Muni Restructuring Firm Formed by Ex-Citi Bankers Is Dissolving

BGC Partners Advisory, a boutique restructuring firm started in 2024 by ex-Citigroup Inc. public finance bankers, is dissolving.

Puerto Rico’s financial oversight board, which manages the island’s spending and the bankruptcies of its government agencies, was a key client for BGC and received a notice from the firm of its plans to dissolve. A person with direct knowledge of the matter who asked not to be named discussing the situation confirmed BGC’s dissolution.

“BGC has informed the oversight board that it intends to dissolve its partnership, and the oversight board will communicate its decision regarding its financial advisor going ...