Cowen to Integrate the Prime Brokerage Business of Global Prime Partners
Cowen Inc. (NASDAQ: COWN) (“Cowen” or the “Company”) today announced that it has entered into an agreement to cooperate with Global Prime Partners Ltd (“GPP”) to transition GPP’s International Prime Brokerage business to Cowen. Cowen and GPP will work together to implement this transition efficiently and with a commitment to best serve GPP’s clients and personnel, as well as maintain the exceptional level of services current GPP clients have come to expect.
As part of the agreement, Cowen has hired GPP’s prime brokerage team, including personnel from the sales, operations, client service, onboarding and trading teams. GPP will also provide Cowen with Custody, Clearing and other related services. Additionally, Cowen will acquire from GPP a license for its Global Back Office (GBO) proprietary books and records software to support its Prime Brokerage Business.
Mike Rosen, Global Co-head of Prime Brokerage and Outsourced Trading stated, “As competitors in the European Prime Brokerage market, we have long respected the GPP team. We are pleased to have the prime brokerage team join Cowen and to work together to support clients and build on our momentum.”
Julian Parker, CEO of Global Prime Partners said, “We believe that the combination of our prime brokerage team with Cowen’s is a great strategic step for both businesses in securing the best future for our clients and staff as GPP focuses on developing its global clearing, custody and wealth management business lines. We are committed to working with Cowen in a new working relationship where the prime brokerage business line is shared to reap the reward from our respective areas of excellence.”
Dan Charney, Co-President, Cowen and Company, stated, “We have tremendous respect for the GPP franchise, and we are pleased to have the opportunity to integrate the prime brokerage team. We also look forward to finding other ways to continue to work together in the future.”
August 22, 2019
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August 22, 2018