TD completes $1.3bn acquisition of Cowen

TD Bank Group and Cowen announced that TD has completed the acquisition of Cowen. The acquisition advances TD Securities’ long-term growth strategy in the United States and adds complementary products and services to TD Securities’ existing businesses. In August, it was reported that all-cash transaction was valued at $1.3 billion.

Cowen brings a global research franchise and adds new capabilities in US equities, including a strong sales, trading and execution platform and relationships with corporate and financial clients across key growth verticals.

“We are very pleased to welcome Cowen to TD. Together, with greater scale, broader capabilities and deeper resources, we will continue to serve clients with excellence and accelerate the growth of TD Securities,” said Bharat Masrani, Group president and CEO at TD Bank Group, in a statement.

“I’m incredibly excited to welcome Cowen’s talented colleagues and leaders to TD Securities and the broader TD team,” said Riaz Ahmed, president and CEO TD Securities, in a statement. “Together, we’ll build for the future, energized by the opportunities ahead for TD Securities, our clients and our 6,500 combined colleagues.”

Jeffrey Solomon, chair and CEO of Cowen, joins the senior leadership of TD Securities, reporting to Riaz Ahmed. Post-closing, parts of the combined business will be known as TD Cowen.

“We are thrilled to be part of TD. We are united in our drive to outperform for our clients — bringing the best of our combined expertise and talented teams,” Solomon said in a statement. “Our teams share a common vision and dedication to our clients and their success, and we look forward to building for the future together.”

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