Cowen Group

Cowen Inc.
Public
Traded as NASDAQ: COWN (Class A)
Russell 2000 Component
Industry Financial Services
Founded 1918
Headquarters 599 Lexington Avenue
New York, New York, United States
Key people
 Jeffrey M. Solomon, CEO
John Holmes, COO
Stephen A. Lasota, CFO
Products Investment Banking
Research
Markets
Alternative Investment Management
Revenue Increase $666 million USD (2017) [1]
Increase $15.8 million USD (2017) [1]
Number of employees
 1100
Website www.cowen.com

Cowen Inc. is a diversified financial services firm[2] that provides alternative investment management, investment banking, research, and 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 and has offices located worldwide.

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.[4] The Firm remained independent until 1998 when it was acquired by the French 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.[5] 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.[6] 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, a privately held investment bank specializing in the energy, metals and mining, transportation, chemicals and agriculture sectors.[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 and trading services provider whose businesses include: equity sales and electronic trading, commission management, global clearing and prime services. [15]

Today, Cowen provides alternative asset management, investment banking, research and sales and trading services through its two business segments: Cowen Investment Management and its affiliates make up the alternative investment segment and Cowen and Company and its affiliates make up the broker-dealer segment.

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 financings, 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,[20] 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.

Worldwide Locations

US Locations

International Locations

References

  1. 1 2 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". www.businesswire.com. Retrieved 2017-05-16.
  3. ↑ "Cowen Group Inc". WSJ.com. The Wall Street Journal.
  4. ↑ "Cowen Group, Inc". Answers.com. Answers.com.
  5. ↑ "Lehman buys Cowen unit". CNNMoney.com. CNN Money.
  6. ↑ Caroline Meehan and Heidi Moore. "Cowen IPO falls short of expectations". Financial News.
  7. ↑ John Spence (June 4, 2009). "Cowen and Ramius to merge". MarketWatch.com.
  8. ↑ "Cowen Group to Acquire LaBranche & Co". BusinessWire.com. February 17, 2011.
  9. ↑ "Cowen Group, Inc. Agrees to Acquire Algorithmic Trading Management". BusinessWire.com. January 17, 2012.
  10. ↑ "Cowen Group Completes Acquisition of KDC Securities". BusinessWire.com. November 5, 2012.
  11. ↑ "Cowen Group, Inc. Completes Acquisition of Dahlman Rose & Company, LLC". BusinessWire.com. February 28, 2013.
  12. ↑ "Cowen Group, Inc. to Acquire Concept Capital Markets". Retrieved 2018-08-31.
  13. ↑ "Cowen Group, Inc. to Acquire Conifer Securities". Retrieved 2018-08-31.
  14. ↑ "Cowen to Acquire Businesses from CRT Capital". Retrieved 2018-08-31.
  15. ↑ "Cowen Group Announces Acquisition of Convergex". Retrieved 2018-08-31.
  16. ↑ "Investment Banking | COWEN". Cowen.com.
  17. ↑ "Research | COWEN". COWEN. Retrieved 2018-08-31.
  18. ↑ "Markets | COWEN". Cowen.com. Archived from the original on 2014-03-22.
  19. ↑ "Prime Brokerage | COWEN". COWEN. Retrieved 2018-08-31.
  20. ↑ "Investment Management | COWEN". Cowen.com.
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