TD Cowen (formerly Cowen Inc.), is an American multinational investment bank and

financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...

division of

TD Securities TD Securities is a Canadian investment bank and financial services provider that offers advisory and capital market services to corporate, government, and institutional clients worldwide. The firm provides services in corporate and investment ban ...

that operates through two business segments: a

broker-dealer In financial services, a broker-dealer is a natural person, company or other organization that engages in the business of trading securities for its own account or on behalf of its customers. Broker-dealers are at the heart of the securities and d ...

and an investment management division. The company's broker-dealer division offers investment banking services, equity and credit research, sales and trading, global prime brokerage, outsourced trading, global clearing and commission management services. Cowen's

investment management Investment management is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institut ...

segment offers actively managed alternative investment products. Founded in 1918, the firm is headquartered in New York and has offices worldwide. Cowen claims it is known for successfully identifying emerging industries early on, especially the emerging cannabis industry. On August 2, 2022, Toronto-Dominion Bank announced it would acquire Cowen for US$1.3 billion. The acquisition finalized in March 2023.

History

Founded as a bond trading house, Cowen expanded in its early years to include correspondent clearing and execution services. As the firm grew, it developed a leadership position in railroad bonds and launched a research and institutional sales business. The firm expanded significantly in the 1970s in research and retail, opening six offices from coast-to-coast and expanding its business offerings through acquisitions: Hardy & Company; Greene & Ladd; G.S. Grumman; and McCloy-Watterson & Co., Inc. In the 1980s, Cowen expanded internationally, established an

investment banking Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated wit ...

business, and set up offices in London, Geneva, Paris, and Tokyo. In the 1990s, the firm grew the

business, beginning with five initial public offerings and follow-ons for approximately $200 million, growing to nearly 80 transactions and $5 billion in proceeds by 1995. In 1998, the company was acquired by Société Générale and renamed SG Cowen. In 2000, Cowen sold its private client services unit to Lehman Brothers, retaining its

, research and sales and trading operations. Cowen operated as a unit of Societe Generale until 2006, when it was spun off in an initial public offering and renamed itself, Cowen and Company. The public offering was joint bookrun by Cowen, Credit Suisse and Merrill Lynch. On August 2, 2022, Toronto-Dominion Bank announced it had reached an agreement with Cowen to acquire it for US$1.3billion, translating to $39 per share. TD announced that Cowen chair and CEO Jeffrey Solomon would join the senior leadership of TD's securities division following the acquisition, and that the combined business will be known as TD Cowen, headed by Solomon.

Growth acquisitions

• In 2009, the company merged with Ramius LLC to form a diversified financial services company. • In February 2011, Cowen acquired LaBranche & Co., a market-maker in options, exchange-traded funds and

futures Futures may mean: Finance *Futures contract, a tradable financial derivatives contract *Futures exchange, a financial market where futures contracts are traded * ''Futures'' (magazine), an American finance magazine Music * ''Futures'' (album), a ...

on various exchanges for around $200 million. • In 2012, Cowen acquired Algorithmic Trading Management, a provider of global multi-asset class algorithmic execution trading models, and KDC Securities, a securities lending business. • In March 2013, Cowen acquired Dahlman Rose & Company LLC. • In 2015, Cowen entered the prime services business with the acquisitions of Concept Capital Markets and Conifer Securities. • In 2015, Cowen acquired CRT Capital Group's credit products, credit research,

special situations A special situation in finance is an atypical event which has the high potential to alter the future course of a business, materially impacting the company's value. The connotation of the event may be both positive (for example, merger or acquisitio ...

and emerging markets businesses. • In 2017, Cowen acquired Convergex, a leading agency-focused brokerage firm and trading services provider whose businesses include: equity sales and an electronic trading platform, commission management, global clearing and prime services. • In 2018 Cowen announced the acquisition of Quarton International, a middle-market investment banking firm.

Operations

Cowen and Company

Cowen and Company, founded in 1918, is the broker-dealer business of Cowen Inc. Cowen and Company offers a range of investment banking services, including:

equity Equity may refer to: Finance, accounting and ownership * Equity (finance), ownership of assets that have liabilities attached to them ** Stock, equity based on original contributions of cash or other value to a business ** Home equity, the dif ...

, equity-linked and debt financing's,

mergers and acquisitions Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...

and advisory services. Cowen and Company also provides proprietary research, including its ''Ahead of the Curve'' series, institutional sales and trading services and prime brokerage. Cowen and Company specializes in growth sectors of the economy, including: consumer, energy,

health care Health care or healthcare is the improvement of health via the prevention, diagnosis, treatment, amelioration or cure of disease, illness, injury, and other physical and mental impairments in people. Health care is delivered by health profe ...

, industrials, info tech & services, and technology, media & telecommunications. Business units include: *

Investment Banking Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated wit ...

* Research * Markets *Prime Services

Cowen Investment Management

Cowen Investment Management, founded in 1994 as Ramius, by Peter Cohen, Jeff Solomon, Morgan Stark, and Tom Strauss, is the global

alternative investment An alternative investment, also known as an alternative asset or alternative investment fund (AIF), is an investment in any asset class excluding stocks, bonds, and cash. The term is a relatively loose one and includes tangible assets such as ...

management business of Cowen Inc. Cowen Investment Management offers a range of

strategies including private

, health care royalties, real estate, activism, merger and long/short equity, and growth equity. Cowen Investment Management oversees $11 billion in assets under management as of Q1/2018.

References

External links

* {{authority control, state=expanded Investment banks in the United States Financial services companies established in 1918 Banks established in 1918 Banks based in New York City Companies formerly listed on the Nasdaq 2006 initial public offerings 1918 establishments in New York (state) 2023 mergers and acquisitions Toronto-Dominion Bank