Cowen Group

What Cowen Group does

Cowen Group, founded in 1918 as an investment banking firm, now operates as TD Cowen, the investment banking and capital markets division of TD Bank (Toronto-Dominion Bank) following TD's 2021-2022 acquisition of the formerly NASDAQ-listed Cowen Inc. (ticker: COWN). Headquartered in New York with a presence in Canada and Japan, the firm provides a full-service financial platform spanning corporate and investment banking (M&A advisory, capital markets, equity and debt financing), global markets (equities, fixed income, currencies, and commodities trading), global transaction banking (cash management, trade finance, treasury solutions), and a multi-vertical equity research operation covering technology, healthcare, consumer & retail, financial institutions, energy, industrials, mining & metals, real estate, and communications & media. The firm serves institutional investors, corporate clients, and financial sponsors across global markets.

The business model is built on fee-based revenue streams from advisory mandates, capital markets transactions, trading commissions, and research distribution, with go-to-market executed primarily through direct sales teams organized by industry vertical. Digital distribution is supported by platforms including One Portal (institutional research and strategy), TD Liquidity Manager (corporate treasury), Prime Brokerage, TDfacilitrade, TDFX, and WebBroker. Content marketing is a notable channel asset — Cowen publishes annual research themes (e.g., TD Cowen Research Themes 2025, 2026), operates four podcast series (TD Cowen Insights, Viewpoint, Bid Out, Geopolitics), and produces proprietary survey-based insights to deepen institutional client engagement. The 2021 acquisition of Portico Capital Advisors expanded M&A advisory into verticalized software, data, and analytics, while the October 2024 divestiture of Kyber Data Science to Forian Inc. sharpened focus on core banking and capital markets. Regulatory memberships include SIPC and FINRA through TD Securities (USA) LLC and TD Financial Products LLC.

Name

Cowen Group

Legal name

Cowen Inc.

Website

https://cowen.com

Company type

Public

Founded year

1918

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Cowen Group operates as TD Cowen, the investment banking and capital markets division of TD Bank, providing M&A advisory, capital markets, global trading, transaction banking, and multi-vertical equity research to corporate clients, institutional investors, and financial sponsors across North America, Canada, and Japan.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Investment Advice (6282)

akta.pro primary industry

Treasury & Risk Management Solutions (FX/MM, hedging, TMS integration) (FSABAIAE)

akta.pro secondary industries

Treasury & Liquidity Operations (Cash Positioning, Funding, Collateral Ops) (FSABALAH), Corporate Cash Management & Treasury Services (FSAMAOAA)

Keywords

• Investment banking services
• Capital markets advisory
• Equity research
• Global transaction banking
• Mergers and acquisitions

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Distribution channels3 records

Marketing channels7 records

Core offering

Cowen Group, now operating as TD Cowen, provides corporate and investment banking services including M&A advisory and capital markets, global markets trading and market-making across equities, fixed income, currencies, and commodities, global transaction banking (cash management, trade finance, treasury solutions), and equity research and strategy across nine industry verticals (Technology, Healthcare, Consumer & Retail, Financial Institutions, Energy, Industrials, Mining & Metals, Real Estate, Communications & Media). Services are delivered to corporate clients and institutional investors globally via direct coverage teams, electronic trading platforms, and digital client portals.

Product overview

Cowen Group (now operating as TD Cowen, the investment banking division of TD Bank Group) is a financial services firm offering a unified platform of investment banking, research, and capital markets services. The core offerings include equity research across multiple industry verticals, corporate and investment banking advisory services, global markets trading, and global transaction banking. The acquisition of Portico Capital Advisors in 2021 expanded its M&A advisory capabilities in the verticalized software, data, and analytics sector. TD Cowen Research publishes analysis and investment themes, while the banking divisions provide advisory, financing, and risk management solutions.

Differentiator

Problem solved

Functional benefit

Brands

• TD Cowen Research: Research division covering investment themes, market analysis, and industry insights across various sectors including technology, healthcare, consumer, and commodities.
• TD Cowen Insights Podcast
• TD Cowen Themes

Products and services

• Corporate & Investment Banking Corporate banking and investment banking services including M&A advisory, capital markets, financing, and risk management solutions for corporate clients across multiple industry verticals.
• Global Markets Trading and market-making services across equities, fixed income, currencies, and commodities for institutional clients, including electronic trading execution.
• Global Transaction Banking Transaction banking services including cash management, trade finance, and treasury solutions for corporate clients.
• TD Cowen Research & Strategy Equity research and market analysis across multiple sectors including Technology, Healthcare, Consumer & Retail, Financial Institutions, Energy, Industrials, Mining & Metals, Real Estate, and Communications & Media, distributed to institutional investors and corporate clients.

Segments7 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Portico Capital AdvisorscoreStrategic or Co-development Partner · 23 November 2021Cowen Inc. announced definitive agreement to acquire Portico Capital Advisors, a specialized M&A advisory firm focusing on the Verticalized Software, Data, and Analytics sector. The acquisition aimed to enhance Cowen's investment banking capabilities and accelerate growth in transformation-driven industries.

Recent moves7 records

Expansion highlights5 records

Direct peers

• Piper Sandler: U.S. middle-market investment bank and asset manager with strong sector-focused advisory, equity research, and institutional sales & trading. Directly comparable to TD Cowen's mid-market advisory and research-led franchise.
• Lazard: Global financial advisory and asset management firm with deep M&A advisory and sector-specialized research. Comparable to TD Cowen's advisory franchise and sector-specialized research model.
• Raymond James Financial: Diversified financial services firm with investment banking, institutional sales & trading, equity research, and wealth management. Comparable breadth to TD Cowen's advisory, research, and trading capabilities.
• Jefferies Financial Group: U.S.-listed mid-market investment bank and broker-dealer offering M&A advisory, capital markets, equities, fixed income, and research across multiple sectors. Direct comparable to TD Cowen's advisory, trading, and equity research platform.
• Oppenheimer Holdings: Mid-market full-service broker-dealer offering investment banking, institutional sales & trading, equity research, and wealth management. Closely aligned with TD Cowen's diversified mid-market platform.
• Houlihan Lokey: Independent advisory-focused investment bank with strong sector franchises in M&A, capital markets, and financial restructuring. Closely comparable to TD Cowen's corporate & investment banking and sector-specialized coverage model.
• Moelis & Company: Pure-play independent advisory firm focused on M&A, restructuring, and capital markets advisory. Comparable to TD Cowen's advisory core, particularly in sector-driven M&A mandates.
• Robert W. Baird: Employee-owned, privately held wealth management and investment banking firm with mid-market M&A advisory, capital markets, and institutional research. Comparable to TD Cowen's middle-market advisory and research offering.
• Evercore: Independent advisory-focused investment bank with strong M&A and capital markets advisory franchise. Comparable to TD Cowen's advisory core and sector-specialized coverage model.
• Stifel Financial: Full-service mid-market broker-dealer and investment bank with institutional brokerage, research, and advisory across multiple verticals. Comparable to TD Cowen's combined advisory, research, and global markets offering.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/tdsecurities
• Xx.com/Cowen_Inc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments45 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cowen Group