The licence enables Marex to deliver structured investment solutions to wholesale clients through its Financial Products business, with an initial focus on wealth managers, private banks and independent financial advisers.

This expansion comes at a time of increasing demand across APAC for investment strategies that can enhance yield and provide more controlled risk exposure. This entry into Australia is designed to support clients seeking more flexible, tailored solutions in a complex market environment.

Franck Fayard, Head of Financial Products – APAC, said:
“Structured products are enjoying increased momentum across APAC as investors seek enhanced yields and risk-managed exposure in an increasingly complex market environment. We are delighted to bring our expertise to Australian clients.”

Marex builds on its existing coverage in Australia, where it already supports corporates with bespoke OTC hedging solutions, and now extends that capability to the wealth and distribution landscape.

With a global platform providing access to more than 60 exchanges, Marex continues to expand its reach, connecting clients to liquidity, markets and investment opportunities worldwide.

Our Hedging and Investment Solutions business provides high quality bespoke hedging and investment solutions to our clients.

Tailored hedging solutions enable corporates to hedge their exposure to movements in energy and commodity prices, as well as currencies and interest rates, across a variety of different time horizons.

Our Financial products offering allows investors to gain exposure to a particular market or asset class, for example equity indices, in a cost effective manner through a structured product. We cover all asset classes with a global reach including digital assets and leverage our access to these markets supported by our new trading platforms.

Performance for Q4 2025

Q4 2025 was Hedging and Investment Solutions’ strongest quarter on record, with revenue increasing by $22.8m to $62.7m (Q4 2024: $39.9m), driven by growth across both Financial Products and Hedging Solutions.

Hedging Solutions revenue increased by $14.9m to $22.6m (Q4 2024: $7.7m), reflecting improved market conditions, new client adds, including larger clients, and higher activity in energy and FX, partially offset by softer agricultural markets.

Financial Products revenue increased by $7.9m to $40.1m (Q4 2024: $32.2m), supported by continued strength in structured products. Performance was supported by expanded exchange access, regional growth – particularly in Asia – and the rollout of our new technology platform, which supported higher issuance volumes.

Adjusted Profit Before Tax¹ increased by $5.6m to $14.3m (Q4 2024: $8.7m), with Adjusted Profit Before Tax Margin¹ improving to 22.8% (Q4 2024: 21.8%. Front office costs increased by $14.7m to $40.4m (Q4 2024: $25.7m) to support ongoing growth initiatives, including technology investment and targeted headcount additions which increased the average FTEs to 211 (Q4 2024: 184).

Performance for FY 2025

Solutions revenue increased $35.3m to $196.8m (FY 2024: $161.5m), reflecting higher client activity across both Financial Products and Hedging Solutions.

Financial Products revenue increased $25.2m to $117.5m (FY 2024: $92.3m), driven by strong performance in structured products (equities, fixed income and digital assets). Hedging Solutions revenue increased $10.1m to $79.3m (FY 2024: $69.2m), reflecting growth in client volumes and expansion of the hedging client base, including significant new institutional client additions.

Adjusted Profit Before Tax¹ increased $1.5m to $43.5m (FY 2024: $42.0m), while the Adjusted Profit Before Tax Margin¹ decreased by 390 bps to 22.1% (FY 2024: 26.0%), primarily reflecting the impact of higher technology platform costs and continued investment in people to support long term growth, scalability and product diversification.

For complete financial and segmental details, view the full Marex Group earnings release

Driven by our culture

Nilesh Jethwa, our CEO, opened with our culture and the central role it plays in everything we do. He spoke about how it has shaped the way we work, how we operate as a collective, and how it continues to guide us as we grow. Culture is one of the five priorities of our strategic direction, alongside capabilities, technology, distribution, and revenue. 

Looking back at the last three years

Joost Burgerhout, Head of Financial Products, and David Cohen, Head of Hedging Solutions. Reflected on the performance of their respective businesses and shared their projections and priorities ahead. 

Joost reflected on the team’s progress, highlighting strong regional momentum, a growing and diversified client base, and opportunities to further scale distribution and automation. 

David Cohen, our Head of Hedging Solutions, reviewed recent performance and highlighted priorities such as expanding into new jurisdictions, strengthening internal partnerships, and increasing agility as the client base and underlying diversification grow. 

Pierre Girma, Head of Solutions Technology, and Dipan Mistry, Head of Solutions Trade Origination Business Management, discussed the ambitious digitalisation programme and the expanding role of AI in improving efficiency, enhancing workflows and enhancing client service. 

Mehdi Mlaiki, our Head of Trading, provided an update on the transformation across Trading, Quants and Technology. He outlined the plan to build an investment-grade trading platform and the progress already underway.  

Jack Taylor, our Head of Solutions Trading & Technology Business Management, then provided further insight into how trading and technology teams are working together to refine system performance, evolve processes and support more seamless delivery across the platform. 

Maren Strohbuecker, our Chief Strategist and COO, outlined the incredible success we have had from an organic growth perspective and how our growth strategy is evolving. She presented an ambitious plan and framework that will guide both our continued organic expansion and carefully selected inorganic opportunities for Solutions.

From a TV show to team building

The team got together for a game of Betrayal, an adaptation of the popular TV show. This was a fun opportunity to work together and strengthen relationships. 

Key Takeaways

The strength of our culture: Culture remains a central part of our success, bringing us together as a collective and driving us forward as the business continues to grow and evolve. 

A clear strategic vision: Priorities have been set for the next three years across culture, capabilities, technology, distribution and commercial outcomes, supporting the business growth ambitions. 

Continued global momentum: Both Financial Products and Hedging Solutions see strong regional performance and clear opportunities for further growth. 

Technology and AI as enablers of growth: Significant progress in digitalisation and modernisation is supporting the business to scale efficiently and serve clients more effectively. 

Strengthened collaboration: Bringing colleagues from around the world together created valuable alignment and deeper connectivity between teams. 

A strong foundation for the next phase: The business is well-positioned to build on its success to date while entering new markets thoughtfully. 

As the team left The Grove the focus was clear: stay aligned, execute with discipline and continue building confidently for the future.

Our CEO, Nilesh Jethwa, joined the group to share insights on the sector, his early experiences and pathways into capital markets.

Nilesh’s own state-school background made this conversation particularly relevant. He spoke about arriving at university without familiarity with major financial institutions or the traditional routes into the sector, an experience that resonated with many students.

A key part of the session focused on removing the perceived complexity around finance. Nilesh explained how the industry is often surrounded by jargon, yet at its core is built on problem-solving, teamwork and clear thinking. He introduced the wide spectrum of roles in capital markets — including trading, structuring, sales, quantitative research, technology, legal and risk management — highlighting that careers in finance draw on diverse skill sets.

He explained this through examples from his early career, including being asked to take on responsibilities before fully mastering the subject matter. These experiences highlighted how quickly learning can happen in dynamic environments and how valuable early exposure can be.

Connecting Students to Opportunities

Following the discussion, our Talent team spoke about Marex’s Graduate Programme and summer internships, explaining how they give graduates the opportunity to take on meaningful work straight away.

Several King’s alumni now working at Marex Solutions attended the event and spoke with students about their journeys from university into the industry. Their insights gave students a clearer sense of what the transition from university to work actually looks like.

If you’re interested in exploring opportunities at Marex or would like more information about our graduate pathways, our team is available to answer any questions.

Let’s Talk

To support this development, we are pleased to welcome Joseph Jiang, who joins as Vice President, Commodity Sales, based in Hong Kong. Joseph brings more than a decade of OTC sales experience from BOCI in Beijing, following an early career at Trafigura, where he worked as a physical trader. He holds an Engineering degree from University College London and an MSc in Finance from Imperial College London. His experience and regional market knowledge will play an important role in strengthening our offering and enhance the support we provide to clients across East Asia. 

Joseph will be locally reporting to Eric Rabot, Marex Financial Services Hong Kong CEO, and regionally to Dinesh Gupta, Deputy Head of Marex Hedging Solutions, APAC.   

“Serving clients from Hong Kong is a natural next step for us as we continue to grow the business across APAC. Having Joseph on the ground allows us to better serve clients in East Asia, a region with tremendous opportunity, while reinforcing our commitment to provide deep local expertise and personalised service.” — Dinesh Gupta, Deputy Head of Marex Hedging Solutions, APAC 

“We are excited to welcome Joseph as our first member from Marex Hedging Solutions based in Hong Kong. Joseph’s extensive expertise will be invaluable as we serve Corporates, a new client base for us here, marking a significant milestone in our growth.” — Eric Rabot, Marex Financial Services Hong Kong CEO 

Now serving clients from Hong Kong, Marex Hedging Solutions strengthens its reach across the Asia-Pacific region, and enhances our ability to deliver specialist risk management expertise to clients in East Asia.

Marex Financial Products brings its established structured products expertise to the US market, drawing on a global business that has issued more than 20,000 structured products. As a globally active non-bank issuer, Marex offers advisors an additional source of diversification alongside faster product turnaround and transparent pricing.

Read full press release

The launch of the Hedging Solutions business in Auckland, led by Nigel Brunel, Managing Director of New Zealand, offers an exciting opportunity to enter the New Zealand market. Marex has been a player in these markets since 2008, and the establishment of the Hedging Solutions business in New Zealand will provide clients with a flexible and tailored approach to accessing global markets benefitting from our local presence.

“We are thrilled to have Nigel and the Auckland team add more value to the Hedging Solutions business.” — Nicholas Burke, Head of Marex Hedging Solutions, APAC.

This new location marks a significant milestone for us as we continue to broaden our geographic footprint and enhance our service offerings across the APAC region. By strengthening our presence in New Zealand, we are better positioned to foster deeper relationships with our local clients and partners, while remaining committed to delivering best-in-class hedging solutions and expertise to meet the needs of our clients in the New Zealand market.

Nicholas Burke, Head of Hedging Solutions, APAC, highlights the importance of this growth: “We’re excited to continue building out our local sales presence across key geographies. The Queensland Commodities and FX markets are very important for Marex, and bringing Justin and Terry into the business gives us a great opportunity to provide boots-on-the-ground service for our key clients.”

With this new office and the addition of experienced talent, we are well positioned to strengthen relationships with clients and partners in Queensland and beyond, expand our capabilities, and drive further growth in the region.

From left to right (Terry Allom, Nicholas Burke and Justin Holmes) 

Fast forward to last Friday, the product redeemed at par, delivering a 32.4% return to investors since the issue date. Despite the underlying stock’s decline from the initial spot, the product performed well. It’s a clear illustration of how structured products can unlock opportunities and manage risks where traditional strategies might not work. This performance wasn’t just a reflection of the strength of the product — it was a testament to our approach: resilient, adaptable, and focused on delivering value, no matter the market conditions. 

Since then, we’ve issued over 800 products, keeping our clients’ needs at the forefront; whether through yield enhancement, capital protection, or exposure to diverse asset classes, we’ve stayed true to our objectives: offering high-quality, tailored investment solutions. Along the way, we’ve witnessed firsthand how structured products can help investors navigate uncertainty and seize opportunities even in challenging times.

As we look back on these three years, we’re proud of how far we’ve come. We’ve earned multiple awards, including Certificate of the Year and Issuer of the Year, and saw some product firsts such as Marex’s Credit Linked Note and Crypto Autocallable in 2024. And, by end-2024, we were ranked among the top issuers on Borsa Italiana with over 1.5 billion EUR in traded volume. But the real reward has been the trust and support we’ve received from our clients and partners. 

The journey so far has been very rewarding. Now, as we celebrate this first product redemption, we’re more excited than ever about the future, offering our clients many more market driven innovative solutions.

Learn more about our growth, innovation, and award wins.

For more information on our structured products in Italy, visit our Certificati products page.

Remember what everyone was saying in January? It would be another banner year for equities. The U.S. would outperform while Europe muddled along. The dollar would remain strong. Yields would fall as central banks cut rates. Chinese tech was uninvestable. 

Well… it’s not quite working out that way.

So, what has changed? I’ve tried to distil the views from our trading desk and came up with two main factors: (a) the huge plot twist of European outperformance and (b) the uncertainty (and volatility) caused by Trump’s hyperactive policymaking style.

On Europe, investors were caught wrong-footed. U.S. outperformance over Europe was as strong a consensus as you could get in financial markets—many called it “U.S. exceptionalism.” Then suddenly, the continent was jolted into action in an unprecedented manner, flipping the script on fiscal spending, especially for defence, and causing substantial revisions to its growth outlook.

The result: fixed income and equity investors were left scrambling to reposition. We’ve also been hearing a lot of discussion around FX hedging, especially from investors whose portfolios are denominated in foreign currencies but have considerable USD equity exposure.

More broadly, we could be going through level shift in volatility, perhaps similar to what we had in 2022. Back then, the combination of geopolitical turbulence and the evolving Fed hiking cycle kept markets on edge. Now, Trump’s policies are raising uncertainty across the board, and there’s no sign this is about to change.

The VIX, the classic market gauge of uncertainty, supports this view. The index has woken from a relatively calm slumber over the last two years and is now back in the 2022 range (roughly the 20-30 level).

Like that unexpected houseguest, volatility seems to have unpacked its bags and settled in for the long haul. As investors, our choice is now to offer it a cup of tea or change the locks. What will you do?

Nilesh Jethwa
Chief Executive Offer – Marex Solutions Division

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