TD Cowen explained

TD Cowen
Former Name:Cowen Inc.
Type:Division
Industry:Financial services
Traded As:NASDAQ:
Location City:599 Lexington Avenue
New York City
Location Country:United States
Revenue: (2022)
Net Income: (2022)
Assets: (2022)
Equity: (2022)
Num Employees:1,534
Num Employees Year:2022
Parent:TD Securities[1] [2]
Aum: (2022)
Footnotes:[3]

TD Cowen (formerly Cowen Inc.), is an American multinational investment bank and financial services division of TD Securities that operates through two business segments: a broker-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's investment 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 emerging cannabis 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 of TD Securities.[6] [7]

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 business, and set up offices in London, Geneva, Paris, and Tokyo. In the 1990s, the firm grew the investment banking 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 investment banking, research and sales and trading operations.[8] 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. Cowen, Credit Suisse and Merrill Lynch were joint bookrunners for the public offering.[9]

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.[10]

Growth acquisitions

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-linked and debt financing's, mergers and acquisitions 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, industrials, info tech & services, and technology, media & telecommunications. Business units include:

Cowen Investment Management

Cowen Investment Management, founded in 1994 as Ramius, by Peter Cohen, Jeff Solomon, Morgan Stark, and Tom Strauss,[28] [29] is the global alternative investment management business of Cowen Inc. Cowen Investment Management offers a range of alternative investment strategies including private health care, 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.

See also

Notes and References

  1. Web site: Canada's TD Bank to buy U.S. brokerage Cowen in $1.3 billion deal . 2022-08-02 . CNBC . en.
  2. TD completes acquisition of Cowen Inc. . 2023-03-01 . TD Mediaroom.
  3. Web site: Cowen, Inc. Annual Report 2022 (Form 10-K) . . 28 February 2023.
  4. Cowen Announces New Brand Identity. . May 16, 2017.
  5. Web site: Cannabis: $75B Opportunity . en. 2018-10-20.
  6. Web site: Canada's TD Bank to buy U.S. brokerage Cowen in $1.3 billion deal . 2022-08-02 . CNBC . en.
  7. TD completes acquisition of Cowen Inc. . 2023-03-01 . TD Mediaroom.
  8. News: Lehman buys Cowen unit . . July 17, 2000.
  9. Web site: Cowen IPO falls short of expectations . Caroline Meehan and Heidi Moore . Financial News.
  10. Web site: TD to Buy Cowen for $1.3 Billion to Bulk Up Capital Markets . August 2, 2022 . . Kevin . Orland. Stefanie . Marotta . limited.
  11. News: Cowen and Ramius to merge. John . Spence. . June 4, 2009.
  12. Meet 2022's Hedge Fund Rising Stars . Taub . Stephen . April 8, 2022 . Institutional Investor.
  13. Web site: Cowen to Buy LaBranche for $192.8 Million. . February 17, 2011 . de la Merced . Michael.
  14. Web site: Cowen Group, Inc. Agrees to Acquire Algorithmic Trading Management. BusinessWire.com . January 17, 2012 .
  15. Web site: Cowen Group to acquire KDC Securities. . September 28, 2012 .
  16. Web site: Cowen Group Completes Acquisition of KDC Securities. BusinessWire.com . November 5, 2012 .
  17. Web site: Cowen Group, Inc. Completes Acquisition of Dahlman Rose & Company, LLC. BusinessWire.com . February 28, 2013 .
  18. Web site: Introducing Wall Street's Rising Stars of Equity Research age 35 and under . December 18, 2017 . Rapier . Graham . Insider Inc..
  19. News: Cowen Group, Inc. to Acquire Concept Capital Markets. 2018-08-31. en.
  20. News: SS&C Buys Asset Services Firm Conifer for $88.5M. 2016-12-15. Novinson. Michael. CRN. en.
  21. News: Cowen to Buy Some CRT Businesses Including Distressed Unit. March 22, 2016. . Keller . Laura J . en.
  22. News: Cowen Group to Buy Brokerage Firm Convergex for $116 Million. April 3, 2017 . . Bray . Chad . en.
  23. News: Cowen looks outside healthcare capital markets wheelhouse with Quarton deal. November 23, 2018. . Mantone . Joe. en.
  24. Web site: Investment Banking COWEN. Cowen.com.
  25. News: Research COWEN. COWEN. 2018-08-31. en-US.
  26. Web site: Markets COWEN. Cowen.com. https://web.archive.org/web/20140322050917/http://www.cowen.com/cowen-and-company/institutional-equity-sales-and-trading/. 2014-03-22. dead.
  27. News: Prime Brokerage COWEN. COWEN. 2018-08-31. en-US.
  28. Ramius Is Flexing Its Muscles. 23 September 2010. Taub. Stephen. Institutional Investor.
  29. Cowen Announces New CEO Under Succession Plan. 1 December 2017. McElhaney. Alicia. Institutional Investor.