In a move to extend its global footprint, Marex, a diversified financial services platform, has completed the acquisition of Cowen's prime brokerage and outsourced trading business. This move brings Marex a wealth of additional resources, including a team of approximately 160 professionals from eight 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 experience and expertise will be used to integrate the new services into Marex's existing structure. Both Seibald and Rosen have also been appointed to Marex’s Management Executive Committee.
Cowen's prime brokerage division provides various services, encompassing custody for multiple asset classes, solutions for financing, securities lending, technology offerings, and comprehensive capital services. The decision to acquire the company was first announced over two months ago, and according to today’s (Friday’s) statement, the acquisition was finalized.
"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 , 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 formation of its Capital Markets business in 2022.
"This acquisition not only strengthens our market infrastructure but also broadens our client base,” said 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 more than $11.8 billion in customer assets, clearing on 57 exchanges.
