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TD Cowen
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TD Cowen
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TD Cowen (formerly Cowen Inc.), is an American multinational investment bank and financial services division of TD Securities that operates through two business segments: a broker-dealer and an investment management division.[4]

Key Information

The company's broker-dealer division offers investment banking services, equity and credit research, sales and trading, prime brokerage, outsourced trading, global clearing and commission management services.

Cowen's investment management segment offers actively managed alternative investment products. Founded in 1918, the firm is headquartered in New York and has offices worldwide. Cowen claims it is known for successfully identifying emerging industries early on, especially the emerging cannabis industry.[5]

Toronto-Dominion Bank acquired Cowen for US$1.3 billion in March 2023. The company was then rebranded as TD Cowen and became a division of TD Securities.[1][6]

History

[edit]

Founded as a bond trading house, Cowen expanded in its early years to include correspondent clearing and execution services. As the firm grew, it developed a leadership position in railroad bonds and launched a research and institutional sales business. The firm expanded significantly in the 1970s in research and retail, opening six offices from coast-to-coast and expanding its business offerings through acquisitions: Hardy & Company; Greene & Ladd; G.S. Grumman; and McCloy-Watterson & Co., Inc. In the 1980s, Cowen expanded internationally, established an investment banking business, and set up offices in London, Geneva, Paris, and Tokyo. In the 1990s, the firm grew the investment banking business, beginning with five initial public offerings and follow-ons for approximately $200 million, growing to nearly 80 transactions and $5 billion in proceeds by 1995.[citation needed]

In 1998, the company was acquired by Société Générale and renamed SG Cowen. In 2000, Cowen sold its private client services unit to Lehman Brothers, retaining its investment banking, research and sales and trading operations.[7] Cowen operated as a unit of Societe Generale until 2006, when it was spun off in an initial public offering and renamed itself, Cowen and Company. Cowen, Credit Suisse and Merrill Lynch were joint bookrunners for the public offering.[8]

On August 2, 2022, Toronto-Dominion Bank announced it had reached an agreement with Cowen to acquire it for US$1.3 billion, translating to $39 per share.[1] TD announced that Cowen chair and CEO Jeffrey Solomon would join the senior leadership of TD's securities division following the acquisition, and that the combined business will be known as TD Cowen, headed by Solomon.[9]

Growth acquisitions

[edit]
  • In 2009, the company merged with Ramius LLC to form a diversified financial services company.[10][11]
  • In February 2011, Cowen acquired LaBranche & Co., a market-maker in options, exchange-traded funds and futures on various exchanges for around $200 million.[12]
  • In 2012, Cowen acquired Algorithmic Trading Management, a provider of global multi-asset class algorithmic execution trading models,[13] and KDC Securities, a securities lending business.[14][15]
  • In March 2013, Cowen acquired Dahlman Rose & Company LLC.[16][17]
  • In 2015, Cowen entered the prime services business with the acquisitions of Concept Capital Markets and Conifer Securities.[18][19]
  • In 2015, Cowen acquired CRT Capital Group's credit products, credit research, special situations and emerging markets businesses.[20]
  • In 2017, Cowen acquired Convergex, a leading agency-focused brokerage firm and trading services provider whose businesses include: equity sales and an electronic trading platform, commission management, global clearing and prime services.[21]
  • In 2018 Cowen announced the acquisition of Quarton International, a middle-market investment banking firm.[22]

Operations

[edit]

Cowen and Company

[edit]

Cowen and Company, founded in 1918, is the broker-dealer business of Cowen Inc. Cowen and Company offers a range of investment banking services, including: equity, equity-linked and debt financing's, mergers and acquisitions and advisory services. Cowen and Company also provides proprietary research, including its Ahead of the Curve series, institutional sales and trading services and prime brokerage. Cowen and Company specializes in growth sectors of the economy, including: consumer, energy, health care, industrials, info tech & services, and technology, media & telecommunications. Business units include:

Cowen Investment Management

[edit]

Cowen Investment Management, founded in 1994 as Ramius, by Peter Cohen, Jeff Solomon, Morgan Stark, and Tom Strauss,[27][28] is the global alternative investment management business of Cowen Inc. Cowen Investment Management offers a range of alternative investment strategies including private health care, health care royalties, real estate, activism, merger and long/short equity, and growth equity. Cowen Investment Management oversees $11 billion in assets under management as of Q1/2018.

See also

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

TD Cowen

View on Grokipedia
from Grokipedia
TD Cowen is a diversified firm and a division of , a of the (TD Bank Group), specializing in , equity research, sales and trading, , and . Formed through TD Bank Group's $1.3 billion acquisition of Cowen Inc. in March 2023, the firm traces its origins to Cowen, which was founded in 1918 as an investment banking entity in . Headquartered in New York, TD Cowen operates globally with approximately 27 offices across , , and , serving clients in sectors such as , healthcare, industrials, , and . The acquisition enhanced ' U.S. market presence, adding over 1,700 employees and integrating Cowen's expertise in advisory services, capital markets, equity execution, and ESG-focused research to drive revenue synergies projected at $300–350 million annually by the third year post-deal. Under the leadership of President Jeffrey Solomon, who previously served as Chair and CEO of Cowen, TD Cowen continues to emphasize innovative capital markets solutions, including tokenized assets and AI-driven infrastructure insights, while maintaining a commitment to award-winning equity research that covers a broad spectrum of industries. The firm's integration into has positioned it as a key player in North American and global financial markets, facilitating expanded client access to integrated banking and trading capabilities.

History

Founding and early years

Cowen & Company was founded in 1918 in as a bond brokerage firm, initially concentrating on trading securities such as and corporate bonds. The firm quickly established a reputation in the , providing brokerage services to institutional clients during the early decades of the . In the mid-20th century, Cowen expanded its operations beyond bonds, venturing into equity research and retail brokerage to diversify its offerings and capture growing demand in the . By the 1970s, the firm had developed a strong institutional equity capability, particularly in sectors like railroads, while building a robust sales and trading business. This period marked significant geographical growth, with the opening of six offices across the from coast to coast, enabling broader client access and enhanced distribution. Throughout its early years, Cowen navigated economic challenges, including the volatile markets of the , by maintaining a focus on diversified trading activities in and emerging equity services. Prior to the 1990s, the firm operated primarily from its New York headquarters and these additional U.S. locations, supporting a lean operation centered on brokerage and without extensive international presence.

Ownership changes and expansions

In 1998, Société Générale acquired Cowen & Co., a U.S.-based investment bank with roots in bond trading dating back to 1918, for approximately $540 million, integrating it into its securities operations and rebranding it as SG Cowen. This move allowed SG Cowen to leverage Société Générale's international footprint for expansion into global investment banking, establishing a prominent presence in Europe through its London office and extending operations into Asia via the parent company's regional hubs in cities like Hong Kong and Tokyo. Under this ownership, SG Cowen grew its research-driven advisory services and capital markets activities, focusing on sectors such as technology and healthcare while building a network of over 45 offices worldwide. By 2006, Société Générale pursued a strategy to allow SG Cowen greater independence, announcing plans for an initial public offering (IPO) to enable it to access capital markets for its own growth. The spin-off was completed that year, with Cowen Group, Inc. emerging as an independent entity listed on the NASDAQ under the ticker COWN, raising about $179 million in its debut despite pricing below initial expectations. This transition marked a return to standalone operations, freeing the firm to pursue targeted strategies in equity research and mid-cap markets without the constraints of its former parent. During the 2010s, Cowen Group expanded into alternative investments, launching and managing hedge funds, fund-of-funds, and other products through its Ramius subsidiary to diversify beyond traditional brokerage. This included streamlining operations in 2010 to integrate senior management across its alternative investment platforms, which encompassed real estate, healthcare royalties, and cash management services, positioning Cowen as a key player in serving institutional clients seeking non-traditional assets. The hedge fund services grew significantly, with new launches and strategies contributing to assets under management that reflected the maturing alternative investment landscape. In 2017, Cowen Group rebranded to Cowen Inc., unifying its identity across investment banking, markets, and research divisions while emphasizing a focus on mid-market advisory for emerging growth companies. This rebranding encompassed renaming its alternative investment arm from Ramius LLC to Cowen Investment Management and streamlining branding to highlight expertise in equity capital markets and sector-specific research, particularly in healthcare and technology. The shift reinforced Cowen's strategy as an independent, research-led firm targeting mid-cap transactions and advisory services through 2022.

Acquisition by TD Bank Group

On August 2, 2022, TD Bank Group announced a definitive agreement to acquire Cowen Inc. in an all-cash transaction valued at approximately US$1.3 billion, or US$39 per share, aimed at strengthening its U.S. investment banking presence. The deal, approved by the boards of directors of both companies, was expected to close in the first quarter of 2023, subject to regulatory approvals and customary closing conditions. The acquisition was completed on March 1, 2023, following receipt of all necessary regulatory approvals on February 24, 2023, from and Canadian authorities, including the U.S. Securities and Exchange Commission and the Ontario Securities Commission. Upon closing, Cowen Inc. was rebranded as TD Cowen and integrated as a division of , with Cowen's leadership team, including CEO Jeffrey Solomon, joining TD in senior roles. To support a smooth transition, TD implemented plans, anticipating approximately in retention incentives for key Cowen personnel as part of broader pre-tax integration and retention costs totaling over three years. The strategic rationale for the acquisition centered on enhancing ' capabilities in the U.S. mid-market, where Cowen held a strong position in equity underwriting and capital markets. By incorporating Cowen's expertise, TD aimed to deepen its research offerings, leveraging Cowen's globally recognized equity research franchise to provide clients with expanded insights across sectors. The move was designed to accelerate TD's overall U.S. growth strategy, creating a more integrated North American platform for equities sales, trading, and advisory services while adding complementary capabilities without significant overlap in or debt markets.

Acquisitions and growth

Pre-2023 acquisitions by Cowen

Cowen Inc. pursued several strategic acquisitions prior to 2023 to expand its capabilities in s, trading, and execution services, significantly enhancing its market presence in . These moves allowed the firm to diversify beyond its core operations and build a more robust platform for institutional clients. In 2009, Cowen merged with Ramius LLC in a reverse merger transaction that integrated Ramius's management business into the combined entity. The deal, valued at approximately $194.8 million based on Cowen's stock price at the time, brought in $7.7 billion in from Ramius, primarily in hedge funds and alternative strategies. This merger established Cowen's unit, which included hedge fund administration and replication services, enabling the firm to offer comprehensive solutions to asset managers. The 2011 acquisition of LaBranche & Co. Inc. further strengthened Cowen's trading infrastructure. In a stock-for-stock transaction valued at $192.8 million, Cowen acquired LaBranche's market-making operations, which specialized in exchange-traded funds () and options. This move enhanced Cowen's capabilities and positioned it as a key player in ETF and options liquidity provision on major exchanges. In 2017, Cowen acquired ConvergEx Group LLC for $116 million, acquiring its execution management and clearing services platform. The acquisition integrated ConvergEx's technology-driven brokerage tools, including and outsourced trading solutions, into Cowen's operations, bolstering its sales and trading business. These acquisitions collectively drove substantial growth for Cowen, expanding its employee base to over 1,500 by 2022 and facilitating entry into prime brokerage services through integrated execution and clearing offerings.

Post-acquisition integration and expansion

Following the completion of the acquisition in March 2023, TD Bank Group integrated Cowen Inc. into its operations, with full operational integration achieved by April 1, 2024, when the combined entity launched as TD Cowen. This process combined ' strengths in corporate and and capital markets with Cowen's expertise in equity , sales, and trading, creating a more comprehensive North American platform to serve clients across sectors. The integration emphasized synergies in distribution and client coverage, enabling enhanced between teams in key financial centers. By 2024, this resulted in an expanded global footprint, with TD Cowen operating approximately 27 offices across , , and Asia, supporting broader market access and operational efficiencies. Post-merger, TD Cowen experienced revenue growth as part of ' wholesale banking segment, which saw quarterly revenues of $1,771 million in the fourth quarter of fiscal , up 19% from the prior year, driven by higher fee income and market-related activities including those bolstered by the integration. Prior to the merger, Cowen reported full-year revenues of $1.54 billion; the combined platform contributed to an enhanced position in U.S. equity underwriting, with TD Cowen leading in mid-market deals and increasing its in equity offerings valued between $75 million and $750 million. This growth reflected strategic synergies in capital markets execution and research-driven advisory, positioning TD Cowen as a stronger competitor in U.S. equities. In the first quarter of fiscal 2025, TD Cowen continued to build on this momentum, winning recognition for its equity underwriting leadership. TD Cowen received notable recognition for its post-integration performance, including the 2024 IFR U.S. Mid-Market Equity House of the Year , honoring its leadership in U.S. equity offerings in the mid-market segment during the award period. This accolade highlighted the firm's ability to leverage the merger for improved deal flow and client execution in a competitive landscape. Additionally, in 2024-2025, TD Cowen expanded its research capabilities into emerging sectors, launching dedicated themes on (AI) and s, with reports estimating AI deployments could reduce U.S. labor costs by over 15% and analyzing record Q3 2025 data center leasing of 7.4 gigawatts in the U.S. These initiatives underscored TD Cowen's strategic focus on high-growth areas like AI infrastructure and hyperscaler demand.

Leadership

Executive team

Tim Wiggan serves as President and Chief Executive Officer of , overseeing TD Cowen as a division, a role he assumed effective November 1, 2024, following Riaz Ahmed's transition from the position on October 31, 2024. With over 25 years in , Wiggan previously served as co-head of global at after the 2023 acquisition of Cowen Inc., and earlier led TD's and insurance division. Jeffrey Solomon is President of TD Cowen and Vice Chair of TD Securities, positions he has held since the March 2023 acquisition of Cowen Inc., where he was CEO from 2018 to 2023. Solomon brings extensive expertise in mid-market mergers and acquisitions, having previously served as President of Cowen and held senior roles at Perella Weinberg Partners and UBS Investment Bank. Riaz Ahmed, who was President and CEO of TD Securities until his full retirement effective January 31, 2025, after serving as Special Advisor from November 1, 2024, established the reporting structure for TD Cowen executives to the TD Securities CEO, now Wiggan. In October 2025, TD Securities appointed Jason Ince as Head of Global Fixed Income, and Rhys Brooks and Phil Cushman as co-heads of Global Equities, strengthening the leadership team amid post-acquisition integration. These appointments followed Wiggan's ascension and reflect ongoing transitions to unify TD Securities and Cowen operations.

Key governance structure

TD Cowen operates as a division within , fully integrated into its governance framework following the 2023 acquisition by TD Bank Group, with ultimate oversight provided by the TD Bank Group to ensure alignment with enterprise-wide standards. This structure maintains TD Cowen's operational autonomy in and research while embedding it under ' risk and compliance protocols, subject to regular board-level reviews. The TD Bank Group Board delegates key oversight functions through specialized committees that directly influence TD Cowen's operations. The ensures the integrity of financial reporting, internal controls, and legal compliance for subsidiaries including , emphasizing adherence to U.S. regulations from the SEC and FINRA as well as Canadian rules from the Canadian Investment Regulatory Organization (CIRO). The Risk Committee approves the Enterprise Risk Framework, monitors , and reviews enterprise-wide trends affecting TD Cowen's capital markets and advisory activities across both markets. The Human Resources Committee, functioning as the compensation committee, oversees executive performance, succession planning, and incentive alignment with principles, incorporating ESG factors to promote regulatory and ethical compliance. Post-2023, TD Cowen has advanced (DEI) and ESG governance initiatives in line with TD Bank Group's broader strategy, including an updated DEI framework that prioritizes leader accountability and performance measurement toward 2025 targets such as 25% representation of , Indigenous, and minority leaders in VP+ roles across . As of 2024, this target was exceeded at 25.7%. These efforts encompass ESG oversight via the Executive Council and board-linked metrics for executives, with the 2025 Human Capital Management Survey highlighting industry trends in HR technology adoption that support DEI goals, such as enhanced and inclusion tools; the 2024 TD Pulse Survey reported an score of 84%. Additionally, the U.S. $20 billion Impact launched in 2024 extends DEI commitments through targeted lending and supplier diversity programs. Reporting lines for TD Cowen culminate in accountability to the Group Head of , Tim Wiggan, who serves as President and CEO of , ensuring strategic decisions align with TD Bank Group's objectives; executive team members, including TD Cowen's President Jeffrey Solomon, contribute to through participation in deliberations on and compliance.

Operations

Investment banking and capital markets

TD Cowen maintains a mid-market focus in its and capital markets activities, specializing in sectors such as healthcare, industrials, and . This emphasis allows the firm to provide tailored advisory and financing solutions to growth-oriented companies in these areas, leveraging deep industry expertise to navigate complex market dynamics. The firm's core services include (M&A) advisory, as well as for public and offerings, convertible bonds, and debt instruments. These offerings support clients in capital raising through initial public offerings (IPOs) and follow-on equity financings, with a particular strength in U.S. equity markets. In 2024, following the integration with , TD Cowen enhanced its U.S. equity financing capabilities, enabling it to serve a broader client base and execute a higher volume of transactions. Notable deals in 2024-2025 illustrate this activity, including acting as underwriter for MDxHealth SA's $40 million of ordinary shares in September 2024. The firm anticipates a rebound in IPO activity in 2025, particularly in the second half of the year, driven by improving market conditions and pent-up demand. TD Cowen's global reach supports cross-border transactions through offices in key financial centers across , , and , facilitating international deal execution and client access to diverse markets. This network, integrated with ' infrastructure, enhances capabilities in multi-jurisdictional advisory and financing.

Research and advisory services

TD Cowen's research and advisory services encompass equity research, sector-specific analysis, and strategic insights tailored for institutional investors, focusing on and thematic outlooks. The division maintains coverage of over 1,300 stocks across , with specialized emphasis on sectors including consumer and retail, healthcare, and , where analysts provide in-depth reports on company fundamentals, market trends, and investment opportunities. A key component of these services involves hosting prominent annual conferences that facilitate direct engagement with industry leaders and showcase research coverage. For instance, the 44th Annual TD Cowen Health Care Conference, held March 4-6, 2024, in Boston, Massachusetts, featured presentations from more than 400 companies across healthcare subsectors such as therapeutics, medical devices, and healthcare delivery, drawing participation from executives of firms like Merck & Co. and Exact Sciences. In , TD Cowen's research themes highlighted transformative trends with significant investment implications, including demographic shifts driven by aging populations and changing consumer behaviors in the U.S. and , as tracked through proprietary surveys. Additional focal areas encompassed AI-driven re-industrialization and datacenter connectivity, projecting over $1 trillion in capital expenditures for AI technologies amid surging electricity demands from data centers. The firm's Management Survey further underscored HR technology spending, with 37% of respondents planning increased investments despite moderated AI impacts on headcount. TD Cowen produces targeted advisory outputs like the Best Ideas series, which offers curated recommendations based on analyst expertise. The Smidcap Sweethearts 2025 report, for example, compiles top picks among small- and mid-cap under $10 billion , analyzing nearly 70 names with macroeconomic and policy overlays, including potential rate cuts and sector-specific risks like . Following the 2023 acquisition, TD Cowen has integrated Cowen's established equity research platform with ' macroeconomic insights, enhancing cross-border analysis by combining sector-specific depth with global economic perspectives to inform client strategies. This synergy has bolstered the firm's research franchise, enabling more comprehensive advisory on market expectations amid evolving political and economic backdrops.

Sales, trading, and prime services

TD Cowen's sales and trading operations provide execution services across global equity markets, leveraging a platform that supports institutional clients in accessing liquidity and managing order flow. Following the 2017 acquisition of ConvergEx Group by Cowen for $116 million, the firm enhanced its execution management capabilities, integrating advanced brokerage tools for agency trading, though these outsourced elements were later divested to Marex in 2023 as part of the prime brokerage unit. Today, TD Cowen maintains a strong presence in U.S. mid-market equities, acting as a bookrunner on 61 equity and equity-linked transactions totaling $4.9 billion in apportioned credit in 2024, securing a 2% market share. In prime services, TD Cowen historically offered clearing, financing, and custody solutions tailored to hedge funds and institutional investors, prior to the 2023 sale of this division to Marex, which integrated it into its capital markets business. Post-TD Bank Group integration, the firm has focused on bolstering its core sales and trading infrastructure, with key 2025 developments including the appointment of new leadership for global and equities in October, under head Jason Ince for , to drive enhanced execution in these areas. These efforts emphasize emerging opportunities in tokenized equities and stablecoins, where TD Cowen anticipates on-chain capital growing from $4.6 trillion to over $100 trillion by 2030, driven by tokenization of assets like equities and bonds. The firm's technology platforms support sophisticated trading strategies, including automated execution for high-frequency and block trades, as evidenced by the October 2025 integration of its automated trading business with operations to streamline across . Sales teams draw on research-driven ideas to inform client strategies, providing actionable insights into market dynamics.

Asset management

TD Cowen's operations are primarily conducted through its legacy Cowen Investment Management division, which provides actively managed products to institutional and high-net-worth clients. This arm focuses on specialized strategies designed to generate returns through diversified alternative assets, leveraging expertise in niche markets to complement ' broader capital markets capabilities. As of 2018, Cowen Investment Management oversaw approximately $11 billion in (AUM), encompassing a range of vehicles. Following the 2023 merger with TD Bank Group, this figure grew to about $14 billion as of September 2022, with subsequent integrations incorporating TD's synergies to enhance distribution and operational efficiency, though specific post-merger AUM updates reflect ongoing adjustments such as the 2023 divestiture of certain healthcare funds to . The division's products include funds, commitments, and other alternative assets, emphasizing illiquid and opportunistic investments to achieve uncorrelated returns. Key investment strategies within the arm feature long/short equity approaches, event-driven opportunities, and multi-asset portfolios, with a particular emphasis on mid-cap to capitalize on undervalued growth prospects and market dislocations. These strategies draw on proprietary research to construct portfolios that balance risk and alpha generation, often targeting sectors like healthcare, , and where alternative assets can provide structural advantages. For instance, event-driven tactics involve investments tied to corporate events such as mergers or restructurings, while long/short equity positions exploit relative value across mid-cap equities. Between 2024 and 2025, TD Cowen's experienced notable growth through deeper integration with TD Bank Group's platforms, expanding client access to alternative products via advice-based channels and retail networks. This has facilitated broader distribution of hedge funds and offerings, aligning with TD's overall wealth solutions to serve a wider array of investors while maintaining a focus on institutional-grade alternatives. The integration has also supported net asset inflows, reinforcing the division's role in TD's diversified .

References

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  58. https://www.dlapiper.com/en-us/news/2024/10/dla-piper-advises-td-cowen-as-underwriter-in-mdxhealths-public-offering-of-ordinary-shares
  59. https://www.orrick.com/en/Insights/2024/12/The-Download-Market-Outlook-with-TD-Cowen-and-Is-the-Death-Spiral-a-Myth?p=1
  60. https://www.tdsecurities.com/ca/en/our-offices
  61. https://www.bit.bio/events/cowen-2024
  62. https://www.merck.com/events/merck-co-inc-at-the-td-cowen-44th-annual-healthcare-conference/
  63. https://www.tdsecurities.com/ca/en/best-ideas-smidcap-sweethearts-2025
  64. https://www.securitiesfinancetimes.com/securitieslendingnews/technologyarticle.php?article_id=221240
  65. https://www.marex.com/news/2023/12/marex-completes-acquisition-of-cowens-prime-brokerage-and-outsourced-trading-business/
  66. https://www.marketsmedia.com/marex-buys-cowen-prime-and-outsourced-trading-business/
  67. https://www.theblock.co/post/374714/td-cowen-sees-onchain-capital-surpassing-100-trillion-in-five-years-amid-tokenization-push
  68. https://stories.td.com/ca/en/news/2025-10-20-td-securities-announces-integration-of-public-finance-and-au-2
  69. https://www.tdsecurities.com/ca/en/automated-trading
  70. https://stories.td.com/ca/en/news/2023-03-01-td-completes-acquisition-of-cowen-inc.
  71. https://www.thinkingaheadinstitute.org/content/uploads/2020/11/TAI_PI_500_2018_formatted-1.pdf
  72. https://www.advratings.com/company/cowen
  73. https://www.blueowl.com/news/blue-owl-capital-announces-agreement-acquire-funds-managed-cowen-healthcare-investments-cowen
  74. https://www.hedgeweek.com/cowen-expands-options-and-event-driven-strategies-sales-and-trading-team/
  75. https://www.fnlondon.com/articles/cowen-builds-event-driven-strategies-20110929
  76. https://www.wallstreetoasis.com/company/cowen-group
  77. https://www.td.com/content/dam/tdcom/canada/about-td/investor-day/investor-day-2025/investor-day-2025-full-transcript.pdf
  78. https://td.mediaroom.com/2025-05-22-TD-Bank-Group-Reports-Second-Quarter-2025-Results
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