Cantor Fitzgerald, a US-based financial services firm, is exiting the securities lending business and selling the assets to Metropolitan West Securities, a firm specialising in securities lending and short-term fixed-income asset management.

MetWest Securities, based in Los Angeles, will assume responsibility for Cantor Fitzgerald's existing securities lending client accounts and retain its three employees who work in the securities lending division. The division currently manages approximately $3.4bn (€3.8bn) in client assets.