Marex Closes Acquisition of Cowen's Prime Brokerage and Outsourced Trading Business

Following its announcement of an acquisition agreement in September, Marex, the diversified global financial services platform, announced today (December 1, 2023) that it has closed the purchase of Cowen's prime brokerage and outsourced trading business.

This deal extends Marex's global capabilities and client base, bringing a team of about 160 people from the acquired business from across eight offices worldwide, alongside 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 been named Global Co-Heads of Marex's Prime Brokerage Services and Outsourced Trading, and added to Marex’s Management Executive Committee.

This acquisition bolsters Marex's provision of essential market infrastructure that connects clients to markets and also creates opportunities to offer additional services to a new set of clients, notes Paolo Tonucci, CEO of Capital Markets at Marex.

"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," said Paolo Tonucci.

"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," said Mike Rosen. "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."

Jack Seibald stated, "We look forward to delivering significant benefits to clients of the combined organisations through our joint service offering and geographical reach. 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."