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CORRECTED-Broker Marex Spectron in talks to buy JP Morgan's warehousing arm - report
August 5, 2013 / 1:32 AM / 4 years ago

CORRECTED-Broker Marex Spectron in talks to buy JP Morgan's warehousing arm - report

(Clarifies the broker is in talks to buy the warehousing unit, not Jeremy Isaacs)

SINGAPORE, Aug 5 (Reuters) - London commodities broker Marex Spectron is in talks to buy the metals storage unit owned by JPMorgan Chase & Co., the Times of London reported.

Marex Spectron is backed by Jeremy Isaacs, former head of Lehman Brothers Europe. JP Morgan’s warehousing unit is U.K.-based logistics provider Henry Bath.

Representatives of Marex Spectron were not immediately available for comment. JPMorgan Chase declined to comment on the report.

JP Morgan said last month that it would seek “strategic alternatives” for its physical oil, gas, power and metals trading division, amid a crackdown by U.S. regulators on banks owning commodities storage.

JPMorgan has said it may seek a joint venture, spin-out or sale, but has not said whether it will seek to keep the division whole or sell it in parts.

Henry Bath & Sons Ltd operates 72 metal warehouses from Baltimore to Busan. (Reporting by Melanie Burton; Editing by Stephen Coates)

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