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Marex Group plc, the diversified global financial services platform listed on NASDAQ, has agreed to acquire UK equity market maker Winterflood Securities from Close Brothers Group plc for approximately £103.9 million in cash, representing a premium of £15 million.
Winterflood Securities ranks as one of the UK's leading equity market makers, providing execution services to over 400 institutional clients. The firm consistently maintains a position as a top three market counterparty with approximately 15% market share by volume on the London Stock Exchange, leveraging well-established client connectivity through its proprietary technology platform.
The acquisition is designed to enhance Marex's existing UK cash equities business, aligning with the group's strategy to attract new clients and capabilities whilst diversifying earnings streams. The deal is expected to add substantial distribution capabilities serving the UK institutional community, particularly asset and wealth management companies, with potential to deepen relationships by offering access to Marex's broader product range.
Winterflood also operates Winterflood Business Services, which provides outsourced dealing, settlement and custody services to a diverse client base including large institutions, investment platforms, wealth managers, and retail aggregators.
Ian Lowitt, Marex Group Chief Executive Officer
Ian Lowitt, Marex Group Chief Executive Officer, commented: "This acquisition gives us an opportunity to transform our existing equity market making business into a leading franchise, utilising the technology and connectivity of what is the leading brand in this market. This deal is consistent with our strict financial criteria, and we see opportunities to materially improve Winterflood's profitability and pay back its premium within two to three years. We believe we can gain economies from operating at scale and also benefit from Winterflood's great technology and strong client relationships, which will enable us to introduce additional products and services from across our platform to a new set of clients."
Bradley Dyer, CEO of Winterflood Securities, commented: “We're delighted to become part of Marex, which is a high-growth, global financial services company with a strong balance sheet. Our clients will continue to be served by the same team, while also benefitting from the backing of a large and growing company as well as access to a broader range of products and services from Marex. We're excited to be joining a fast-paced organisation where our teams can thrive.”
Mike Morgan, Close Brothers Group Chief Executive
Mike Morgan, Close Brothers Group Chief Executive, commented: "We see Marex as an excellent steward for the business going forward, we thank the Winterflood team for their hard work and commitment over the years and wish them every success in their next chapter with Marex."
The transaction remains subject to regulatory approval and is expected to close in early 2026.
