LONDON (Reuters) - Commodities broker Marex Spectron said on Thursday it had signed an agreement to acquire the customer business of Chicago-based Rosenthal Collins Group LLC (RCG).
Terms of the deal, which is expected to close in January 2019, were not disclosed.
RCG, which has a particular expertise in grains and livestock, has 14,000 client accounts and balances and 150 associated staff.
Marex Spectron, whose agricultural business has historically been more focused on sugar, cocoa and coffee markets, said there was little overlap and the deal would provide a significant Chicago hub to support customers.
Jason Manumaleuna, RCG’s president and chief financial officer, will be appointed chief executive officer of a new Marex Spectron RCG division.
London-based Marex Spectron has a brokerage business in agricultural, metals and energy markets. The company’s existing North American business operates out of New York, Calgary, Connecticut and Houston.
Reporting by Nigel Hunt; Editing by Edmund Blair