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Cowen and Company
Cowen and Company was founded in 1918 as a brokerage and research firm. Over the century it evolved into a full-service investment bank and asset manager.
Cowen and Company
Cowen and Company was founded in 1918 as a brokerage and research firm. Over the century it evolved into a full-service investment bank and asset manager. In March 2023, TD Bank Group completed its acquisition of Cowen for $1.3B, integrating its research and banking operations while retaining the Cowen brand for certain asset-management and private-capital activities. The firm's investment strategy spans public equity, private capital, and credit. It manages sector-focused funds in healthcare, technology, and sustainability. Cowen's private capital arm provides growth equity and venture debt to companies across those verticals. Named portfolio holdings have included private biotech and tech firms in clinical-stage development and enterprise software. The firm is headquartered in New York with an additional office in Atlanta. Its workforce exceeded 1,600 employees prior to the TD acquisition; post-acquisition, certain teams remain as a standalone asset-management unit. Cowen operates no known philanthropic foundation separate from the broader TD group. Cowen's structural differentiator is its century-long research heritage combined with a post-acquisition independence for its asset-management arm. This hybrid model — a legacy bank integrated into a larger banking group while retaining a discrete investment platform — is rare among mid-market firms and allows it to source deals from both TD's corporate banking network and its own research-driven pipeline.
General information
Firm type
RIA
Year founded
1918
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Additional offices
Atlanta, GA, United States
Sector focus
Frequently asked questions
Who owns Cowen and Company now?
Cowen and Company was acquired by TD Bank Group in March 2023 for $1.3B (per TD Bank Group, March 2023). Its investment banking and equity research operations became part of TD Securities. The Cowen brand continues to be used for certain asset-management and private-capital activities.
What investment strategies does Cowen and Company run post-acquisition?
Cowen's post-acquisition asset-management arm focuses on public equity and private capital, including venture debt and growth equity. The firm targets healthcare, technology, and sustainability sectors (per the firm's website). It does not operate hedge funds or a credit fund as a distinct standalone vehicle.
How does Cowen and Company source deal flow?
Cowen leverages its historic equity research franchise, which covers about 600 public companies, as a proprietary sourcing funnel for private investments. Additionally, through its relationship with TD Bank Group, it gains access to corporate banking relationships and cross-border deal flow.
Is Cowen and Company a family office?
No. Cowen and Company is an asset manager and registered investment advisor (RIA), not a family office. It manages capital on behalf of institutional and individual clients, not a single family or multi-family structure.
What is the size of Cowen and Company's assets under management?
Cowen and Company does not publicly disclose its AUM separately from TD Bank Group's overall asset-management figures. Its pre-acquisition assets under management were estimated at around $10B (per public filings circa 2022), but post-acquisition reporting lumps Cowen's AUM into TD's broader wealth and insurance division.
What sectors does Cowen and Company invest in?
Cowen's investment focus includes healthcare (biotech, medtech), technology (enterprise software, fintech), and sustainability (clean energy, climate tech). It also provides venture debt and growth equity across these verticals (per the firm's website).
Does Cowen and Company make direct investments or fund commitments?
Cowen makes direct investments through its private capital arm, which originates growth equity and venture debt transactions. It also manages thematic public equity funds. It does not publicly report fund-of-funds commitments or co-investment partnerships.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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