Cowen Inc.
- Company typePrivate
- Founded1918
- HeadquartersNew York, United States
- Headcount—
- GTM typeB2B
- OfferingServices
Cowen Inc. firmographics
Firmographics- Name
- Cowen Inc.
- Legal name
- Cowen Inc.
- Website
- https://cowen.com
- Company type
- Private
- Founded year
- 1918
- Operating status
- Operating
- Ownership category
- akta.pro rank
Cowen Inc. industry classification
Industry- Product category
- Investment Banking and Capital Markets
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- 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), Securities Borrowing & Lending (Equities/Bonds) (FSACAIAC)
Keywords
Where Cowen Inc. is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices8 records
Markets served
Cowen Inc. business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Investment Banking: Corporate and investment banking services including M&A advisory, capital markets transactions, and strategic advisory for corporate and institutional clients
- Global Markets: Trading and market-making across equities, fixed income, currencies and derivatives with revenue from bid/offer spreads and positioning
- Research & Strategy: Equity research, macroeconomic strategy, and sector analysis distributed to institutional clients with TD Cowen branding covering multiple industries
- Property Brokerage: Real estate investment banking and commercial brokerage services transacting billions of dollars in asset and portfolio sales annually through TD Cornerstone Commercial Realty Inc.
- Global Transaction Banking: Trade finance, transaction banking, and liquidity management services for corporate clients including Dual Currency Deposits and TDfacilitrade platform
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Dual Currency Deposit - Enhanced Yield Product |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels8 records
Cowen Inc. product offering
Product offeringCore offering
Cowen Inc. operates as TD Cowen, a division of TD Securities, providing corporate and investment banking, global markets trading, global transaction banking, and equity research to institutional, corporate, and government clients. The firm also runs the Property Brokerage team handling commercial real estate transactions across Canadian multi-residential, industrial, retail, office, development, and seniors housing sectors. Client-facing proprietary platforms include TDFX for currency trading, TDfacilitrade for trade finance, Dual Currency Deposits, TD Prime Brokerage, and Structured Notes.
Product overview
TD Securities operates as a capital markets and investment banking firm, offering a comprehensive suite of financial services through both proprietary platforms and advisory services. The core offerings include TDFX (online FX trading platform for 25+ currencies), TDfacilitrade (trade finance online portal), and Dual Currency Deposits (structured FX-linked deposit products). TD Cowen serves as the research division representing marketing names for businesses within TD Securities. The Property Brokerage team provides real estate investment banking advisory across Canada covering multi-residential, industrial, retail, office, development, and seniors housing sectors. Additional client-facing platforms include TD Liquidity Manager, TD Prime Brokerage, Structured Notes, WebBroker, and TD Prime Services. The company also provides industry-specific coverage across Communications & Media, Consumer & Retail, Financial Institutions, Global Energy and Power, Health Care, Industrials, Mining & Metals, Real Estate, and Technology sectors.
Differentiator
Problem solved
Functional benefit
Products and services
- Corporate and Investment Banking Capital markets and investment banking services including M&A advisory, capital markets transactions, and strategic advisory for corporate and institutional clients, executed through relationship-based coverage and direct engagement by senior bankers.
- Global Markets Trading and market-making across equities, fixed income, currencies and derivatives, with revenue from bid/offer spreads and positioning for institutional and corporate clients globally.
- Research and Strategy Equity research, macroeconomic strategy, and sector analysis distributed under TD Cowen branding covering multiple industries including Communications & Media, Consumer & Retail, Financial Institutions, Global Energy and Power, Health Care, Industrials, Mining & Metals, Real Estate, and Technology.
- Property Brokerage Part of the Real Estate Investment Banking Group, offering commercial property brokerage services transacting asset and portfolio sales across multi-residential, industrial, retail, office, development, and seniors housing sectors in Canada.
- Global Transaction Banking Trade finance, transaction banking, and liquidity management services for corporate clients, including Dual Currency Deposits and the TDfacilitrade platform.
- TDFX Online Trading Platform Online FX trading platform enabling execution, tracking and monitoring of currency transactions in over 25 currencies with real-time quotes, market commentary, economic research, multi-company trading, multi-user access, and wire settlement capabilities.
- TDfacilitrade Portal Online portal for trade finance needs featuring user-friendly interface, time-saving drop-down menus, robust transaction query for audit trails, and advanced customized reporting for corporate clients.
- Dual Currency Deposit (DCD) Hybrid structured deposit product combining an investment strategy and a foreign exchange component that offers enhanced yields on USD or CAD deposits with potential currency conversion at maturity at agreed conversion rates. Requires minimum $250,000 deposit.
- TD Prime Brokerage Prime brokerage services for institutional clients including hedge funds and asset managers.
- Structured Notes Structured notes platform offering customized investment products.
Companies that use Cowen Inc.
Customer profileNamed customers8 records
Segments5 records
Ideal customer profiles5 records
Cowen Inc. technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Cowen Inc. partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core.
- Canadian Investment Regulatory Organization (CIRO)coreTD Securities Inc. is regulated by CIRO and is a member of the Canadian Investor Protection Fund and Canadian Marketplaces. This regulatory relationship is fundamental to operating as a securities dealer in Canada.
- Securities Investor Protection Corporation (SIPC)coreTD Securities (USA) LLC and TD Financial Products LLC are members of SIPC, providing customer protection against broker failure up to applicable limits.
- Financial Industry Regulatory Authority (FINRA)coreTD Securities (USA) LLC and other U.S. entities are registered with FINRA and subject to its rules and oversight for securities regulation.
- Financial Conduct Authority (FCA)coreTD Bank Europe Limited, TD Execution Services Limited, and The Toronto-Dominion Bank London Branch are authorized and regulated by the FCA in the UK for investment and banking activities.
- Central Bank of IrelandcoreTD Global Finance unlimited company is regulated by the Central Bank of Ireland and authorized as an Investment Firm under applicable EU regulations.
- Monetary Authority of SingaporecoreTD and Toronto Dominion (South East Asia) Limited are regulated by the Monetary Authority of Singapore for banking and securities operations in Singapore.
Scale indicators8 records
Recent moves6 records
Expansion highlights6 records
Cowen Inc. competitors and assessment
Company assessmentDirect peers
- RBC Capital Markets: Investment banking and capital markets arm of Royal Bank of Canada, one of Canada's Big Six banks. Directly comparable as a domestic Canadian peer offering M&A advisory, equity research, trading, and FX/treasury services with similar client overlap in Canadian real estate and corporate banking.
- National Bank Financial Markets: Capital markets division of National Bank of Canada, a comparable Canadian investment bank with strong franchises in equity research, trading, and real estate advisory—directly competing with TD Cowen in Canadian property brokerage and mid-market M&A.
- BMO Capital Markets: Investment banking and capital markets division of Bank of Montreal, a Canadian peer with comparable full-service offerings in M&A advisory, capital markets underwriting, FX trading, and equity research serving similar institutional and corporate clients across North America.
- Stifel Financial: Mid-market-focused investment bank with strong US middle-market M&A, equity research, and institutional brokerage franchises. Comparable peer in middle-market advisory and research distribution, with overlapping institutional client base.
- CIBC Capital Markets: Investment banking and capital markets division of Canadian Imperial Bank of Commerce, another Big Six Canadian bank with parallel capabilities in M&A advisory, underwriting, equities trading, and FX/treasury services targeting institutional investors and mid-to-large corporates.
- Canaccord Genuity: Independent investment bank with strong healthcare, technology, and growth-company advisory franchises in North America. Comparable mid-market M&A advisory competitor with similar sector coverage and institutional research distribution.
- Scotiabank Global Banking and Markets: Capital markets arm of Bank of Nova Scotia, a comparable Canadian peer offering investment banking, equity research, trading, and transaction banking services with similar North American and select Latin American coverage.
Broad incumbents
- Morgan Stanley: Global bulge-bracket with leading institutional securities and investment banking franchises. Overlaps with TD Cowen in equity research, M&A advisory, and capital markets but with significantly greater global footprint and scale in flagship mega-mandates.
- JPMorgan: World's largest investment bank by revenue, competing across all of TD Cowen's service lines including FX trading, transaction banking, M&A advisory, and capital markets underwriting. Operates at a scale and balance sheet multiple orders of magnitude larger.
- Goldman Sachs: Global bulge-bracket investment bank with substantially larger balance sheet and broader international presence. Competes with TD Cowen in M&A advisory, capital markets underwriting, and trading but operates at a vastly larger scale across all geographies and asset classes.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Cowen Inc. social profiles
Digital presenceCowen Inc. compliance and trust
Trust signalCompliance3 records
Cowen Inc. financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cowen Inc. leadership team
Management profileNumber of profiles
Cowen Inc. subsidiaries and ownership
Company hierarchySubsidiaries1 record
Cowen Inc. funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cowen Inc. M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cowen Inc.
What does Cowen Inc. do?
Cowen Inc. operates as TD Cowen, a division of TD Securities, providing corporate and investment banking, global markets trading, global transaction banking, and equity research to institutional, corporate, and government clients. The firm also runs the Property Brokerage team handling commercial real estate transactions across Canadian multi-residential, industrial, retail, office, development, and seniors housing sectors. Client-facing proprietary platforms include TDFX for currency trading, TDfacilitrade for trade finance, Dual Currency Deposits, TD Prime Brokerage, and Structured Notes.
Is Cowen Inc. a public or private company?
Cowen Inc. is a private company. It is classified as corporate owned and is currently operating.
When was Cowen Inc. founded?
Cowen Inc. was founded in 1918.
Where is Cowen Inc. based?
Cowen Inc. is headquartered in New York, United States, in the North America region.
How does Cowen Inc. make money?
Five revenue lines are on record. Investment Banking is the primary driver. The others are global Markets, research & Strategy, property Brokerage and global Transaction Banking.
Who are Cowen Inc.'s main competitors?
Direct peers on record are RBC Capital Markets, National Bank Financial Markets, BMO Capital Markets, Stifel Financial, CIBC Capital Markets, Canaccord Genuity and Scotiabank Global Banking and Markets. Broad incumbents are Morgan Stanley, JPMorgan and Goldman Sachs.
Does Cowen Inc. have an API?
No public API is recorded for Cowen Inc..
What industry is Cowen Inc. in?
Cowen Inc.'s product category is Investment Banking and Capital Markets. Its primary akta.pro industry code is FSABAIAE, Treasury & Risk Management Solutions (FX/MM, hedging, TMS integration), with a secondary code of FSABALAH, Treasury & Liquidity Operations (Cash Positioning, Funding, Collateral Ops). Its NAICS code is 5231 and its SIC code is 6211.