Marex to Buy Cowen's Legacy Prime Brokerage and Outsourced Trading Business

For the purpose of growing and diversifying its offering and client base, Marex, a diversified global financial services platform connecting clients to energy, commodities & financial markets, has entered an agreement to take over Cowen's legacy prime brokerage and outsourced trading business.

Cowen, a diversified financial services firm, was acquired by TD Bank Group this March. The legacy prime brokerage and outsourced trading business delivers 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.

According to the official press release, the deal is expected to close by the end of the year. The business acquired will be part of Marex's Capital Markets, and will continue to be led by Jack Seibald and Michael Rosen.

"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. Expanding our Capital Markets business also adds to our diversification and to the resilience of our franchise," said Ian Lowitt, CEO of Marex.

The operation acquired will branded Marex Prime Services and Marex Outsourced Trading.

"The divestiture of Cowen Prime was planned as a part of the acquisition of Cowen by TD earlier this year. As TD continues to focus its efforts on growing TD Securities Prime Services, we are pleased to have found a great home for Cowen's legacy Prime Services business in Marex, bringing significant opportunities for both businesses," noted Dan Charney, Vice Chair, TD Cowen and Co-Head of Global Markets.

Previously, Marex has hired Mark Daniels​ as its Head of Prime Services.