First revealed in August 2022, the all-cash transaction valued at $1.3 billion at the time of the original announcement adds Cowen’s investment banking plus complementary products and services to the TD Securities division, and some top talent, including Jeffrey Solomon, Cowen’s chairman and CEO, will become part of TD Securities’ senior leadership under the deal.
“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,” TD Bank Group President and CEO Bharat Masrani said in announcing the completion of the acquisition.
When the deal was first announced last year, Masrani said, “Cowen is a leading independent dealer with a premier U.S. equities business and a strong, diversified investment bank that, when combined with TD Securities, will allow us to accelerate our strategic U.S. growth plans. Most importantly, the acquisition will provide new capabilities and increased depth in key business lines to meet our client’s needs and will allow us to leverage our combined expertise, talent, and integrated offerings across a much larger client base.”
As stated in a press release, “The acquisition advances TD Securities’ long-term growth strategy in the United States and adds highly complementary products and services to TD Securities’ existing businesses. Cowen brings a renowned, global research franchise, and adds new capabilities in U.S. equities, including a strong sales, trading, and execution platform and deep relationships with corporate and financial clients across key growth verticals.”
Solomon will report to Riaz Ahmed, president and CEO, TD Securities and group head, wholesale banking, TD Bank Group, and “post-closing, parts of the combined business will be known as TD Cowen.” The Cowen website URL now redirects to a TD Cowen landing page.
In announcing the completion of the deal, Ahmed said, “I’m incredibly excited to welcome Cowen’s talented colleagues and leaders to TD Securities and the broader TD team. Together, we’ll build for the future, energized by the opportunities ahead for TD Securities, our clients, and our 6,500 combined colleagues.”