Marex Group has agreed to acquire Winterflood Securities from Close Brothers Group for £103.9 million in cash, adding one of the UK’s top equity market makers to its platform. The deal, which includes a £15 million premium, is expected to close in early 2026 subject to regulatory approval.
Winterflood ranks among the top three equity trading counterparties by volume on the London Stock Exchange and serves more than 400 institutional clients. The firm also operates Winterflood Business Services, which provides outsourced dealing, settlement, and custody to a broad set of institutional and retail aggregators.
Acquisition is expected to expand Marex’s UK cash equities presence
The acquisition is expected to expand Marex’s UK cash equities presence and bring new distribution capabilities into its broader financial services business. It aligns with Marex’s strategy to diversify earnings and broaden its platform reach across asset classes and client segments.
Ian Lowitt, CEO of Marex, 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.”
Winterflood will continue to operate under its existing leadership and technology infrastructure, but with access to Marex’s broader product suite and balance sheet. The combined offering will include equity market making, execution services, and solutions for the asset and wealth management sectors.
Bradley Dyer, CEO of Winterflood Securities, said, “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.”
Close Brothers Group, which owned Winterflood for more than two decades, will exit the equity market making business as part of its strategic repositioning.
Mike Morgan, CEO of Close Brothers, said, “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.”
Marex, listed on NASDAQ as MRX, operates across clearing, execution, market making, and investment solutions. The company has over 2,400 employees and serves clients in commodities, energy, and financial markets through access to more than 60 global exchanges. The addition of Winterflood enhances its position in UK equities and broadens its capabilities in institutional distribution and post-trade services.
