Marex May Increase Staff By as Much as 20% as it Expands
Marex Spectron Group, a closely held commodities broker, may increase its staff by as much as 20 percent as it expands in Asia and the U.S., its chief executive officer said.
The London-based brokerage has 607 employees at present and will hire another 10 percent to 20 percent depending on whether it finds the right candidates, Chief Executive John Wall said in an interview. It will hire about 30 people in Singapore, where it has 15 employees, and about 30 in the U.S., he said.
“We are seeking to expand our geographical footprint and move into the U.S. and Asia,” said Hall, a former global head of investment banking at UBS AG. (UBSN) “We have historically been a European business and are changing that. We are building out in Singapore significantly and plan to make it a hub for the region.”
Marex has hired Roger Quek, formerly executive director, head of global commodities and energy at China International Capital Corporation, in Singapore. He will have responsibility for expanding the energy business, focusing on China. It also hired Arne Petter Kolderup from Mercuria Energy to lead its Asian coal-derivatives desk, and Akshay Mehta from Gerald Metals to run the India physical-coal broking business.
“I regard this as a growth business and I regard us as a consolidator,” Wall said. “I would like to see us double revenue every three to four years.”
Wall had a 25-year career at UBS, where he oversaw proprietary trading and was co-head of its equities unit. He retired as global co-head of investment banking in 2011.
Marex, which describes itself as the world’s largest privately owned commodities broker, has Asian offices in Hong Kong and Singapore, as well as U.S. operations in New York, Connecticut and Washington state. The firm is controlled by JRJ Group, the London-based investment firm set up by former Lehman Brothers Holdings Inc. bankers Jeremy Isaacs and Roger Nagioff, Trilantic Capital Partners and BXR Group.