Can you tell me about your journey into the securities finance industry?
I studied for a BSc in Mathematics and Economics before completing an MSc in Financial Risk and Investment Analysis at the University of Sussex. Cowen International Prime Services (which was acquired by Marex in 2023) offered a summer internship in its risk team which was managed by Bernie Minsky, a Sussex alumnus. I applied for the role and was fortunate to be chosen for the position.
During the internship, I worked on a research project ‘Designing a Margin Policy for a Prime Broker’ under Bernie’s supervision, which I used for my Master’s dissertation. That experience gave me exposure to the practical side of risk management within prime brokerage.
After graduating, I joined Funding Circle in Capital Markets Operations, where I worked closely with institutional investors. While I was there, Bernie contacted me about an opportunity to join Cowen’s risk team. Given my academic focus on financial risk, it felt like a natural next step — and particularly exciting because it gave me the chance to see how the ideas from my dissertation were being implemented in practice. So in 2020, I joined the Cowen team in a front office-aligned risk role, focusing on margin (collateralised lending) and financing. I have now been with the team for almost six years, and my role has evolved significantly as I have gained experience. At the start of this year, I was promoted to manager of International Prime Services Margin and Financing.
My role within Marex’s Prime Services team suits both my skills and my interests. I get to do what I am trained to do, which is managing risk and investments from a quantitative point of view, but I also enjoy the communications aspects of the job, which involves spending time talking to our internal teams and clients, translating complex and numeric aspects into conversations.
As a young professional, what aspects of your role or the industry do you find most exciting?
In margin and financing, you are constantly balancing commercial ambition with disciplined risk management. Every conversation has both a strategic and technical dimension, which makes the role intellectually engaging and highly relevant to the firm’s broader objectives. We contribute to solutions that enable clients to grow while ensuring the firm maintains a robust and resilient risk framework.
A key part of the role is thinking pre-emptively, preparing for the ‘rainy day’ scenarios, and trusting that the risk decisions made today will position us appropriately for periods of volatility and market stress.
I have been fortunate that my training has taught me to treat models and frameworks as tools rather than definitive answers. Margin is not purely mechanical; it requires judgement, experience, and an understanding of the bigger picture. We avoid a rigid ‘computer says no’ approach, instead applying nuance and collective expertise to deliver fair, well-considered outcomes for both clients and the firm.
Prime brokerage sits at the centre of trading, financing, liquidity, risk management, and regulation. Being in a role that touches all these areas gives you a front-row view of how markets truly function. It connects clients, capital, and strategy, which means you see in real-time how global events, volatility and client decision-making intersect. It is this holistic vantage point that I find exciting.
Many companies offer various training and development opportunities for their employees. How has your company supported your growth?
The firm has supported me throughout my Chartered Financial Analyst (CFA) qualification. The CFA programme has strengthened my technical foundation and understanding of markets; it covers a broad range of areas across financial services, which is particularly relevant given the breadth of Marex’s offering across multiple asset classes. In terms of career progression, Marex provided me with the opportunity to step into a managerial role, accelerating my leadership development early in my career.
Having early exposure to senior stakeholders fast-tracked both my technical expertise and professional confidence, and my progression has been shaped by the trust and support of my managers, business heads, and wider team. Their mentorship, challenge, and encouragement have been instrumental in my development, reinforced by an open-door culture within the prime brokerage team, where colleagues at every level are approachable, knowledgeable, and generous with their time.
What misconceptions about working in the financial industry have you encountered, and how do you address these challenges?
A common misconception is that risk functions exist solely to restrict activity. In reality, effective risk management enables sustainable growth and helps clients to optimise their strategies responsibly. Our role is to support durable business, not to stop it. We address this by maintaining open, transparent dialogue with clients and prospects and building a strong rapport with them. Risk should be seen as a partner in the relationship, not a function to be avoided; there are clear benefits to keeping the prime brokerage risk team closely engaged.
What advice do you have for other young professionals aspiring to pursue a career in your industry?
Build strong technical proficiency but equally develop versatile communication skills. Be the person that can do the calculations quickly and accurately but also explain the results and implications to a variety of audiences. Precision without confidence can go unheard, and confidence without precision can be risky.
Conscientiousness and attention to detail are critical, even if they are not always the loudest qualities in the room. Small details can have significant implications, being thorough builds trust over time. When you combine that with the confidence to be decisive and speak up clearly when those details matter, you are in a very strong position.
Looking ahead, where do you see yourself in the next five years in terms of your career goals and aspirations?
I plan to continue building my career within prime brokerage, using my risk background as a foundation while developing into a broader portfolio-based role. Over time, I aim to take greater responsibility in shaping strategic decisions and driving performance through disciplined risk management and strong client engagement.
The CFA programme has given me a comprehensive understanding across asset classes, which is particularly relevant within Marex’s multi-asset environment. I am keen to apply that breadth of knowledge within prime brokerage to support informed decision-making and contribute to the strength and expansion of its product offering.
April Gough Bio
April Gough is manager of International Prime Services Margin and Financing at Marex. She joined the team as an associate in 2020, when the business was part of Cowen, prior to its acquisition by Marex. Before this, April worked as a capital markets operations analyst at Funding Circle. She holds a BSc in Mathematics and Economics, an MSc in Financial Risk and Investment Analysis, and is a CFA charterholder.
As part of her master’s programme, April completed a summer internship with Cowen’s prime brokerage risk team, laying the foundation for her career in prime brokerage.
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Image: April Gough 
