Dahlman Rose & Company

What Dahlman Rose & Company does

Dahlman Rose & Company is a research-driven investment bank headquartered in New York, founded in 2004 with 101-250 employees. The entity is integrated into the TD Cowen platform under TD Securities, the capital markets and investment banking division of The Toronto-Dominion Bank (TD Bank Group) — one of Canada's largest financial institutions, publicly listed on TSX and NYSE as TD. TD Securities operates through legal entities in Canada (TD Securities Inc.), the United States (TD Securities (USA) LLC), the United Kingdom (TD Bank Europe Limited), and Japan, serving corporate clients, institutional investors, financial sponsors, and government entities with corporate and investment banking, global markets trading and execution, global transaction banking, and research and strategy services across ten industry verticals including Communications & Media, Consumer & Retail, Financial Institutions, Financial Sponsors, Global Energy and Power, Health Care, Industrials, Mining & Metals, Real Estate, and Technology.

The platform is built around a dense stack of wholly-owned digital subsidiaries and client portals: TDFX (global foreign exchange), TDfacilitrade (transaction and trade services), WebBroker (online brokerage), TD Prime Brokerage and TD Prime Services (prime brokerage for hedge funds and institutional clients), TD Liquidity Manager (liquidity management), and TD Securities Structured Notes (structured notes issuance). The firm is regulated by the Canadian Investment Regulatory Organization (CIRO) and is a member of the Canadian Investor Protection Fund (CIPF); US operations are members of SIPC and FINRA. Marketing and client engagement are driven by thought leadership — four proprietary podcast series (Viewpoint, Bid Out, Geopolitics, TD Cowen Insights), the Buyside Views publication, TD Cowen Research Themes reports, and industry events targeting institutional decision-makers.

The business model is institutional B2B financial services, with revenue generated through advisory mandates, transaction-based fees, trading commissions, prime brokerage services, structured notes issuance, and balance sheet activities as a bank division. Distribution is relationship-driven through dedicated institutional coverage teams combined with digital self-service portals. Pricing is not publicly disclosed and is structured around client needs and transaction types. The horizontal segmentation approach across ten industry verticals provides breadth, while the parent bank's balance sheet and multi-jurisdictional footprint provide scale advantages relative to pure-play boutique competitors.

Name

Dahlman Rose & Company

Legal name

TD Securities Inc.

Website

https://cowen.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

101–250 employees

Short description

Dahlman Rose & Company is a research-driven investment bank founded in 2004, integrated into the TD Cowen platform under TD Bank Group. It provides corporate and investment banking, global markets trading, and research services to corporate and institutional clients across ten industry verticals.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

akta.pro secondary industries

M&A Advisory (Buy-side/Sell-side) (BPAHADAC), Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG)

Keywords

• Investment banking services
• Capital markets trading
• Equity research
• Mergers and acquisitions
• Prime brokerage services

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Distribution channels3 records

Marketing channels3 records

Core offering

Dahlman Rose & Company operates as a research-driven investment bank providing corporate and investment banking, global markets trading and execution, global transaction banking, and research and strategy services to corporate, institutional, financial sponsor, and government clients. The firm also delivers prime brokerage, foreign exchange, structured notes, and online brokerage services through its capital markets division.

Differentiator

Problem solved

Functional benefit

Products and services

• Corporate & Investment Banking

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered minor and core.

• Canadian Investment Regulatory Organization (CIRO)minorOthersTD Securities is regulated by CIRO (Canadian Investment Regulatory Organization) which oversees investment dealers and trading activity in Canadian markets.
• Canadian Investor Protection Fund (CIPF)minorOthersTD Securities is a member of CIPF, which provides investor protection against member firm insolvency.
• SIPC and FINRAminorOthersTD Securities (USA) LLC and TD Financial Products LLC are members of SIPC (Securities Investor Protection Corporation) and FINRA (Financial Industry Regulatory Authority) for US operations.
• TD Bank (Parent)coreOthersTD Securities is a division/brand of The Toronto-Dominion Bank (TD Bank), Canada's second-largest bank by assets. The brand operates under the TD Securities name representing TD Bank's capital markets activities.

Scale indicators1 record

Recent moves4 records

Expansion highlights5 records

Regional players

• BMO Capital Markets: Canadian peer with comparable investment banking and capital markets services and similar parent-bank distribution model. Closest geographic and structural competitor as a Canadian bank-owned capital markets division.
• RBC Capital Markets: Largest Canadian bank-owned capital markets franchise, providing full-service investment banking, trading, and research globally. Directly comparable parent-bank-distributed capital markets model with broader global footprint.

Direct peers

• Houlihan Lokey: Independent investment bank with leading M&A advisory and capital markets practices serving middle-market corporates and financial sponsors. Directly comparable advisory and capital raising service mix.
• Piper Sandler: Middle-market focused investment bank and asset manager with comparable sector coverage in consumer, healthcare, and technology. Similar research-led distribution and mid-cap equity capital markets franchise.
• Jefferies Financial Group: Mid-market full-service investment bank with comparable capital markets, M&A advisory, equities research, and prime brokerage offerings. Closely comparable business model and mid-market institutional client focus, including sector-specialist research.
• Raymond James Financial: Diversified financial services firm with capital markets, investment banking, research, and equity trading operations serving middle-market clients. Comparable institutional and corporate client mix.
• Cantor Fitzgerald: Research-driven investment bank with strong equity research, capital markets, and advisory franchises serving institutional and corporate clients. Comparable focus on mid-market mandates and research-led distribution.
• Stifel Financial: Full-service middle-market investment bank with institutional brokerage, research, investment banking, and trading services. Comparable target client base of middle-market corporates and institutional investors.
• Oppenheimer Holdings: Research-driven investment bank with capital markets, advisory, equities, and wealth management businesses. Comparable focus on middle-market M&A and research-led institutional sales and trading.

Broad incumbents

• Wells Fargo Securities: Large U.S. incumbent bank capital markets division offering comparable investment banking, capital markets, and research services. Represents the broader bank-owned investment bank model that competes with TD Securities for mid-market mandates.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/tdsecurities

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A

Investments1 record

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

Frequently asked questions about Dahlman Rose & Company