Shareholders of Marex Group, a financial-services company based in Britain, have approved the company’s plans to redomicile to Bermuda.

At a general meeting in London last week, the shareholders approved all resolutions on the agenda by a ratio of nearly nine to one.

Marex, which is listed on New York’s Nasdaq Stock Market, plans to reorganise into four regional subgroups under a new Bermuda parent.

The group offers services including market making, clearing, execution, liquidity, and hedging services to clients. Headquartered in London, it acts as a principal and agent in energy, agricultural, metal, and financial markets.

The company has said previously that under the reorganisation its tax residence, operations, services and financing arrangements would remain largely unchanged.

Basing the holding company in Bermuda is aimed at simplifying its corporate and regulatory structure, cutting administrative costs and better aligning “Bermuda’s US-style corporate law with its Nasdaq listing”, Marex said.