PRNewswire-Asia/ -- Marex Spectron Group ("Marex Spectron") has agreed to acquire the Global Markets Division of Eden Financial Limited ("Eden") in a transaction that is expected to complete on or soon after 29 July 2011. Following the transaction, Eden will concentrate its activities on its expanding private client and asset management division.
Marex Spectron has a leading position in On-Exchange metals, energy and agricultural products and Over-the-Counter energy markets. The acquisition of Eden's Global Markets Division adds greater depth to Marex Spectron's financial products, complementing its financial futures and foreign exchange businesses. In particular, the Global Markets Division adds non-derivative products, including European cash equities and fixed income to Marex Spectron's capabilities, providing clients with unrivalled access to an expanded offer across a wide range of asset classes.
Following completion of the acquisition, David Bearman, CEO of Eden and Bruce Froud, Managing Director and Head of Global Markets, will join Marex Spectron together with the Global Markets team of 40 people.
Roger Nagioff, CEO of Marex Spectron and co-founder of the JRJ Group said: "This transaction is another important step forward for Marex Spectron. Over the past number of years, Eden's Global Markets Division has established a strong reputation for high quality and discrete execution services. The new combined business will enable us to offer clients a much broader product range to complement our position as the world's largest privately owned commodities broker. We look forward to our new colleagues joining us to help drive the business forward."
Stephen Massey, Executive Chairman of Eden Financial said: "Eden has made a strategic decision to focus on our private client and asset management capabilities. We have significant growth ambitions to build on the success of our well-established private client division and develop an exemplary asset management business. In Marex Spectron we have found an excellent home for our Global Markets Division which will enhance this valuable franchise. We wish our colleagues and the Marex Spectron team all the best in their future endeavours."
Notes to Editors:
Marex Spectron Group
Marex Spectron Group was formed following the acquisition of Spectron by Marex in March 2011. It is the world's largest privately owned commodities broker, with a market-leading position in On-Market metals, energy and agricultural products and Over-the-Counter energy markets. The Group also offers clients financial futures and foreign exchange broking. Clients include commodity producers and consumers, banks, brokers, CTAs, hedge funds and professional traders. Marex Spectron Group is a member of the London Metal Exchange, the CME Group exchanges, ICE US, NYSE Liffe, ICE Futures and Eurex, and offers access to all major exchanges in the US and Asia.
The Group is headquartered in London, with offices across the USA, Asia and Europe. Its subsidiaries are regulated by the Financial Services Authority in the UK, the National Futures Association in the US and the Securities and Futures Commission in Hong Kong.
Marex Spectron Group is majority owned by JRJ Group and its partners, Trilantic Capital Partners and BXR Group.
For further information, please visit www.marexspectron.com .
Eden Financial Limited
Privately owned and based in the City of London, Eden has two business divisions. The private client and asset management division offers asset management, investment advisory services and financial planning for private clients, intermediaries, charities and institutions.
Eden's Global Markets Division is a leading equities and fixed income broker delivering execution services to more than 250 clients comprising investment banks, hedge funds and global money managers. The business is solely focused on providing high quality execution, combining the best of smart order routing and algorithmic trading with high touch expertise from its team of dedicated traders. The division offers specialist execution capabilities in event driven, programme trading and equity finance. Eden was one of the first firms in London to recognise the importance of independent research. The division supplies independent research consultancy services combined with full CSA trade execution and administration to a wide range of hedge funds and institutional clients. Eden Financial Limited is authorised and regulated by the Financial Services Authority.