Agency execution specialist taps Jefferies veteran to lead buildout in emboldened yield hunt.
This week, London-based trading and execution firm Marex officially launched a dedicated Emerging Markets (EM) Credit desk, combining research and agency execution with selective principal risk-taking across sovereign and corporate debt, offering institutional clients a more agile, insight-led approach to EM credit.
The new unit led by Head of European and Asian Emerging Markets Aaron Fernandes, who joined Marex in August from Jefferies, will bring together analysis, trading and sales teams managed by the firm's Head of EM Strategy Matthew Vogel and Senior Trader Paul Timmons. It will operate jointly from London and Dubai.
Marex says the desk will prioritize higher-yielding and special-situation opportunities across Emerging Europe, the Middle East, Africa and Asia in its first phase, as well as provide coordinated delivery with Marex’s growing global credit footprint, including the firm's existing LatAm desk led by Mike Rowe.
Its trading capabilities will mirror and integrate with Marex's cross-asset strengths, offering tools including EM credit trade pairing with rates overlays and listed hedges; aligned execution with FX and cross-currency settlement; links into Marex's relative-value and regional teams to structure opportunities; and engagement with private placements and debt capital markets.
These, Fernandes said in a note earlier this week, will intertwine with the desk's "content-led product" and actionable ideas generation.
"EM credit rewards experience, speed and thoughtful use of balance sheet. Aaron’s team brings exactly that, plus an analyst product that adds tangible value across our network," said Paolo Tonucci, Chief Strategist and CEO of Capital Markets, describing the buildout as "central" to Marex's comprehensive offering.
OQ View: The buildout is a bet that motivation in EM credit (if not also multi-asset) remains durable and scalable, with growing confidence among clients leading to increased diversity in their credit exposure and trade construction. Both are reflected in the new desk's geographical integration and steering functions.
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