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TD Completes Acquisition of Cowen Inc.
TD Bank Group (“TD”) (TSX: TD) (NYSE: TD) and Cowen Inc. (“Cowen”) (NASDAQ: COWN) today announce that TD has completed the acquisition of Cowen.
“We are very pleased to welcome Cowen to TD. Together, with greater scale, broader capabilities and deeper resources, we will continue to serve clients with excellence and accelerate the growth of TD Securities,” said Bharat Masrani, Group President and Chief Executive Officer, TD Bank Group.
The acquisition advances TD Securities’ long-term growth strategy in the United States and adds highly complementary products and services to TD Securities’ existing businesses. Cowen brings a renowned, global research franchise, and adds new capabilities in U.S. equities, including a strong sales, trading and execution platform and deep relationships with corporate and financial clients across key growth verticals.
“I’m incredibly excited to welcome Cowen’s talented colleagues and leaders to TD Securities and the broader TD team,” said Riaz Ahmed, President and CEO TD Securities. “Together, we’ll build for the future, energized by the opportunities ahead for TD Securities, our clients and our 6,500 combined colleagues.”
Jeffrey Solomon, Chair and CEO of Cowen, joins the senior leadership of TD Securities, reporting to Riaz Ahmed. Post-closing, parts of the combined business will be known as TD Cowen.
“We are thrilled to be part of TD. We are united in our drive to outperform for our clients — bringing the best of our combined expertise and talented teams,” said Jeff Solomon. “Our teams share a common vision and dedication to our clients and their success, and we look forward to building for the future together.”
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