Company:Cowen Group

From HandWiki
Cowen Inc.
TypePublic
NASDAQ: COWN (Class A)
Russell 2000 Component
IndustryFinancial Services
Founded1918
Headquarters599 Lexington Avenue
New York City , New York, United States
Key people
Jeffrey M. Solomon, CEO
John Holmes, COO
Stephen A. Lasota, CFO
Tom Strauss, Vice Chairman
ProductsInvestment Banking
Research
Markets
Alternative Investments
RevenueIncrease $666 million United States dollar (2017) [1]
Increase $15.8 million USD (2017) [1]
AUMUnited States dollar 11 billion (2018)
Number of employees
1100
Websitewww.cowen.com

Cowen Inc. is a 100 year old diversified Financial Services firm[2] that provides alternative investment management, investment banking, research, institutional brokerage and services through its two business segments: Cowen Investment Management (formerly known as Ramius), a global alternative investment management business, and Cowen and Company, a broker-dealer business.[3] Founded in 1918 by brothers Harry Cowen, Edwin Cowen and Arthur Cowen, Sr., the firm is headquartered in New York City , has offices located worldwide, and manages US$11 Billion in alternative investment strategies as of 2018.

Cowen is widely known for successfully identifying disruptive companies and emerging industries early on. Examples include Amazon, and more recently the emerging US$75 Billion Cannabis[4] industry, having been the first Wall Street firm to publish Cannabis research.

History

Founded as a bond trading house, the Firm 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 IPOs and follow-ons for approximately $200 million, growing to nearly 80 transactions and $5 billion in proceeds by 1995.[5]

The Firm remained independent until 1998 when it was acquired by the France financial services company, Société Générale, and renamed SG Cowen. In 2000, the Firm sold its private client services unit to Lehman Brothers, retaining its investment banking, research and sales and trading operations.[6] The Firm 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.[7]

Growth Acquisitions

• In 2009, the company merged with Ramius LLC to form a diversified financial services company.[8]

• In February 2011, Cowen acquired LaBranche & Co., a market-maker in options, exchange-traded funds and futures on various exchanges.[9]

• In 2012, Cowen acquired Algorithmic Trading Management, a provider of global multi-asset class algorithmic execution trading models,[10] and KDC Securities, a securities lending business.[11]

• In March 2013, Cowen acquired Dahlman Rose & Company LLC.[12]

• In 2015, Cowen entered the prime services business with the acquisitions of Concept Capital Markets and Conifer Securities.[13][14]

• In 2015, Cowen acquired CRT Capital Group's credit products, credit research, special situations and emerging markets businesses.[15]

• In 2017 Cowen acquired Convergex, a leading agency-focused brokerage and trading services provider whose businesses include: equity sales and electronic trading, commission management, global clearing and prime services. [16]

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 CurveTM 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, the late Morgan Stark, and Tom Strauss,[21] 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 $11Bn in assets under management as of Q1 2018.

Locations

US Locations

International Locations

See also

  • List of asset management firms
  • List of CDO managers
  • List of companies based in New York City
  • List of hedge funds
  • List of mutual-fund families in the United States
  • Asset management in Luxembourg
  • Asset management in London
  • Asset management in Belfast
  • Asset management in Los Angeles

References

  1. ↑ 1.0 1.1 Form 10-K: Annual Report Pursuant to Section 13 of 15(d) of the Securities Exchange Act of 1934 For the Year Ended December 31, 2017, p. 50
  2. ↑ "Cowen Announces New Brand Identity" (in en). http://www.businesswire.com/news/home/20170516005497/en/Cowen-Announces-Brand-Identity. 
  3. ↑ "Cowen Group Inc.". WSJ.com. The Wall Street Journal. http://quotes.wsj.com/COWN/company-people#. 
  4. ↑ "Cannabis: $75B Opportunity" (in en). http://www.cowen.com/reports/cannabis-75b-opportunity-category-cross-currents-keep-us-cautious-on-booze/. Retrieved 2018-10-20. 
  5. ↑ "Cowen Group, Inc.". Answers.com. Answers.com. http://www.answers.com/topic/cowen-group-inc-1. 
  6. ↑ "Lehman buys Cowen unit". CNNMoney.com. CNN Money. http://money.cnn.com/2000/07/17/companies/lehman/index.htm. 
  7. ↑ Caroline Meehan and Heidi Moore. "Cowen IPO falls short of expectations". Financial News. http://www.efinancialnews.com/story/2006-07-13/cowen-ipo-falls-short-of-expectations-1. 
  8. ↑ John Spence (June 4, 2009). "Cowen and Ramius to merge". MarketWatch.com. http://www.marketwatch.com/story/cowen-and-ramius-to-merge. 
  9. ↑ "Cowen Group to Acquire LaBranche & Co". BusinessWire.com. February 17, 2011. http://www.businesswire.com/news/home/20110217005768/en/Cowen-Group-Acquire-LaBranche. 
  10. ↑ "Cowen Group, Inc. Agrees to Acquire Algorithmic Trading Management". BusinessWire.com. January 17, 2012. http://www.businesswire.com/news/home/20120117005666/en/Cowen-Group-Agrees-Acquire-Algorithmic-Trading-Management. 
  11. ↑ "Cowen Group Completes Acquisition of KDC Securities". BusinessWire.com. November 5, 2012. http://www.businesswire.com/news/home/20121105005631/en/Cowen-Group-Completes-Acquisition-KDC-Securities. 
  12. ↑ "Cowen Group, Inc. Completes Acquisition of Dahlman Rose & Company, LLC". BusinessWire.com. February 28, 2013. http://www.businesswire.com/news/home/20130311005236/en/Cowen-Group-Completes-Acquisition-Dahlman-Rose-Company. 
  13. ↑ "Cowen Group, Inc. to Acquire Concept Capital Markets" (in en). https://www.businesswire.com/news/home/20150715005475/en/Cowen-Group-Acquire-Concept-Capital-Markets. 
  14. ↑ "Cowen Group, Inc. to Acquire Conifer Securities" (in en). https://www.businesswire.com/news/home/20150730005680/en/Cowen-Group-Acquire-Conifer-Securities. 
  15. ↑ "Cowen to Acquire Businesses from CRT Capital" (in en). https://www.businesswire.com/news/home/20160322005446/en/Cowen-Acquire-Businesses-CRT-Capital. 
  16. ↑ "Cowen Group Announces Acquisition of Convergex" (in en). https://www.businesswire.com/news/home/20170403005550/en/Cowen-Group-Announces-Acquisition-Convergex. 
  17. ↑ "Investment Banking | COWEN". Cowen.com. http://www.cowen.com/capabilities/investment-banking/. 
  18. ↑ "Research | COWEN" (in en-US). COWEN. http://www.cowen.com/capabilities/research/. 
  19. ↑ "Markets | COWEN". Cowen.com. Archived from the original on 2014-03-22. https://web.archive.org/web/20140322050917/http://www.cowen.com/cowen-and-company/institutional-equity-sales-and-trading/. 
  20. ↑ "Prime Brokerage | COWEN" (in en-US). COWEN. http://www.cowen.com/capabilities/prime-services/. 
  21. ↑ "Investment Management | COWEN". Cowen.com. http://www.cowen.com/capabilities/investment-management/. 

External links




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