Company:Cowen Inc.

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Short description: American investment bank
Cowen Inc.
TypePublic
NASDAQ: COWN (Class A)
Russell 2000 Component
IndustryFinancial Services
Founded1918; 106 years ago (1918)
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 bank
Research
Emerging 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 an American multinational independent investment bank and financial services company that operates through two business segments: a broker-dealer and an investment management division.[2] The company's broker-dealer division offers investment banking services, equity and credit research, sales and trading, prime brokerage, 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. As of 2018, Cowen managed US$11 billion in alternative investment strategies.

Cowen is known for successfully identifying disruptive companies and emerging industries early on. Examples include Amazon.com, and the emerging US$75 billion cannabis[3] industry, having been the first Wall Street firm to publish cannabis research.

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.[4]

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.[5] 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. The public offering was joint bookrun by Cowen, Credit Suisse and Merrill Lynch.[6]

Growth Acquisitions

• In 2009, the company merged with Ramius LLC to form a diversified financial services company.[7]

• In February 2011, Cowen acquired LaBranche & Co., a market-maker in options, exchange-traded funds and futures on various exchanges.[8]

• In 2012, Cowen acquired Algorithmic Trading Management, a provider of global multi-asset class algorithmic execution trading models,[9] and KDC Securities, a securities lending business.[10]

• In March 2013, Cowen acquired Dahlman Rose & Company LLC.[11]

• In 2015, Cowen entered the prime services business with the acquisitions of Concept Capital Markets and Conifer Securities.[12][13]

• In 2015, Cowen acquired CRT Capital Group's credit products, credit research, special situations and emerging markets businesses.[14]

• 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.[15]

• In 2018 Cowen announced the acquisition of Quarton International, a middle-market investment banking firm.[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 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,[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 $11 billion in assets under management as of Q1/2018.

Locations

US Locations

International Locations

See also

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" (Press release). Business Wire. May 16, 2017. External link in |publisher= (help)
  3. ↑ "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. 
  4. ↑ "Cowen Group, Inc.". Answers.com. Answers.com. http://www.answers.com/topic/cowen-group-inc-1. 
  5. ↑ "Lehman buys Cowen unit". CNN. July 17, 2000. http://money.cnn.com/2000/07/17/companies/lehman/index.htm. 
  6. ↑ 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. 
  7. ↑ Spence, John (June 4, 2009). "Cowen and Ramius to merge". Marketwatch. https://www.marketwatch.com/story/cowen-and-ramius-to-merge. 
  8. ↑ "Cowen Group to Acquire LaBranche & Co". BusinessWire.com. February 17, 2011. http://www.businesswire.com/news/home/20110217005768/en/Cowen-Group-Acquire-LaBranche. 
  9. ↑ "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. 
  10. ↑ "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. 
  11. ↑ "Cowen Group, Inc. Completes Acquisition of Dahlman Rose & Company, LLC". BusinessWire.com. February 28, 2013. https://www.businesswire.com/news/home/20130311005236/en/Cowen-Group-Completes-Acquisition-Dahlman-Rose-Company. 
  12. ↑ "Cowen Group, Inc. to Acquire Concept Capital Markets" (in en). https://www.businesswire.com/news/home/20150715005475/en/Cowen-Group-Acquire-Concept-Capital-Markets. 
  13. ↑ "Cowen Group, Inc. to Acquire Conifer Securities" (in en). https://www.businesswire.com/news/home/20150730005680/en/Cowen-Group-Acquire-Conifer-Securities. 
  14. ↑ "Cowen to Acquire Businesses from CRT Capital" (in en). https://www.businesswire.com/news/home/20160322005446/en/Cowen-Acquire-Businesses-CRT-Capital. 
  15. ↑ "Cowen Group Announces Acquisition of Convergex" (in en). https://www.businesswire.com/news/home/20170403005550/en/Cowen-Group-Announces-Acquisition-Convergex. 
  16. ↑ "Cowen to Acquire Quarton International, Leading Middle-Market Financial Advisory Firm" (in en). http://www.cowen.com/news/cowen-to-acquire-quarton-international-leading-middle-market-financial-advisory-firm. 
  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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