Cantor Fitzgerald forms fund-of-funds unit

Cantor Fitzgerald LP is entering the alternative asset management arena. The bond brokerage company announced that it has formed GoldRock Asset Management LP, which will manage several global hedge fund-of-funds portfolios. Zenith Asset Management LLC, a Los Angeles-based fund-of-funds firm, will be folded into the mix to create the new unit. GoldRock will begin operations in July. Mark Ostroff, a co-founder of Zenith, will become president of Goldrock. He will report to Irvin Goldman, chief executive of Cantor Fitzgerald Asset Management. Prior to joining Zenith, Mr. Ostroff held positions at New York-based Goldman Sachs Group Inc., Morgan Stanley of New York and Weiss Peck & Greer Funds Trust of Wilmington, Del. Yesterday, New York-based BlackRock Inc. announced that it would pay $1.7 billion for Quellos Group LLC, a hedge funds-of-funds manager that had long been a sub-adviser to Blackstone's funds.