Marex to Acquire Cowen’s Prime Brokerage and Outsourced Trading Business from TD

Cowen’s prime brokerage and outsourced trading business has been acquired by Marex just six months after TD completed its purchase of the business. The transaction is expected to close at the end of the year, pending regulatory approval and customary closing conditions. According to a story in The Trade news, the operations acquired will be rebranded as Marex Prime Services and Market Outsourced Trading, with both becoming part of the Marex Capital Markets business (formed last year following the acquisition of ED&F Man Capital Markets). Following the acquisition, both businesses will continue to be led by Jack Seibald and Michael Rosen. TD will continue to operate its own prime services business despite the Cowen spin-off.