TD Cowen
An investment banking, brokerage, research, trading, and alternative-investment brand operated by TD Securities and owned by TD Bank Group.
Last updated August 26, 2026
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Overview
TD Cowen is an American investment banking and financial-services brand operated as a division of TD Securities, the capital-markets arm of Toronto-Dominion Bank. The business traces its origins to Cowen and Company, founded in 1918 as a bond-trading house. Over more than a century, it developed from a specialist securities firm into a diversified platform serving corporations, institutional investors, asset managers, hedge funds, and other market participants. The brand’s broker-dealer operations cover investment banking, equity and credit research, institutional sales and trading, prime brokerage, outsourced trading, global clearing, commission management, and related execution services. Its investment-banking practice advises companies on equity, equity-linked, and debt financings, mergers and acquisitions, and other strategic transactions. Research and markets activities are organized around sectors that have included consumer, energy, health care, industrials, information technology and services, and technology, media, and telecommunications. Cowen has also been associated with identifying emerging industries at an early stage, including the developing cannabis sector. TD Cowen’s investment-management activities originated in Ramius, an alternative-investment business founded in 1994. Following Cowen’s 2009 combination with Ramius, the firm expanded its range of actively managed strategies. These have included long/short equity, activism, merger strategies, growth equity, private health care, health-care royalties, and real estate. The investment-management division therefore complements the broker-dealer franchise with products aimed at institutional and sophisticated investors. The company expanded substantially through acquisitions. During the 1970s it broadened its research, retail, and regional presence and acquired several securities businesses. In the 1980s it added international operations and established investment-banking capabilities. In the 1990s, its investment-banking business increased the number and value of public offerings and follow-on transactions it handled. Later acquisitions added market making, algorithmic execution, securities lending, sector-focused research, prime services, credit products, agency brokerage, global clearing, and middle-market advisory capabilities. Cowen was acquired by Société Générale in 1998 and operated as SG Cowen until it was separated through a public offering in 2006, when it became Cowen and Company. The company later operated as Cowen Inc. Toronto-Dominion Bank agreed in August 2022 to acquire Cowen for approximately US$1.3 billion, or US$39 per share. The transaction closed in March 2023. After the acquisition, the business was rebranded TD Cowen and integrated into TD Securities. Jeffrey Solomon, Cowen’s former chair and chief executive, was expected to join the senior leadership of TD Securities and lead the combined business. TD Cowen now represents the continuation of Cowen’s research, investment banking, markets, and alternative-investment capabilities within TD Bank Group’s broader global financial-services platform.
History
TD Cowen’s history begins in 1918, when Cowen and Company was established as a bond-trading house. The firm expanded into correspondent clearing and execution services and developed particular expertise in railroad bonds. It later established research and institutional-sales activities, creating an operating model that combined securities distribution with market analysis. During the 1970s, Cowen expanded its geographic footprint and broadened its retail and research operations. It opened six offices across the United States and grew through acquisitions that included Hardy & Company, Greene & Ladd, G.S. Grumman, and McCloy-Watterson & Co. These transactions helped extend the firm’s reach beyond its original bond-trading base. In the 1980s, Cowen expanded internationally, opening offices in London, Geneva, Paris, and Tokyo, while also establishing an investment-banking business. During the 1990s, investment banking became a more important part of the franchise. The firm increased its activity in initial public offerings and follow-on offerings, growing from five transactions representing approximately $200 million in proceeds to nearly 80 transactions and approximately $5 billion in proceeds by 1995. Société Générale acquired the company in 1998, after which it was renamed SG Cowen. In 2000, Cowen sold its private-client-services unit to Lehman Brothers and retained investment banking, research, and sales-and-trading operations. Société Générale continued to operate Cowen as a group unit until 2006, when the business was separated through an initial public offering and renamed Cowen and Company. Cowen broadened its financial-services platform through a series of later acquisitions. In 2009 it combined with Ramius LLC, creating a business with both broker-dealer and alternative-investment activities. Ramius had been founded in 1994 by Peter Cohen, Jeff Solomon, Morgan Stark, and Tom Strauss. In 2011 Cowen acquired LaBranche & Co., adding market-making capabilities in options, exchange-traded funds, and futures. In 2012 it acquired Algorithmic Trading Management and KDC Securities, expanding algorithmic execution and securities-lending services. Dahlman Rose & Company was acquired in 2013. Cowen entered prime services through the 2015 acquisitions of Concept Capital Markets and Conifer Securities. That year it also acquired selected credit products, credit research, special-situations, and emerging-markets businesses from CRT Capital Group. In 2017 it acquired Convergex, adding agency brokerage, electronic trading, commission management, global clearing, and prime-services capabilities. In 2018 it announced the acquisition of Quarton International, a middle-market investment-banking firm. On August 2, 2022, Toronto-Dominion Bank announced an agreement to acquire Cowen for approximately US$1.3 billion. The transaction closed in March 2023. The acquired business was rebranded TD Cowen and placed within TD Securities. The new brand preserved Cowen’s investment-banking, research, markets, prime-services, and investment-management activities while connecting them to TD Bank Group’s broader international banking platform. TD Cowen is headquartered in New York and operates through offices in the United States and international markets.
- 2023
TD Cowen brand launches
[1]After the acquisition closes, Cowen becomes TD Cowen, a division of TD Securities.
- 2022
TD Bank Group announces acquisition
[1]Toronto-Dominion Bank agrees to acquire Cowen for approximately US$1.3 billion.
- 2018
Quarton International acquisition announced
[1]Cowen announces the acquisition of Quarton International, a middle-market investment-banking firm.
- 2017
Convergex acquisition
[1]The acquisition adds agency brokerage, electronic trading, commission management, global clearing, and prime-services operations.
- 2015
Prime-services and credit-business expansion
[1]Cowen acquires Concept Capital Markets, Conifer Securities, and selected CRT Capital Group businesses.
- 2013
Dahlman Rose acquisition
[1]Cowen acquires Dahlman Rose & Company, strengthening sector-focused investment banking and research capabilities.
- 2012
Algorithmic execution and securities-lending expansion
[1]Cowen acquires Algorithmic Trading Management and KDC Securities.
- 2011
LaBranche acquisition
[1]Cowen acquires LaBranche & Co., adding market-making capabilities across options, exchange-traded funds, and futures.
- 2009
Combination with Ramius
[1]Cowen merges with Ramius to form a more diversified financial-services company combining broker-dealer and alternative-investment activities.
- 2006
Cowen returns to public ownership
[1]The business is spun off from Société Générale through an initial public offering and is renamed Cowen and Company.
Products and positioning
A research-led investment banking and capital-markets platform focused on growth-oriented sectors and institutional clients, combined with alternative-investment capabilities.
Capital markets and advisory
Investment Banking
TD Cowen advises corporate and institutional clients on equity, equity-linked, and debt financings, mergers and acquisitions, and related strategic transactions. The practice has historically focused on growth-oriented sectors, including health care, technology, consumer markets, energy, industrials, and technology, media, and telecommunications.
Equity and credit research
Research
The research business provides analysis intended for institutional investors and market participants. Its coverage has included growth sectors and emerging industries, supported by thematic work such as the firm’s Ahead of the Curve research series.
Sales, trading, and execution
Markets
TD Cowen’s markets activities include institutional sales and trading, equity and credit execution, agency brokerage, electronic trading, market making, outsourced trading, commission management, and global clearing.
Prime brokerage and securities services · 2015
Prime Services
Prime Services supports hedge funds and other institutional investors through prime brokerage, securities lending, clearing, execution, and related financing and operational services.
Investment management · 1994
Alternative Investment Management
The investment-management business, descended from Ramius, offers actively managed alternative strategies. Historical strategy areas include long/short equity, activism, merger investing, growth equity, private health care, health-care royalties, and real estate.
Brand decisions
2023
Rebranding and integration as TD CowenStrategyBackground
The acquisition required Cowen’s operating businesses to be incorporated into TD Securities while retaining the Cowen franchise’s research, investment-banking, markets, and investment-management identity.
Action taken
The business adopted the TD Cowen name and became part of TD Securities.
Aftermath
TD Cowen continued operating as a global investment banking, capital-markets, and alternative-investment platform within TD Bank Group.
2022
Agreement to sell Cowen to Toronto-Dominion BankM&ABackground
Cowen operated as a diversified broker-dealer and investment manager, while TD Bank Group sought to expand the capabilities and scale of TD Securities.
Action taken
Toronto-Dominion Bank agreed to acquire Cowen for approximately US$1.3 billion, equivalent to US$39 per share. The planned combined business was to be known as TD Cowen.
Aftermath
The transaction closed in March 2023. Cowen became a division of TD Securities and was rebranded TD Cowen.
Acquisition consideration. Approximately US$1.3 billion; US$39 per share (Announced August 2022; completed March 2023)
Recent events
Cowen and Digital Prime Technologies enter strategic partnership[3]
Reported:
Cowen and Digital Prime Technologies announced a strategic partnership under which Cowen will use Digital Prime Technologies software to expand its prime brokerage capabilities in the digital asset sector.
Cowen executive to join Digital Prime Technologies board[3]
Reported:
As part of Cowen's strategic investment in Digital Prime Technologies, Cowen's Head of Global Securities Finance, Matthew Baldassano, will join Digital Prime's Board.
Digital Prime Technologies closes strategic investment from Cowen affiliate[3]
Reported:
Digital Prime Technologies announced the closing of a strategic investment by an affiliate of Cowen Inc. The investment is intended to support the company's team and business growth and continued platform enhancement.
Mirati Therapeutics announces pricing of public stock offering[4]
Reported:
Mirati Therapeutics announced pricing for an underwritten public offering of 3,448,275 common shares at $145 per share, with gross proceeds expected to be approximately $500 million before expenses. The offering was expected to close on or about November 15, subject to customary closing conditions.
AF Acquisition Corp. prices $200 million IPO[5]
Reported:
AF Acquisition Corp. announced that it priced an initial public offering of 20 million units at $10.00 per unit. The offering was expected to close on March 23, subject to customary closing conditions.
Cowen Prime Brokerage Services wins HFM award[6]
Cowen announced that its Prime Brokerage Services division had been voted “Best Boutique Prime Broker” at the 2020 HFM European Hedge Fund Services Awards.
Sources6 sources
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