In an exciting move to expand its global presence, Marex, a diverse financial services platform, has successfully completed the acquisition of Cowen’s prime brokerage and outsourced trading business. This strategic move brings Marex a wealth of additional resources, including a team of approximately 160 experts from 8 international offices and a suite of trading and reporting technologies and clearing counterparties.
Marex Expands Global Reach with Acquisition of Cowen’s Prime Brokerage
The newly acquired business, now part of Marex Capital Markets, will continue under the leadership of Jack Seibald and Mike Rosen, who have been at the helm since its inception in the mid-1990s. Their expertise and knowledge will be utilized to integrate the new services into Marex’s existing framework. Both Seibald and Rosen have also been appointed to Marex’s Management Executive Committee.
Cowen’s prime brokerage division offers a wide range of services, including custody for various asset classes, financing solutions, securities lending, technology offerings, and comprehensive capital services. The decision to acquire the company was initially announced over 2 months ago, and according to today’s (Friday’s) statement, the acquisition has been completed.
“Our clients can expect the same high level of service they are accustomed to, with the added benefit of Marex’s extensive resources,” Seibald commented, expressing optimism about the merger and emphasizing the continuity of service for existing clients.
Marex Recent Expansion
The acquisition further solidifies Marex’s position in the financial services sector. Marex Prime Services and Marex Outsourced Trading, which offer a full range of products, including multi-asset-class custody and execution, are now poised for growth. This move follows Marex’s expansion of its Capital Markets business in 2022.
“This acquisition not only strengthens our market infrastructure but also widens our client base,” stated Paolo Tonucci, the CEO of Capital Markets at Marex.
The company recently expanded its presence in Asia and Australia by becoming an SGX member and ASX clearing participant. According to the company, it ended the first half of 2023 with over $11.8 billion in client assets, clearing on 57 exchanges.
