TD Bank Group and Cowen Inc. (“Cowen”) announce that TD has completed the acquisition of Cowen.
“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 Chief Executive Officer, TD Bank Group.
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.
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“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. “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,” said Jeff Solomon. “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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About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (“TD” or the “Bank”). TD is the sixth largest bank in North America by assets and serves over 27 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America’s Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities.
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