (BGC.O) to the company and $127 million from Newmark Group (NMRK.O) as well.
Cantor Fitzgerald will be buying the Commerce Secretary’s Class B BGC shares, allowing it to maintain its strong position in BGC and Newmark, as reported by Reuters.
According to the Wall Street giant, Lutnick said he will not receive any financial awards from Cantor Fitzgerald, BGC, and Newmark, starting May 16.