Marex Spectron Group 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 (pictured), CEO of Marex Spectron and co-founder of the JRJ Group says: "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 says: "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 endeavors."