Cowen Competes Integration Of Execution Services Unit

Oct 9 2017 | 5:22pm ET

Financial services company Cowen Group has competed the integration of Cowen Execution Services prime brokerage business, acquired as part of its June acquisition of Convergex.

FINRA has approved the integration of the acquired business into Cowen’s prime services division, Cowen Prime Services LLC, in August 2017, the company said in a statement. Cowen’s prime services and outsourced trading activities are now consolidated together to provide a broad suite of solutions and services.

“Following significant efforts in recent months by personnel in both organizations, we are pleased to have finalized the integration of the acquired prime brokerage business,” said Mike Rosen, Cowen Managing Director and Global Co-Head of Prime Brokerage Services. “Combining the respective businesses enhances our ability to deliver these solutions through our expanded team of sales, trading, capital introduction, and client service personnel across multiple regions of the country.”

Cowen’s prime brokerage solution offers custody and clearing for a comprehensive range of asset classes in dozens of markets globally, can finance portfolios and provide lending activities for most listed assets, the statement added. Cowen also provides electronic and high-touch execution solutions, including an outsourced trading offering with global coverage and access to more than 100 other brokerages and markets, as well as middle and back office support, reporting, and analytics solutions. 

With the completion of the integration, Cowen has appointed Douglas Nelson and Michael DeJarnette co-heads of U.S. prime brokerage services. Kevin LoPrimo continues as Head of International Prime Brokerage, the company added. Cowen Prime Services was formed in 2015 following Cowen’s acquisition of Concept Capital Markets, LLC.

Founded in 1918 and based in New York, Cowen Group is a diversified financial services firm providing alternative asset management, investment banking, research, sales and trading and prime brokerage services through Cowen Investment Management, its alternative investment segment, and Cowen and Company, its broker-dealer unit. 

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