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| Formerly | Cowen Inc. |
|---|---|
| Company type | Division |
| Nasdaq: COWN (2006–2023) | |
| Industry | Financial services |
| Founded | 1918; 107 years ago (1918) |
| Headquarters | , |
Key people | |
| Products | |
| Revenue |  US$1.28 billion (2022) |
| US$76.6 million (2022) | |
| US$76.5 million (2022) | |
| AUM | US$14.5 billion (2022) |
| Total assets |  US$8.83 billion (2022) |
| Total equity | US$1.06 billion (2022) |
Number of employees | 1,534 (2022) |
| Parent | TD Securities[1][2] |
| Website | cowen |
| Footnotes / references [3] | |
TD Cowen (formerlyCowen Inc.), is an American multinationalinvestment bank andfinancial services division ofTD Securities that operates through two business segments: abroker-dealer and an investment management division.[4]
The company's broker-dealer division offers investment banking services,equity and credit research, sales and trading,prime brokerage, outsourced trading, global clearing and commission management services.
Cowen'sinvestment management 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 emergingcannabis industry.[5]
Toronto-Dominion Bank acquired Cowen for US$1.3 billion in March 2023. The company was then rebranded as TD Cowen and became a division ofTD Securities.[1][6]
Founded as a bond trading house, Cowen expanded in its early years to include correspondentclearing and execution services. As the firm grew, it developed a leadership position inrailroadbonds and launched aresearch and institutional sales business. The firm expanded significantly in the 1970s inresearch andretail, 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 aninvestment banking business, and set up offices inLondon,Geneva,Paris, andTokyo. In the 1990s, the firm grew theinvestment banking business, beginning with fiveinitial public offerings and follow-ons for approximately $200 million, growing to nearly 80 transactions and $5 billion in proceeds by 1995.[citation needed]
In 1998, the company was acquired bySociété Générale and renamedSG Cowen. In 2000, Cowen sold its private client services unit toLehman Brothers, retaining itsinvestment banking,research andsales and trading operations.[7] Cowen operated as a unit of Societe Generale until 2006, when it was spun off in aninitial public offering and renamed itself, Cowen and Company. Cowen, Credit Suisse and Merrill Lynch were jointbookrunners for the public offering.[8]
On August 2, 2022,Toronto-Dominion Bank announced it had reached an agreement with Cowen to acquire it for US$1.3 billion, translating to $39 per share.[1] TD announced that Cowen chair and CEO Jeffrey Solomon would join the senior leadership ofTD's securities division following the acquisition, and that the combined business will be known as TD Cowen, headed by Solomon.[9]
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-linked and debt financing's,mergers and acquisitions and advisory services. Cowen and Company also provides proprietary research, including itsAhead of the Curve series, institutional sales and trading services and prime brokerage. Cowen and Company specializes in growth sectors of theeconomy, including:consumer,energy,health care,industrials, info tech & services, and technology, media & telecommunications. Business units include:
Cowen Investment Management, founded in 1994 as Ramius, byPeter Cohen, Jeff Solomon, Morgan Stark, and Tom Strauss,[27][28] is the globalalternative investment management business of Cowen Inc. Cowen Investment Management offers a range ofalternative investment strategies including privatehealth care, health care royalties,real estate, activism, merger and long/short equity, andgrowth equity. Cowen Investment Management oversees $11 billion in assets under management as of Q1/2018.
