Anshu Jain, Cantor Fitzgerald's president, who was known for his time leading traders into the lender's investment banking heights, died five years after being diagnosed with duodenal He was 59.
Our beloved husband, son, and father, Anshu Jain, passed away overnight, his family said in a statement. Since 2017, he had been president of Cantor Fitzgerald and was before CEO of AG.
Jain's family wrote in January 2017 that he had outlived his initial diagnosis by four years through a combination of extensive personal research, tactical skill, amazing caregivers and sheer force of will.
They wrote that there are few reliable statistics for the life expectancy for stomach in the third, fourth and fifth years because so few people survive these milestones. Anshu stood by his lifelong determination to not be a statistic on the last day. Jain, born in Jaipur, India, became a son of a civil servant and transformed one of Europe's most prominent lending institutions into a global trading powerhouse. He developed generations of traders as he rose through the ranks of many risk-takers and bankers he led. Many of the risk-takers and bankers he led went on to work for Wall Street's largest and technology firms.
Jain has recently recruited teams of traders from larger rivals to work at Cantor Fitzgerald as the firm's chief, Howard Lutnick, expanded their ambitions in trading and relationships with global investors.
Anshu always stood out because of his intellect and charm, billionaire investor Marc Lasry, co-founder of Avenue Capital Management, said in an interview. You enjoyed his company and thoughts, which is rare for someone in his position. After graduating from business school at the University of Massachusetts in Amherst, Jain first learned the inner workings of derivatives - before joining Deutsche Bank in 1995, he held positions at Kidder Peabody Co. and Merrill Lynch. Over time, he made the bank a fixture on Wall Street as his team worked with hedge funds, competing with financial giants like Goldman Sachs Group Inc. and Citigroup Inc.
In 2010, Jain was appointed head of the investment bank, where he took over responsibilities for corporate and transaction banking units as he spearheaded expansions into credit derivatives and emerging markets. Jain took the co-CEO position with Juergen Fitschen within two years. After losses during the credit crunch in 2008, he overhauled the bank's equities strategy and management. Jain was the first non-European to rise to the helm of the German firm.
Jain's early tenure at Deutsche Bank was met with a cascade of bad news about tax evasion in carbon markets and raids by police and tax investigators - making his first year tumultuous. He helped lead the bank through an internal investigation into possible money laundering by Russian clients just a few months after Deutsche settled a probe into interest-rates rigging. On June 7, 2015, Jain resigned amid the tumult and found his way to Cantor two years later.
Since joining Cantor, he has added teams of trading executives and investment bankers from New York to London.
Jain was an avid fan of Bollywood movies and loved to play and watch cricket and golf in his personal life. He is survived by his wife Geetika, whom he met when he was 17 and their two children.