TD Acquisition of Cowen Tightens Prime Brokerage Market

On August 2, TD Bank announced the acquisition of Cowen in an all-cash $1.3bn transaction. The Canadian bank said TD Securities will accelerate its long-term growth strategy in the US by acquiring a high-quality and rapidly growing investment bank with highly complementary products and services. According to a story in Markets Media news, the deal is expected to close in the first quarter of 2023. The combined business will then be known as TD Cowen, a division of TD Securities, and will be headed by Jeffrey Solomon, currently chair & chief executive of Cowen. Bharat Masrani, group president and chief executive of TD Bank Group said that the firm had aspired for a long time to build an integrated North American franchise with global reach. 

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