Marex's global head of energy to leave firm

Marex’s global head of energy is set to leave the firm to be replaced by the broker’s North American head of energy, marking a key change at Marex after a period of volatility in the energy markets.

Jeremy Elliott, who joined the British broker as its global head of energy in September 2013, is leaving the firm and has been replaced with immediate effect by Matt Thistle, formerly Marex’s head of energy in North America.

A spokeswoman for Marex confirmed the changes.

Elliott joined Marex from ICAP, the London-based inter-dealer broker where he worked in commodities for almost five years.

He originally joined ICAP in 2004 as a business development manager focused on interest rate swaps after four years in business development at French investment firm HPC.

Thistle, based in New York, is a crude oil expert who became Marex’s head of energy in North America in December 2019 after nine years as a senior vice-president in Spectron Energy, a division of Marex Spectron before it dropped the Spectron from its name in March last year.

Thistle joined Marex Spectron in January 2011 after over five years as a commodity trader, and three years as founder and partner of Convergence Capital Group, the trade finance firm.

Thistle starting trading at Bank of America where he was a crude oil options trader for over four years.

Marex secured in December approval from the Australian regulator to open an office in Sydney, opening up what Marex chief Ian Lowitt called “a hugely important geography for our business”.

Marex has been growing in recent years and acquired in March last year Starsupply, an execution-only physical oil brokerage firm.

The world’s key energy markets including oil and natural gas have been volatile in recent months, roiled by post-COVID supply problems and political unrest in Eastern Europe.

Intercontinental Exchange’s president Ben Jackson said in October the transition to cleaner energy sources is changing dynamics in the global energy market, adding “we’re in for a long rise of volatility”.