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Marex Group plc (“Marex”; NASDAQ: MRX) has completed its acquisition of UK equity market maker Winterflood Securities (“Winterflood”) and, in a linked move, agreed to sell Winterflood’s custody and outsourced dealing platform, Winterflood Business Services (“WBS”), to Epiris Fund III, advised by UK private equity firm Epiris LLP (“Epiris”).
WBS provides outsourced dealing, settlement and custody services to a broad mix of wealth managers, platforms and other intermediaries. By carving out WBS for sale while retaining Winterflood’s core trading franchise, Marex is effectively reshaping the asset it has just acquired to focus on its own strategic sweet spot.
Doubling down on UK equity market making
The Winterflood acquisition is designed to strengthen Marex’s existing UK cash equities business and supports its wider plan to bring new clients and capabilities onto its platform, while diversifying earnings beyond its traditional commodities roots.
Marex will keep Winterflood’s market making and related corporate broking activities, together with the associated staff and the well-known Winterflood brand. The WBS business – and the employees dedicated to it – will transfer to Epiris once the sale completes.
For the part of Winterflood that Marex is retaining, annual revenue is expected to be around $75 million. Marex also expects the adjusted profit before tax margin for this business to rise over time to around 20%, reflecting both the refocused perimeter and the benefits of integrating the franchise into the wider Marex platform.
WBS sale expected to create net gain on the deal
The sale of WBS to Epiris is expected to complete in the second quarter of 2026, subject to the usual regulatory and non-regulatory conditions. According to Marex, the gain on the disposal of WBS is expected to more than offset the premium it paid for Winterflood, leaving the Group with a net gain on the overall acquisition.
Strategically, this leaves Marex with an enlarged UK equity market making and corporate broking business, while crystallising value from a high-quality but non-core custody and outsourcing platform.
CEO: building a leading UK equity market making franchise
“WBS is an excellent business, but it is outside the core services that we provide our clients. The gain on the sale of WBS when it completes will more than offset the premium paid for Winterflood and will generate a net gain on the acquisition. We are excited about the opportunity with Winterflood to create a leading equity market making franchise in the UK at a time when the market seems to be strengthening. Meanwhile, I’m pleased to say our performance in November has remained very strong, continuing the momentum in the business we have seen in the year to date and we are optimistic about the fourth quarter and the year ahead.”
Ian Lowitt, Chief Executive Officer, Marex Group plc
Marex Group plc is a diversified global financial services platform providing liquidity, market access and infrastructure services across energy, commodities and financial markets. The Group operates across four core service lines: Clearing, Agency and Execution, Market Making and Hedging, and Investment Solutions.
Marex has a leading franchise in a range of metals, energy and agricultural markets and offers access to around 60 exchanges worldwide. Its clients include large commodity producers and consumers, trading houses, banks, hedge funds and asset managers. Headquartered in London, Marex has more than 40 offices and over 2,400 employees across Europe, Asia and the Americas.
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