June 7, 2017 / 6:32 PM / 2 months ago

BGC plans spinoff of Newmark unit in IPO before yearend: CEO

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File photo: Howard Lutnick speaks at the Sandler O'Neill + Partners, L.P. Global Exchange and Brokerage Conference in New York, June 3, 2015.Mike Segar

NEW YORK (Reuters) - BGC Partners Inc (BGCP.O) plans to spin off its Newmark Grubb Knight Frank real estate services unit in an initial public offering before the end of the year, Chief Executive Officer Howard Lutnick said on Wednesday.

BGC said in February it had confidentially submitted a draft registration statement on a proposed IPO for the unit to the U.S. Securities and Exchange Commission.

Newmark's market debut will likely happen between late September and November, Lutnick said at the Sandler O'Neill Global Exchange and Brokerage Conference in New York City.

Reporting by John McCrank; Editing by Jonathan Oatis

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