Marex Spectron, a commodities broker headquartered in London, announced this Monday that it has completed the acquisition of the customer business of Rosenthal Collins Group LLC (RCG), an independent Futures Commission Merchant (FCM).
Under the transaction, Marex Spectron has attained 14,000 client accounts and balances, as well as 150 associated staff and the company’s Chicago headquarters, the statement said. The acquisition was originally announced on the 20th of December 2018.
As Finance Magnates previously reported, RCG will continue to operate independently within Marex Spectron’s network, which spans across the United Kingdom, North America, and Asia. It will also expand the brokers US clearing offering to a large client base.
Although Marex Spectron has acquired RCG’s customer business, the company will maintain the RCG name and brand. However, now, clients of RCG will now have a larger product offering.
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Specifically, customers will have access to the brokers NEON trading and risk platform, along with other technologies, direct access to the London Metal Exchange and over-the-counter (OTC) hedging and investment products through Marex Solutions.
In addition, as part of the deal, the Chief Executive Officer of RCG, Scott Gordon, will be appointed as the vice chairman of the new RCG division of Marex Spectron. Furthermore, the futures broker’s Chief Financial Officer Jason Manumaleuna will take the role of the new unit’s CEO.
Marex Spectron continues on its acquisition spree
The commodities brokerage appears to be on an acquisition spree. Only a few weeks ago in January, the Group also announced that it had purchased the commodities business of London-based BGC European Holdings, CSC Commodities.
Similar to the RCG deal, CSC Commodities continues to operate independently within the Marex Spectron network post-acquisition and will help span the broker’s offering to a larger client base and allow it develop its business of providing energy market making.
Before the completion of the transaction CSC Commodities employed 15 staff across its London, New York, and Gibraltar offices.