Marex completes acquisition of Cowen’s prime brokerage and outsourced trading business
Diversified global financial services platform Marex today announced the completion of its acquisition of Cowen’s prime brokerage and outsourced trading business, extending its global capabilities and client base.
The transaction, initially announced in September 2023, brings a team of around 160 people from the acquired business from across eight offices worldwide 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 Management Executive Committee.
Jack Seibald, Global Co-Head of Prime Brokerage Services and Outsourced Trading, commented:
“We look forward to delivering significant benefits to clients of the combined organisations through our joint service offering and geographical reach. Importantly for our clients, the seamless transfer to Marex means they will be interacting with the same prime brokerage and outsourced trading teams they have developed relationships with and using the same trading and reporting technologies, ensuring complete continuity of service. With the additional resources provided by Marex, we will be able to accelerate the development of solutions for our clients, including trading capabilities across more asset classes and markets expansion around the globe.”
Mike Rosen, Global Co-Head of Prime Brokerage Services and Outsourced Trading, added:
“Marex’s culture, where partnering with and supporting clients is a priority, is totally aligned with our own long-standing principles. We also share a common goal of catering to the needs of a wide variety of client types on a global basis. Our team is already well known for the depth and breadth of its trading capabilities along with our global multi-asset class expertise. We believe that, as part of Marex, there will be significant opportunities to accelerate our global expansion and further strengthen the capabilities of our prime brokerage and outsourced trading businesses.”
Paolo Tonucci, CEO of Capital Markets at Marex, said:
“Cowen’s prime brokerage and outsourced trading business is renowned for providing an exceptional global market leading service. This well-established business is an ideal addition to our Capital Markets division as we continue to diversify our offering, adding new products, services and asset class coverage. This acquisition bolsters Marex’s provision of essential market infrastructure that connects clients to markets and also creates opportunities to provide additional services to a new set of clients.”
Marex Prime Services and Marex Outsourced Trading offer a full range of services including multi-asset-class custody, high and low touch execution, financing solutions, security lending, and related technology solutions, and capital introduction.
Marex’s Capital Markets business was formed in 2022 following the acquisition of ED&F Man Capital Markets to provide a full service offering in equities, fixed income, FX, rates, and financing.
Marex Prime Services operates both a direct and introduced prime brokerage business. This is complementary to Marex’s clearing offering, by leveraging Marex’s extensive, global multi-asset class direct clearing capabilities. Marex Outsourced Trading provides trading and execution services to hedge fund and traditional investment manager clients as well as family offices and can also leverage the clearing capabilities of Marex.