WSRC, a spin off of the Institutional Property Group of securities brokerage Cantor Fitzgerald, is a two-year old firm that raises capital for investment from financial institutions. High net worth individuals and accredited investors use Equityhound to gain access to private real estate markets with institutional quality sponsors as well as funds managed by institutions. It enables members to preview deals and invest through personal company Web pages.
Anthony V. Labozzetta, WSRC president and founder, says that, "the combination of our two businesses creates a real estate banking firm suited to handle the industry's capital needs in the emerging new economy."
Ken Narbutas, CEO and co-founder of Equityhound, which began operations in April 2000 and is based in San Francisco, notes on the agreement that, "access to the types of investments we have targeted has traditionally only been available to institutional investors and the wealthiest of individuals. The use of the Internet has permitted us to democratize these previously exclusive markets."
For the present, both firms will continue operating in their separate markets using their own names.
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