Marex Acquires Cowen's Prime Brokerage Business

Marex Acquires Cowen’s Prime Brokerage Business

Time Stamp: September 22, 2023 9:57 AM
Source Node: 2285453

Marex will acquire Cowen’s prime brokerage
and outsourced trading business. This move is part of its strategy to
enhance its capabilities, broaden its client base, and reinforce its position
in the financial services sector, the company said.

Cowen’s prime brokerage business offers diverse
services, including multi-asset-class custody, financing solutions, security
lending, technology solutions, and capital services. By absorbing
this business, Marex plans to strengthen its market infrastructure and gain
access to an established client base comprising asset managers.

Ian Lowitt, the CEO of Marex, commented: “This
transaction advances our strategy, increasing our capabilities to connect
clients to markets in new ways across multiple geographies. Mike and Jack have
built a terrific business, and its addition to Marex broadens the range of
essential infrastructure we provide to clients, as well as creating opportunity
for Marex to provide additional services to a new set of clients.”

After completing the transaction, Marex plans to
rebrand the acquired operations as Marex Prime Services and Marex Outsourced
Trading. These will become integral parts of Marex’s Capital Markets business,
which took shape in 2022 after it acquired ED&F Man Capital Markets. The
company noted that the aim is to consolidate operations in the financial
markets and offer a comprehensive suite of services spanning equities, fixed
income, forex, and financing.

Expanding Global Presence

Marex previously emphasized that adding ED&F
Man’s financial division will enhance its client offerings in clearing and
contribute to the growth of its business in fixed income and equities. Beyond
expanding its service portfolio, the acquisition extended Marex’s presence to
key locations, including Dubai and the APAC region.

More recently, Marex announced the appointment of Francis Graham as the company’s new Chief Operating Officer (COO). In this crucial
role, Graham will take charge of the day-to-day operations at Marex and report
directly to the CEO, Lowitt.

Graham brings a wealth of experience from his tenure
at TP ICAP, where he held the position of COO for the Global Broking business.
His association with TP ICAP spans 15 years, Finance Magnates reported. Before
his role at TP ICAP, Graham worked at renowned financial institutions such as
Dresdner Bank, Lehman Brothers, and Linklaters.

Meanwhile, Marex reported a substantial surge of 29%
year-on-year in its net revenues for the first half of 2022. The figures
reveal that the company achieved net revenues of $334 million, which was an
increase from $259 million in the same period in 2021.

Marex will acquire Cowen’s prime brokerage
and outsourced trading business. This move is part of its strategy to
enhance its capabilities, broaden its client base, and reinforce its position
in the financial services sector, the company said.

Cowen’s prime brokerage business offers diverse
services, including multi-asset-class custody, financing solutions, security
lending, technology solutions, and capital services. By absorbing
this business, Marex plans to strengthen its market infrastructure and gain
access to an established client base comprising asset managers.

Ian Lowitt, the CEO of Marex, commented: “This
transaction advances our strategy, increasing our capabilities to connect
clients to markets in new ways across multiple geographies. Mike and Jack have
built a terrific business, and its addition to Marex broadens the range of
essential infrastructure we provide to clients, as well as creating opportunity
for Marex to provide additional services to a new set of clients.”

After completing the transaction, Marex plans to
rebrand the acquired operations as Marex Prime Services and Marex Outsourced
Trading. These will become integral parts of Marex’s Capital Markets business,
which took shape in 2022 after it acquired ED&F Man Capital Markets. The
company noted that the aim is to consolidate operations in the financial
markets and offer a comprehensive suite of services spanning equities, fixed
income, forex, and financing.

Expanding Global Presence

Marex previously emphasized that adding ED&F
Man’s financial division will enhance its client offerings in clearing and
contribute to the growth of its business in fixed income and equities. Beyond
expanding its service portfolio, the acquisition extended Marex’s presence to
key locations, including Dubai and the APAC region.

More recently, Marex announced the appointment of Francis Graham as the company’s new Chief Operating Officer (COO). In this crucial
role, Graham will take charge of the day-to-day operations at Marex and report
directly to the CEO, Lowitt.

Graham brings a wealth of experience from his tenure
at TP ICAP, where he held the position of COO for the Global Broking business.
His association with TP ICAP spans 15 years, Finance Magnates reported. Before
his role at TP ICAP, Graham worked at renowned financial institutions such as
Dresdner Bank, Lehman Brothers, and Linklaters.

Meanwhile, Marex reported a substantial surge of 29%
year-on-year in its net revenues for the first half of 2022. The figures
reveal that the company achieved net revenues of $334 million, which was an
increase from $259 million in the same period in 2021.

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