The formula to M&A success

Chief Strategist & CEO of Capital Markets at Marex, Paolo Tonucci, joins Birchstone’s CEO James Arnold to share the formula behind Marex’s M&A success. Paolo has spent nearly eight years at Marex, starting as COO, then CFO, and now leading Capital Markets and the firm’s acquisition strategy. Under his leadership, Marex’s net revenues have grown to around USD $2.36 billion, with profitability annualising at roughly USD $400 million, and M&A contributing around 40% of growth each year.

The conversation dives into Marex’s disciplined approach to acquisitions, from identifying strategic opportunities to building trust with sellers, integrating businesses, and creating long-term value. Paolo also reflects on the cultural and governance principles that underpin successful deals and offers practical advice for leaders considering M&A as a growth lever.

Marex Group plc (NASDAQ: MRX) is a diversified global financial services platform providing essential liquidity, market access and infrastructure services across energy, commodities and financial markets. Its core services include Clearing, Agency and Execution, Market Making and Hedging, and Investment Solutions. Marex has a leading franchise in metals, energy and agricultural products, with access to 60 exchanges and a client base spanning commodity producers, traders, banks, hedge funds and asset managers. Recent acquisitions include Hamilton Court Group, under which Birchstone operates.

⏱ Timestamps:
00:00 – Intro
00:41 – Paolo’s journey from COO to CEO of Capital Markets
02:00 – Why Marex chose M&A as a growth lever
03:55 – The anatomy of a successful acquisition
06:34 – Building trust and cultural alignment
09:15 – Governance and board discipline in deal-making
12:30 – Identifying targets and filtering opportunities
15:35 – Integration: platforms, compliance and risk
18:28 – Revenue vs cost synergies: where the real value lies
22:10 – Measuring success post-deal
25:21 – Marex’s growth story
29:33 – Advice for leaders considering M&A
31:41 – What Paolo would tell his 20-year-old self

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