Virtu Debuts At-The-Market Offerings for Corporate Issuers
Virtu Financial, Inc., a leading provider of financial services and products that leverage cutting edge technology to deliver liquidity to the global markets and provide execution services and data, analytics and connectivity products, announces the launch of its Virtu Capital Markets business unit to service corporate issuers and sponsors.
Virtu Capital Markets (VCM) is a strategic initiative aimed at applying Virtu efficiencies and At-The-Market (ATM) expertise to a growing segment of the capital markets space. VCM will offer ATM services to global public issuers looking to raise equity capital in the primary markets and provide corporate stock buyback services to issuers and sponsors looking to transact in the secondary market, positioning Virtu to provide essential equity capital raising services to public companies.
“Our Capital Markets offering is consistent with our strategy of leveraging our core market structure expertise, global technology platform, and distribution network to deliver efficient and transparent products and solutions to the market,” said Douglas A. Cifu, Chief Executive Officer.” Mr. Cifu continued, “In the same way that our entry into the Outsourced Trading space was a natural extension of our native capabilities to provide more services to our client base, Virtu Capital Markets likewise enables us to provide efficiency-enhancing services to corporate issuers and sponsors.”
The increased focus on costs and efficiencies continues to grow across the financial services ecosystem, including the capital raising function of the marketplace via direct listings as an alternative avenue for an initial public offering. As with direct listings, equity capital raises via the ATM structure is a growing market.
“The evolution of the ATM product has put an emphasis on access to liquidity and, given Virtu’s strengths, it is a natural fit to leverage its best-in-class technology and global liquidity profile to offer ATM services,” said, Jeffrey Lumby, Head of Virtu Capital Markets. Mr. Lumby continued, “The ATM structure is one of the most efficient mechanisms for public companies seeking to raise equity capital and we will be able to drive additional efficiencies into the structure at Virtu.”
Jeffrey Lumby joins Virtu as head of Virtu Capital Markets. As a senior-level capital markets professional for approximately 18 years, Mr. Lumby was one of the originators and first providers of At-the-Market offerings as an attractive alternative for public companies to raise equity capital. Prior to joining Virtu Financial, Mr. Lumby was at Cantor Fitzgerald for over 18 years where he was most recently Head of Equity Capital Markets. While at Cantor, Mr. Lumby built and oversaw the market-leading ATM team.
Mr. Lumby is a lifelong advocate for improving the quality of life for individuals and families affected by autism, serves on the Board of Directors of Hope Autism, and was a 2019 recipient of the Jefferson Award for Public Service.
Joshua Feldman joins Virtu Capital Markets as a Managing Director. For more than 15 years, Mr. Feldman has focused on ATM offerings and has been instrumental in bringing this efficient and cost-effective capital-raising tool to corporate clients in numerous sectors and corporate structures both in the U.S and abroad. Prior to joining Virtu Financial, Mr. Feldman was a senior member of the Equity Capital Markets team at Cantor Fitzgerald.
Mr. Lumby and Mr. Feldman played a key role in introducing the ATM product to companies in numerous industries including Real Estate, Energy/MLP’s, Oil & Gas, Life Sciences, Closed-End Funds, and Specialty Finance. Mr. Lumby and Mr. Feldman were also instrumental in some of the first ATM programs in Canada, Israel, Greece, and Australia.