Marex taps Dan Hofstad and Charlie Fee to take on soft commodities, protein, and energy industries
Dan Hofstad will be at the helm of the North American OTC dairy business and Charlie Fee will bring additional depth to Marex’s well-established grain origination franchise.
Marex has opened an office in Minneapolis – where many major agricultural companies and large commodity risk managers are located – to serve as a central hub for commodity risk management.
To that effect, Marex has appointed long-time agricultural industry veterans Dan Hofstad and Charlie Fee to co-head the office and oversee further growth of its over-the-counter (OTC) agricultural offering in the U.S.
Hofstad and Fee will report to Kirk Bonniwell, Head of Agricultural OTC Sales for Marex North America. The new executives have previously worked at Cargill Risk Management, where Fee served as Managing Director, and both Hofstad and Fee will grow the team and build on the firm’s reach in the soft commodities, protein, and energy industries.
North American OTC dairy business and grain origination franchise
The Minneapolis office will drive further growth for the company’s listed and over-the-counter offerings, including structured products. It will operate as the launchpad for the company’s launch in the North American OTC dairy business, through Marex Solutions, the OTC arm of the company.
Dan Hofstad will be at the helm of the North American OTC dairy business, which will serve as a complement to the firm’s existing exchange-traded dairy products business.
Charlie Fee will bring additional depth to Marex’s well-established grain origination franchise with expertise on the consumer side of the market.
Ram Vittal, Chief Executive Officer of Marex North America, said: “We’re delighted to expand our business with another on-the-ground presence that puts us close to our clients as they navigate their risk management challenges. We continue to identify new opportunities to grow our franchise in North America and leverage the global breadth of products and services that Marex has to offer.”
Bonniwell said: “In addition to their product expertise, Dan and Charlie bring outstanding experience to our team, great insights into the talent and relevant businesses in the area and an appreciation for our focus on high-touch service and lasting client relationships. We look forward to building on the team in the region under their leadership and addressing the growing demand for these customized solutions.”
Throughout his 16-year career, Dan Hofstad has developed and implemented exchange-based and OTC hedging strategies in agricultural, dairy soft, energy and foreign exchange (FX) markets.
He joined Marex from Amius Limited, where he served as Managing Director, North America, and built out the OTC risk management business across commodity markets and industries. Before his nearly five years at Cargill Risk Management, he was at INTL FCStone (now StoneX) in London, promoting hedging practices in Eastern Europe and Black Sea markets for large export and import clients.
Charlie Fee also joined from Amius after spending 16 years at Cargill, having served as Managing Director in both firms.
Marex has recently expanded into Australia with the opening of a Sydney office.