Marex acquires Global Metals Network

London-based financial services firm Marex has acquired Global Metals Network (GMN), a recycled metals market maker based in Hong Kong.

GMN was formed in 2018 by Mark Sellier, Greg Armstrong and other nonferrous scrap traders formerly connected with Australia-based OneSteel Recycling and was backed financially by Japan-based Mitsui & Co.

Marex says GMN serves high-quality clients predominantly based across Asia and that the firm brings further regional expertise and coverage to Marex’s existing offering in recycled metals.

That existing presence includes London-based Tangent Trading Ltd., which Marex acquired in 2020. At that time, Tangent, which was founded in 1985, was a long-term member of the London Metal Exchange specializing in nonferrous scrap metals trading with a focus on copper and aluminum markets. When acquired, Tangent was led by Darren Leigh and Robert Borland.

“Our commitment to supporting our clients as they navigate the transition to a low-carbon economy continues to be a core priority for Marex, and the acquisition of GMN bolsters our extensive offering in environmental products," Marex CEO Ian Lowitt says.

"The GMN team brings regional expertise, a strong client base across Asia and a risk profile that is complementary to the standards we set at Marex. It is a good strategic fit with our existing recycled metals business, Tangent, and I am excited by what we will achieve with an enhanced global footprint in such an important and growing sector.”

“We are really delighted to be part of a great company like Marex," Sellier tells Recycling Today. “Our clients will still be serviced by the same dedicated and experienced team under Greg Armstrong and my leadership. We will also be able to benefit from the broader range of services offered by Marex as they build a larger global platform with greater client coverage and an expanded supplier network.“

Marex generated $26 million in revenue last year from environmental products. “Acquiring GMN will increase client coverage, expand supplier networks and also deliver revenue growth,” the firm says.

Sellier, in addition to being a scrap trading veteran, has served in several high-profile roles with the Brussels-based Bureau of International Recycling (BIR), including as a former chair of its convention and communications committees.