{{short description|American investment bank}} {{primary sources|date=September 2022}} {{Infobox company | name = TD Cowen | former_name = Cowen Inc. | logo = TD Cowen.png | image = | image_size = | image_caption = | type = Division | industry = Financial services | traded_as = {{NASDAQ was|COWN}} {{nowrap| (2006–2023)}} | foundation = {{start date and age|1918}} | location_city = 599 Lexington Avenue<br />New York City | location_country = United States | key_people = {{ubl|Jeffrey M. Solomon (CEO)|John Holmes (COO)|Stephen A. Lasota (CFO)|Tom Strauss (vice chairman)}} | products = {{Unbulleted list|Investment bank|Markets|Research|Investment management|Outsourced Trading|Prime brokerage|Emerging markets|Alternative Investments}} | revenue = {{Decrease}} {{US$|1.28 billion|link=yes}} (2022) | operating_income = {{nowrap| {{Decrease}} {{US$|76.6 million}} (2022)}} | net_income = {{Decrease}} {{US$|76.5 million}} (2022) | assets = {{Increase}} {{US$|8.83 billion}} (2022) | equity = {{Increase}} {{US$|1.06 billion}} (2022) | owner = | num_employees = 1,534 | num_employees_year = 2022 | parent = TD Securities<ref name=":0">{{Cite web |title=Canada's TD Bank to buy U.S. brokerage Cowen in $1.3 billion deal |url=https://www.cnbc.com/2022/08/02/canadas-td-bank-to-buy-us-brokerage-cowen-in-1point3-billion-deal-.html |access-date=2022-08-02 |website=CNBC |language=en}}</ref><ref>{{cite press release |url=https://td.mediaroom.com/2023-03-01-TD-completes-acquisition-of-Cowen-Inc |title=TD completes acquisition of Cowen Inc. |date=2023-03-01 |website=TD Mediaroom}}</ref> | aum = {{Decrease}} {{US$|14.5 billion}} (2022) | homepage = {{URL|cowen.com}} | footnotes = <ref name=10K>{{cite web |title=Cowen, Inc. Annual Report 2022 (Form 10-K) |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1466538/000146653823000018/cown-20221231.htm |publisher=U.S. Securities and Exchange Commission |date=28 February 2023}}</ref> }}
'''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.
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.<ref>{{Cite web|url=http://www.cowen.com/reports/cannabis-75b-opportunity-category-cross-currents-keep-us-cautious-on-booze/|title=Cannabis: $75B Opportunity |language=en|accessdate=2018-10-20}}</ref>
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.<ref name=":0">{{Cite web |title=Canada's TD Bank to buy U.S. brokerage Cowen in $1.3 billion deal |url=https://www.cnbc.com/2022/08/02/canadas-td-bank-to-buy-us-brokerage-cowen-in-1point3-billion-deal-.html |access-date=2022-08-02 |website=CNBC |language=en}}</ref>
==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.{{Citation needed|date=August 2022}}
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.<ref>{{Cite news | url=https://money.cnn.com/2000/07/17/companies/lehman/index.htm| archive-url=https://web.archive.org/web/20140320040305/http://money.cnn.com/2000/07/17/companies/lehman/index.htm| url-status=dead| archive-date=March 20, 2014|title= Lehman buys Cowen unit | work=CNN | date=July 17, 2000}}</ref> 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.<ref>{{Cite web|url=http://www.efinancialnews.com/story/2006-07-13/cowen-ipo-falls-short-of-expectations-1|title= Cowen IPO falls short of expectations |author= Caroline Meehan and Heidi Moore |publisher=Financial News}}</ref>
On August 2, 2022, Toronto-Dominion Bank announced it had reached an agreement with Cowen to acquire it for US$1.3{{nbsp}}billion, translating to $39 per share.<ref name=":0" /><ref>{{Cite web |date=1 August 2022 |title=Canada's TD Bank nears $1 bln deal for U.S. brokerage Cowen -source |url=https://www.reuters.com/markets/deals/canadas-td-bank-nears-1-bln-deal-us-brokerage-cowen-source-2022-08-01/ |access-date=20 April 2026 |website=Reuters}}</ref> 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.<ref>{{Cite web |title=TD to Buy Cowen for $1.3 Billion to Bulk Up Capital Markets |url=https://www.bloomberg.com/news/articles/2022-08-02/td-to-buy-cowen-for-1-3-billion-to-bulk-up-capital-markets-unit |date=August 2, 2022 |work=Bloomberg News |first1=Kevin |last1=Orland|first2=Stefanie |last2=Marotta |url-access=limited}}</ref>
==Growth acquisitions== * In 2009, the company merged with Ramius LLC to form a diversified financial services company.<ref>{{Cite news | url=https://www.marketwatch.com/story/cowen-and-ramius-to-merge | title=Cowen and Ramius to merge| first=John | last=Spence| work=Marketwatch | date=June 4, 2009}}</ref><ref>{{cite magazine |url=https://www.institutionalinvestor.com/article/b1xhjsrhcdksfk/Meet-2022-s-Hedge-Fund-Rising-Stars |title=Meet 2022's Hedge Fund Rising Stars |last=Taub |first=Stephen |date=April 8, 2022 |magazine=Institutional Investor}}</ref> * In February 2011, Cowen acquired LaBranche & Co., a market-maker in options, exchange-traded funds and futures on various exchanges for around $200 million.<ref>{{cite web |url= https://archive.nytimes.com/dealbook.nytimes.com/2011/02/17/cowen-to-buy-labranche-for-192-8-million/ |title= Cowen to Buy LaBranche for $192.8 Million|work=The New York Times |date= February 17, 2011 |last=de la Merced |first=Michael}}</ref> * In 2012, Cowen acquired Algorithmic Trading Management, a provider of global multi-asset class algorithmic execution trading models,<ref>{{cite web |url= http://www.businesswire.com/news/home/20120117005666/en/Cowen-Group-Agrees-Acquire-Algorithmic-Trading-Management|title= Cowen Group, Inc. Agrees to Acquire Algorithmic Trading Management|publisher= BusinessWire.com |date= January 17, 2012 }}</ref> and KDC Securities, a securities lending business.<ref>{{cite web |url= https://www.bizjournals.com/newyork/news/2012/09/28/cowen-group-to-acquire-kdc-securities.html|title= Cowen Group to acquire KDC Securities|publisher= American City Business Journals |date= September 28, 2012 }}</ref><ref>{{cite web |url= http://www.businesswire.com/news/home/20121105005631/en/Cowen-Group-Completes-Acquisition-KDC-Securities|title= Cowen Group Completes Acquisition of KDC Securities|publisher= BusinessWire.com |date= November 5, 2012 }}</ref> * In March 2013, Cowen acquired Dahlman Rose & Company LLC.<ref>{{cite web |url=https://www.businesswire.com/news/home/20130311005236/en/Cowen-Group-Completes-Acquisition-Dahlman-Rose-Company|title= Cowen Group, Inc. Completes Acquisition of Dahlman Rose & Company, LLC|publisher= BusinessWire.com |date= February 28, 2013 }}</ref><ref>{{cite web |url=https://www.businessinsider.com/business-insider-rising-stars-under-35-equity-research-analysts-2017-12 |title=Introducing Wall Street's Rising Stars of Equity Research age 35 and under |date=December 18, 2017 |last=Rapier |first=Graham |work=Insider Inc.}}</ref> * In 2015, Cowen entered the prime services business with the acquisitions of Concept Capital Markets and Conifer Securities.<ref>{{Cite news|url=https://www.businesswire.com/news/home/20150715005475/en/Cowen-Group-Acquire-Concept-Capital-Markets|title=Cowen Group, Inc. to Acquire Concept Capital Markets|access-date=2018-08-31|language=en}}</ref><ref>{{Cite news|url=https://www.crn.com/news/channel-programs/300083170/ssc-buys-asset-services-firm-conifer-for-88-5m.htm|title=SS&C Buys Asset Services Firm Conifer for $88.5M|date=2016-12-15|last=Novinson|first=Michael|work=CRN|language=en}}</ref> * In 2015, Cowen acquired CRT Capital Group's credit products, credit research, special situations and emerging markets businesses.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2016-03-22/cowen-agrees-to-buy-crt-businesses-including-emerging-markets|title=Cowen to Buy Some CRT Businesses Including Distressed Unit|date=March 22, 2016|work=Bloomberg News |last=Keller |first=Laura J |language=en}}</ref> * 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.<ref>{{Cite news|url=https://www.nytimes.com/2017/04/03/business/dealbook/cowen-group-to-buy-brokerage-convergex-for-116-million.html|title=Cowen Group to Buy Brokerage Firm Convergex for $116 Million|date=April 3, 2017 |work=The New York Times |last=Bray |first=Chad |language=en}}</ref> * In 2018 Cowen announced the acquisition of Quarton International, a middle-market investment banking firm.<ref>{{Cite news|url=https://www.spglobal.com/marketintelligence/en/news-insights/trending/xx4nevxg3b36_lfjeulejg2|title=Cowen looks outside healthcare capital markets wheelhouse with Quarton deal|date=November 23, 2018|website=S&P Global |last=Mantone |first=Joe|language=en}}</ref>
==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:
*Investment Banking<ref>{{Cite web|url=http://www.cowen.com/capabilities/investment-banking/|title=Investment Banking {{!}} COWEN|publisher=Cowen.com}}</ref> *Research<ref>{{Cite news|url=http://www.cowen.com/capabilities/research/|title=Research {{!}} COWEN|last=|first=|date=|work=COWEN|access-date=2018-08-31|language=en-US}}</ref> *Markets<ref>{{Cite web|url=http://www.cowen.com/capabilities/markets/|title=Markets {{!}} COWEN|publisher=Cowen.com|archiveurl=https://web.archive.org/web/20140322050917/http://www.cowen.com/cowen-and-company/institutional-equity-sales-and-trading/|archivedate=2014-03-22|url-status=dead}}</ref> *Prime Services<ref>{{Cite news|url=http://www.cowen.com/capabilities/prime-services/|title=Prime Brokerage {{!}} COWEN|work=COWEN|access-date=2018-08-31|language=en-US}}</ref>
=== Cowen Investment Management === Cowen Investment Management, founded in 1994 as Ramius, by Peter Cohen, Jeff Solomon, Morgan Stark, and Tom Strauss,<ref>{{Cite magazine|url=https://www.institutionalinvestor.com/article/b150qdvh0zc6qq/ramius-is-flexing-its-muscles|title=Ramius Is Flexing Its Muscles|date=23 September 2010|last=Taub|first=Stephen|magazine=Institutional Investor}}</ref><ref>{{Cite magazine|url=https://www.institutionalinvestor.com/article/b15vtlnkkpsfmg/cowen-announces-new-ceo-under-succession-plan|title=Cowen Announces New CEO Under Succession Plan|date=1 December 2017|last=McElhaney|first=Alicia|magazine=Institutional Investor}}</ref> 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== {{Portal|New York City}} *List of asset management firms *List of CDO managers *List of companies based in New York City *List of hedge funds
== References == {{reflist}}
==External links== * {{Official|https://www.cowen.com}} {{Finance links historical | name = Cowen, Inc. | symbol = COWN | reuters = COWN.O | bloomberg = COWN:US | sec_cik = 1466538 | google = COWN:NASDAQ | yahoo = COWN }}
{{Investment banks}}
{{authority control|state=expanded}}
Category:Investment banks in the United States Category:Financial services companies established in 1918 Category:Banks established in 1918 Category:Banks based in New York City Category:Companies formerly listed on the Nasdaq Category:2006 initial public offerings Category:1918 establishments in New York (state) Category:2023 mergers and acquisitions Category:Toronto-Dominion Bank