Marex (company)
{{Short description|UK-based financial services company}}
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{{Infobox company
| name = Marex Group plc
| logo = Marex Logo.png
| company_slogan = Diversified. Resilient. Dynamic.
| vector_logo =
| foundation = {{Start date and age|2005}}
| founder =
| location =
| origins =
| key_people = {{Unbulleted list|Robert Pickering chair |Ian Lowitt (CEO) }}
| area_served = Global
| industry = Financial services
| products =
| revenue = {{increase}} {{US$|1.59 billion|link=yes}} (2024)
| net_income = {{increase}} {{US$|218 million}} (2024)
| assets = {{increase}} {{US$|24.3 billion}} (2024)
| equity = {{increase}} {{US$|977 million}} (2024)
| num_employees = 2,340 (2024)
| parent =
| subsid = CSC Commodities, Marex Solutions, Marex Financial Products, Rosenthal Collins Group (RCG), X-Change Financial Access, Tangent Trading, Starsupply
| type = Public
| traded_as = {{Nasdaq|MRX}}
| homepage = {{URL|marex.com}}
| footnotes = {{Cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1997464/000199746425000015/mar-20241231.htm |title=2024 Annual Report (Form 20-F) |date=21 March 2025 |publisher=US Securities and Exchange Commission}}{{Cite web|url=https://find-and-update.company-information.service.gov.uk/company/05613061/|title=MAREX FINANCIAL - Overview (free company information from Companies House)|website=find-and-update.company-information.service.gov.uk}}
}}
Marex Group plc is a financial services company. The company's clients are predominantly commodity producers and consumers, banks, hedge funds, asset managers, broking houses, commodity trading advisors and professional traders. Marex currently has over 2,300 employees and over 40 offices across Europe, USA and APAC.
History
Marex Financial started in 2005 as an independent derivatives and forex broker providing trading in commodities, financial futures, options and foreign exchange,{{cite magazine |url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=5826958 |archive-url=https://web.archive.org/web/20090429215700/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=5826958 |url-status=dead |archive-date=April 29, 2009 |title=Private company information -MAREX Financial |magazine=Bloomberg Businessweek |accessdate=April 24, 2011}} established by the Marathon Special Opportunity Master Fund Limited which is managed by Marathon Asset Management after its former parent REFCo collapsed in 2005.
In February 2010, hedge fund JRJ Group took a 74% stake and executive control appointing a number of former Lehman Brothers bankers to its board to help expand business.{{cite news |url=http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7043838.ece |title=Stanley Fink joins trading supergroup Marex Financial |newspaper=The Sunday Times |date=February 28, 2010 }}{{dead link|date=September 2024|bot=medic}}{{cbignore|bot=medic}}{{cite news |url=http://www.ft.com/cms/s/0/6c90d32c-549f-11e0-979a-00144feab49a.html#axzz1KTkV9BBp |title=Marex Financial in £94.5m deal for Spectron |publisher=FT.com |date=March 22, 2011 }}
In May 2011, Marex Financial completed its acquisition of Spectron Group,{{Cite web |title=Jeremy Isaacs CBE – JRJ Group |url=https://jrjgroup.com/team/jeremy-isaacs-cbe/ |website=jrjgroup.com}} a broker of wholesale energy and other commodity products when the company was renamed Marex Spectron International Limited.FT, March 22, 2011: "Marex Financial in £94.5m deal for Spectron" On April 1, 2021, the company changed its name to Marex.{{Cite web|url=https://www.marex.com/|title=Marex|date=March 30, 2021|website=Marex}}
=Timeline (as Marex Spectron)=
In July 2011, Marex Spectron acquired the Global Markets Division of Eden Financial, adding non-derivative products as well as European cash equities and fixed income to its range of services.
In May 2012, Marex Spectron acquired the Pro-Trader division of Schneider Trading Associates (STA), a provider of professional trader services.{{Cite web|title=Marex Spectron acquires Schneider pro-trader unit, expects to spur interest in metals {{!}} Metal Bulletin.com|url=https://www.metalbulletin.com/Article/3026949/Marex-Spectron-acquires-Schneider-pro-trader-unit-expects-to-spur-interest-in-metals.html|access-date=2020-12-17|website=www.metalbulletin.com}}
In May 2016, the firm established Nanolytics Capital Partners, a business focused on developing alternative investment products based on Marex Spectron's Nanolytics models.{{Cite web |date=2016-05-30 |title=MAREX SPECTRON ESTABLISHES ALTERNATIVES BUSINESS - Marex Spectron |url=http://www.marexspectron.com/about-us/news/2016/05/marex-spectron-establishes-alternatives-business |access-date=2024-02-06 |archive-url=https://web.archive.org/web/20160530030942/http://www.marexspectron.com/about-us/news/2016/05/marex-spectron-establishes-alternatives-business |archive-date=2016-05-30 }}
In July 2017, the group launched Marex Solutions, a division aimed at providing tailored hedging to commodity clients looking to manage commodity price risk across agricultural, energy, metals & FX markets.
Marex Spectron Group posted 2015 operating profit of $23 million, a 53 percent jump on the previous year. EBITDA increased to $31 million from $25 million in 2014.{{Cite web |date=2016-05-28 |title=MAREX SPECTRON REPORTS $22.7M OPERATING PROFIT FOR 2015 - Marex Spectron |url=http://www.marexspectron.com/about-us/news/2016/05/marex-spectron-reports-227m-operating-profit-for-2015 |access-date=2024-02-06 |archive-url=https://web.archive.org/web/20160528164450/http://www.marexspectron.com/about-us/news/2016/05/marex-spectron-reports-227m-operating-profit-for-2015 |archive-date=2016-05-28 }}
Marex Spectron Group's net revenue for 2017 was $245.6 million, up $2.5 million from 2016. Pre-tax profits for 2017 were $25.4 million, down from $27.0 million in 2016, while adjusted EBITDA were a record $39.6 million, 6.7% higher than 2016.{{cite news |url=https://www.financemagnates.com/institutional-forex/execution/marex-spectron-discloses-positive-financial-results-2017/ |title=Marex Spectron Discloses Positive Financial Results for 2017 |publisher=Finance Magnates |date=April 12, 2018 }}
In December 2018, Marex Spectron announced its acquisition of the customer business of Rosenthal Collins Group LLC, an independent futures commission merchant (FCM) based at Chicago.{{cite news |url=https://www.reuters.com/article/us-rosenthalcollins-m-a-marex/broker-marex-to-acquire-customer-business-of-rosenthal-collins-idUSKCN1OJ1HB |title=Broker Marex to acquire customer business of Rosenthal Collins |work=Reuters |date=December 20, 2018 }}
In January 2019, Marex Spectron announced that it had acquired London-based trading firm CSC Commodities from BGC European Holdings.{{cite news |url=https://uk.reuters.com/article/uk-csccommodities-m-a-marex/marex-spectron-buys-london-based-trader-csc-commodities-idUKKCN1PF1KI |archive-url=https://web.archive.org/web/20190124022926/https://uk.reuters.com/article/uk-csccommodities-m-a-marex/marex-spectron-buys-london-based-trader-csc-commodities-idUKKCN1PF1KI |url-status=dead |archive-date=24 January 2019 |title=Marex Spectron buys London-based trader CSC Commodities |work=Reuters |date=January 21, 2018 }}
In December 2019, the Group announced it had acquired London-based Marquee Oil,{{cite web |title=Marex Spectron acquires Marquee Oil Broking Limited |date=24 December 2019 |url=https://www.leaprate.com/forex/brokers/marex-spectron-acquires-marquee-oil-broking-limited/ |publisher=www.leaprate.com |access-date=25 June 2021}} a physical oil broker.
In March 2020 the Group acquired Tangent Trading,{{Cite web|url=https://www.metalbulletin.com/Article/3921266/Marex-acquires-scrap-merchants-Tangent-Trading.html|title=Marex acquires scrap merchants Tangent Trading | Metal Bulletin.com|website=www.metalbulletin.com}} a recycled metal trading firm.
Marex Spectron Group reported record results for 2019 with gross revenues up 43% to $554.9 million and net revenues up 19% to $349.9 million.{{Cite news|url=https://www.reuters.com/article/us-marexspectron-results-idUSKCN2291CH|title=Marex Spectron reports record 36% rise in annual core profit|newspaper=Reuters |date=April 27, 2020|via=www.reuters.com}}
In November 2020, Marex Spectron acquired XFA, an exchange traded derivatives (ETD) execution broker, which is headquartered in Chicago and offices in New York and San Francisco.{{Cite news|url=https://www.reuters.com/article/xfa-ma-marexspectron-idUKL1N2HX0S8|title=Broker Marex Spectron buys X-Change to bulk up in N.America|work=Reuters |date=November 11, 2020|via=www.reuters.com}}
=Timeline (as Marex)=
In April 2021, Marex Group plc released record results, with an 37% increase in gross revenues to $762.4 million and net revenues up 18% to $414.7 million.{{Cite web|url=https://www.marex.com/|title=Marex|date=April 7, 2021|website=Marex}}{{Self-published inline|date=June 2021}}
In April 2022, Marex Group plc released record results, with net revenue up 31% to $543 million with strong performance across all segments, particularly Market Making and Execution and Clearing, combined with significant contribution from Solutions, which delivered >100% increase in net revenues. Adjusted Operating PBT was up 29% to $79.6 million driven primarily by strong organic growth. Eight consecutive years of growth and 26% Adjusted Operating PBT CAGR since 2014. Marex Group also increased client assets by 74% to $5.4 billion (2020: $3.1 billion).
On 1 August 2022 Marex announced it had agreed to acquire ED&F Man Capital Markets, the financial services division of ED&F Man Group.{{Cite news |last=Onstad |first=Eric |date=2022-08-01 |title=Marex to buy ED&F Man Capital Markets for $220 mln in expansion drive |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/marex-buy-edf-man-capital-markets-220-mln-expansion-drive-2022-08-01/ |access-date=2022-09-16}}
On 2 February 2023, Marex announced that it had completed the acquisition of select entities from OTCex Group, including HPC SA, OTCex Hong Kong and OTCex LLC.{{cite web | url=https://www.marex.com/news/2023/02/marex-completes-acquisition-of-hpc-sa-and-otcex/ | title=Marex | date=2 February 2023 }}
Marex went public via an initial public offering in April 2024 with a listing on the Nasdaq stock exchange.{{Cite news |url=https://www.reuters.com/markets/deals/british-commodities-platform-marex-prices-us-ipo-135-bln-valuation-2024-04-25/ |title=British commodities platform Marex prices US IPO at $1.35 bln valuation |date=24 April 2024 |publisher=Reuters}}
Marex reported its tenth year of profitable growth in its 2024 annual report. In 2024, Marex reported an adjusted profit before tax of $321.1m.
It has principal executive offices in London and New York.
References
{{Reflist}}
{{Portal|Companies}}
{{World Federation of Exchanges}}
{{DEFAULTSORT:Marex Financial Limited}}
Category:Companies based in the City of London
Category:Multinational companies
Category:Financial derivative trading companies
Category:Shipbroking companies
Category:Financial services companies of the United Kingdom
Category:Financial services companies established in 2005
Category:Securities clearing and depository institutions