Cantor Fitzgerald is launching an alternative assets manager just days after the broker auctioned off its holdings in a beleaguered hedge fund with heavy exposure to sub-prime debt.

Cantor Fitzgerald bought Los Angeles-based Zenith Asset Management to create GoldRock Asset Management, which will open for business in July to manage global hedge fund-of-funds portfolios. Zenith founder Mark Ostroff will run GoldRock, which will sit within the Cantor Fitzgerald Asset Management division run by Irvin Goldman.