London based global commodities broker Marex Spectron has just announced that it has signed an agreement to acquire the customer business of Rosenthal Collins Group (RCG) – an independent futures commission merchant (FCM) based in Chicago.
The deal will add 14,000 clients and 150 employees to Marex Spectron and give the UK firm an important foothold in North America and the agricultural commodities sector – with an emphasis on grains and livestock.
Marex Spectron has over 500 employees across 10 offices spanning three continents. The company has announced its formal return to the foreign exchange markets, with the launch of a new FX platform few months ago.
Upon completion of the deal, Scott Gordon, RCG’s Chairman and Chief Executive Officer, will become Vice Chairman of the new Marex Spectron’s RCG division, and Jason Manumaleuna, RCG’s President and Chief Financial Officer, will be appointed Chief Executive Officer of the Marex Spectron RCG division.
Ian Lowitt, Marex Spectron Chief Executive, commented:
Acquiring the RCG FCM business is an exciting development that adds a very strong FCM brand to our business mix, establishes a foothold for Marex Spectron in the critical Chicago marketplace, and elevates our U.S. clearing to the top tier. It is a great fit with our existing agricultural business and fast-growing Marex Solutions’ customized hedging services.
Scott Gordon added:
Joining forces with Marex Spectron creates tremendous value for RCG’s clients and brokers. There is great chemistry between the two firms as we share similar philosophies and cultures. We will have access to new services and capabilities on a global scale with the outstanding products and infrastructure that will soon be integrated into our offering.