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.

Expanding Operations

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 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 a net revenue of $334 million, which was an increase from $259 million in the same period in 2021.