Diversified global financial services platform Marex today announced the completion of the acquisition of Cowen’s prime brokerage and foreign trading business, expanding its global capabilities and client base.
The transaction, originally announced in September 2023, brings together a team of approximately 160 people from the acquired business from eight offices around the world, as well as all clearing counterparties, trading and reporting technologies.
Now part of Marex Capital Markets, the business will continue to be led by Jack Seibald and Mike Rosen who have run the business since its inception in the mid-1990s, selling to Cowen in 2015. In addition to being Global Co-Heads of Marex’s Prime Brokerage Services and Outsourced Trading, Jack Seibald and Mike Rosen have also been appointed to Marex’s Executive Management Committee.
Jack Seibald, Global Co-Head of Prime Brokerage Services and Outsourced Trading, commented:
“We look forward to delivering significant benefits to the customers of the combined organizations through our shared service offering and geographic reach. Importantly for our clients, the seamless transition to Marex means they will interact with the same core brokerage and trade assignment teams they have developed relationships with and use the same trading and reporting technologies, ensuring full service continuity. With the additional resources provided by Marex, we will be able to accelerate the development of solutions for our clients, including trading capabilities in more asset classes and expanding markets around the world.”
Mike Rosen, Global Co-Head of Prime Brokerage Services and Outsourced Trading, added:
“Marex’s culture, where collaboration and customer support is a priority, is perfectly aligned with our own long-standing principles. We also share a common goal to meet the needs of a wide variety of customer types on a global basis. Our team is already known for the depth and breadth of its trading capabilities along with our global expertise in the multi-asset category. We believe that, as part of Marex, there will be significant opportunities to accelerate our global expansion and further strengthen the capabilities of our core brokerage and foreign trade businesses.”
Paolo Tonucci, Managing Director Capital Markets at Marex, said:
“Cowen’s primary brokerage and foreign trading business is known for providing an outstanding global market leading service. This established business is an ideal addition to our Capital Markets division as we continue to diversify our offerings by adding new products, services and asset class coverage. This acquisition enhances Marex’s provision of core market infrastructure that connects customers to markets and also creates opportunities to provide additional services to a new set of customers.”
Marex Prime Services and Marex Outsourced Trading offer a full range of services including multi-asset custody, high and low touch execution, financing solutions, security lending and related technology solutions and capital injection.
The Marex Capital Markets business was established in 2022 following the acquisition of ED&F Man Capital Markets to provide a full service offering in equities, fixed income, foreign exchange, fixed income and finance.
Marex Prime Services operates both a direct and a prime brokerage business. This is complementary to Marex’s clearing offering, leveraging Marex’s extensive, global, multi-asset instant settlement capabilities. Marex Outsourced Trading provides trading and execution services to clients of hedge funds and traditional investment managers, as well as family offices, and can also leverage Marex’s clearing capabilities.