Bold New Middle East Hiring Launches Cantor Fitzgerald Expansion

Cantor Fitzgerald LP plans to build a team of 25 to 50 bankers in the Middle East, after bringing on Ali Khalpey, a veteran rainmaker from EFG Hermes, to head its investment banking and capital markets operation in the region. The Wall Street firm’s move underscores an ambitious push into Middle Eastern markets, aiming to boost its local footprint and advisory capabilities.

Ali Khalpey joins Cantor after nine years at EFG Hermes, where he served as managing director and head of equity capital markets. His tenure there included steering numerous initial public offerings and secondary offerings across GCC exchanges, earning EFG Hermes a leading position in the MENA equity capital markets league table with nearly 10 per cent market share in 2024.

A memo circulated among Cantor staff, as reported by Bloomberg News, confirms Khalpey's appointment and outlines the firm’s ambition to build what it characterised as a "25 to 50-person team" in the region. That would represent a meaningful expansion of its investment banking operations outside traditional hubs such as New York, London, and San Francisco.

Across its existing platform, Cantor has demonstrated a recent track record of strategic hiring in other sectors. In March 2024, the firm hired nine senior bankers to bolster its Technology Investment Banking group, part of more than 25 hires in recent months in New York, San Francisco, and London. With these additions, it has deepened its coverage in software, industrial technology, internet and digital media, fintech, and tech-enabled services.

Cantor’s new Middle East structure will likely benefit from Khalpey’s deep regional experience. His previous role at EFG Hermes saw him navigate equity capital markets dynamics across Tadawul, ADX, DFM, and Boursa Kuwait, where he oversaw record volumes—including IPOs and follow-on offerings totalling nearly $20 billion in 2024. That pipeline included mega-deals such as Aramco’s secondary offering and the first unicorn listing on Tadawul.

The strategic timing of Cantor’s expansion reflects growing deal activity in the region. According to LSEG data, equity and equity-related issuance in MENA reached $30 billion in 2024—a 126 per cent increase from the prior year and the highest annual total since 2019. This momentum aligns with aggressive public listing programmes by both private and sovereign issuers in Saudi Arabia and the UAE.

By appointing Khalpey and committing to a substantial hiring push, Cantor is signalling it intends to compete head-on in the region’s accelerating investment-banking arena. The appointment bridges Cantor’s established capabilities in technology and global markets with deep regional expertise, enabling the firm to serve as a bridge between local issuers and global capital flows. The paraphrased headline—Bold New Middle East Hiring Launches Cantor Fitzgerald Expansion—captures the essence of this strategic moment.

This development places Cantor in direct competition with established regional players such as EFG Hermes, which has long dominated equity capital markets, as well as international firms seeking to capitalise on MENA’s vibrant dealmaking environment. The effectiveness of this Middle East build-out will hinge on how quickly Cantor can recruit top regional talent, establish client relationships, and win mandates in equity and debt offerings.
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