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NEWSLETTERS & ALERTS
Cowen Group to Buy Brokerage Firm Convergex for $116Mn
[Photo: Jeffrey Solomon and Eric Noll]
Days after getting a $275 cash infusion, The Cowen Group is now acquiring Convergex Group for $116 million.
- CEFC China Energy is acquiring a 20% stake in Cowen and providing $175 million in debt financing [Financialish, 3/31/17];
- Cowen, a diversified financial services firm and, together with its consolidated subsidiaries, provides alternative investment management, investment banking, research, and sales and trading services through its two business segments;
- Convergex, owned by PE firm GTCR, BNY Mellon and others, is an agency-focused global brokerage and trading related services provider with a deep client base of 2,500 hedge funds, asset managers, broker-dealers, trusts and exchanges.
- Convergex’s business units include equity sales and electronic trading, commission management, prime services and global clearing.
Cowen President Jeffrey Solomon had this to say: “The addition of Convergex’s global platform will also establish meaningful scale for Cowen’s equities business by significantly bolstering our capabilities in prime services, commission management, algorithmic and electronic trading, as well as clearing services.”
Convergex President and CEO Eric Noll said: “The ability to combine with a great research based firm like Cowen, which has complementary businesses with minimal client overlap, creates a tremendous opportunity for our people and our clients. By forging this combination with enhanced experience and expertise, our respective clients will now have access to a wider array of global offerings and innovative solutions.”