Cantor to Buy Canaccord’s US Wholesale Market-Making Business

Cantor Fitzgerald LP’s investment bank arm agreed to buy Canaccord Genuity Group Inc.’s US wholesale market-making business in a bid to expand its equities operations.

The deal is expected to close by the fourth quarter of the year, Cantor said in a statement Tuesday. Financial terms of the transaction weren’t disclosed.

The Canaccord unit specializes in over-the-counter wholesale market-making, including global equities and American depositary receipts. The division has “remained outside the strategic core” of Canaccord’s US capital-markets franchise, the Canadian investment firm said in a separate statement.

The acquisition adds about 30 people to Cantor’s equity ...