Cantor Fitzgerald Wealth Partners is pushing deeper into the wealth management space with the acquisition of First Commonwealth Financial Advisors in Pennsylvania.

Cantor Fitzgerald Wealth Partners is pushing deeper into the wealth management space with the acquisition of First Commonwealth Financial Advisors in Pennsylvania.

The Pittsburgh-based advisory offices will operate with the same advisors that previously served the clients at FCFA and will continue to be led by Richard Applegate in his role as a member of Cantor Fitzgerald Wealth Partners.

The acquisition comes as Cantor Fitzgerald plans to grow its asset base and wealth management platform to expand in the western Pennsylvania investment advisory marketplace and surrounding markets, it said in a statement.

With the loss of its advisory business, FCFA will be able to further its duty as a community bank. It will focus its resources on its trust, insurance, brokerage and investment management efforts in addition to the core community banking business.

First Commonwealth Financial Corporation is a $6.2 billion financial holding company headquartered in Indiana, PA. FCFA has
over $2 billion in assets under advisement.