TD completes acquisition of Cowen Inc.

Angelena Iglesia

Deal accelerates U.S. progress of TD Securities

TORONTO and NEW YORK, March 1, 2023 /CNW/ – TD Financial institution Group (“TD”) (TSX: TD) (NYSE: TD) and Cowen Inc. (“Cowen”) (NASDAQ: COWN) at this time announce that TD has accomplished the acquisition of Cowen.

“We’re very happy to welcome Cowen to TD. Collectively, with better scale, broader capabilities and deeper assets, we’ll proceed to serve shoppers with excellence and speed up the expansion of TD Securities,” stated Bharat Masrani, Group President and Chief Govt Officer, TD Financial institution Group.

The acquisition advances TD Securities’ long-term progress technique within the United States and provides extremely complementary services and products to TD Securities’ present companies. Cowen brings a famend, world analysis franchise, and provides new capabilities in U.S. equities, together with a powerful gross sales, buying and selling and execution platform and deep relationships with company and monetary shoppers throughout key progress verticals.

“I am extremely excited to welcome Cowen’s gifted colleagues and leaders to TD Securities and the broader TD group,” stated Riaz Ahmed, President and CEO TD Securities. “Collectively, we’ll construct for the longer term, energized by the alternatives forward for TD Securities, our shoppers and our 6,500 mixed colleagues.”

Jeffrey Solomon, Chair and CEO of Cowen, joins the senior management of TD Securities, reporting to Riaz Ahmed. Submit-closing, elements of the mixed enterprise will likely be often known as TD Cowen.

“We’re thrilled to be a part of TD. We’re united in our drive to outperform for our shoppers — bringing one of the best of our mixed experience and gifted groups,” stated Jeff Solomon. “Our groups share a standard imaginative and prescient and dedication to our shoppers and their success, and we stay up for constructing for the longer term collectively.”

For added particulars concerning the acquisition, please consult with the press launch dated August 2nd 2022 .

About TD Financial institution Group

The Toronto-Dominion Financial institution and its subsidiaries are collectively often known as TD Financial institution Group (“TD” or the “Financial institution”). TD is the sixth largest financial institution in North America by belongings and serves over 27 million prospects in 4 key companies working in numerous places in monetary centres across the globe: Canadian Private and Industrial Banking, together with TD Canada Belief and TD Auto Finance Canada; U.S. Retail, together with TD Financial institution, America’s Most Handy Financial institution®, TD Auto Finance U.S., TD Wealth (U.S.), and an funding in The Charles Schwab Company; Wealth Administration and Insurance coverage, together with TD Wealth (Canada), TD Direct Investing, and TD Insurance coverage; and Wholesale Banking, together with TD Securities. TD additionally ranks among the many world’s main on-line monetary providers companies, with greater than 15 million lively on-line and cell prospects. TD had $1.9 trillion in belongings on October 31, 2022. The Toronto-Dominion Financial institution trades beneath the image “TD” on the Toronto and New York Inventory Exchanges.

About Cowen Inc.

Cowen Inc. (“Cowen”) is a diversified monetary providers agency that gives funding banking, analysis, gross sales and buying and selling, prime brokerage, outsourced buying and selling, world clearing, and fee administration providers. Cowen additionally has an funding administration division which gives actively managed different funding merchandise. Based in 1918, Cowen is headquartered in New York and has workplaces worldwide.

Warning Concerning Ahead-Trying Data

This communication comprises sure “forward-looking statements” throughout the that means of the Non-public Securities Litigation Reform Act of 1995, Part 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Part 21E of the Securities Change Act of 1934, as amended, (the “Change Act”) and relevant Canadian securities laws, with respect to Cowen Inc. (“Cowen”) and The Toronto-Dominion Financial institution’s (“TD Financial institution”) beliefs, plans, targets, expectations, and estimates. Ahead-looking statements usually are not a illustration of historic data, however as a substitute pertain to future operations, methods, monetary outcomes or different developments. The phrases “imagine,” “count on,” “anticipate,” “intend,” “goal,” “plan,” “estimate,” “ought to,” “seemingly,” “will,” “going ahead,” and different expressions that point out future occasions and tendencies establish forward-looking statements. Ahead-looking statements are essentially primarily based upon estimates and assumptions which can be inherently topic to important enterprise, operational, financial and aggressive uncertainties and contingencies, lots of that are past the management of Cowen and TD Financial institution, and plenty of of which, with respect to future enterprise choices and actions, are topic to vary and which might trigger precise outcomes to vary materially from these contemplated or implied by ahead wanting statements or historic efficiency. Examples of uncertainties and contingencies embrace components beforehand disclosed in Cowen’s and TD Financial institution’s respective reviews filed with the U.S. Securities and Change Fee (the “SEC”), and TD Financial institution’s different filings with Canadian regulators, in addition to the next components, amongst others: the end result of any authorized proceedings which may be instituted in opposition to Cowen or TD Financial institution, together with potential litigation which may be instituted in opposition to Cowen or its administrators or officers associated to the transaction or the definitive merger settlement between Cowen and TD Financial institution to the transaction; the chance that any bulletins referring to the mix might have opposed results available on the market value of the widespread inventory of both or each events to the mix; the likelihood that the anticipated advantages of the transaction is not going to be realized when anticipated or in any respect, together with because of the influence of, or issues arising from, the mixing of the 2 firms, or because of financial and aggressive components within the areas the place Cowen and TD Financial institution do enterprise; the likelihood that the mixing of the 2 firms could also be dearer to finish than anticipated, together with because of sudden components or occasions; diversion of administration’s consideration from ongoing enterprise operations and alternatives; failing to retain key expertise of Cowen after the completion of the transaction; reputational threat and potential opposed reactions or adjustments to enterprise or worker relationships, together with these ensuing from the completion of the transaction; Cowen and TD Financial institution success in executing their respective enterprise plans and techniques and managing the dangers concerned; foreign money and rate of interest fluctuations; success of hedging actions; materials opposed adjustments in financial and business circumstances, together with the provision of quick and long-term financing; common aggressive, financial, political and market circumstances, together with tough market circumstances, market disruptions and volatility; the lack to maintain income and earnings progress; inflation; the influence, extent and timing of technological adjustments; capital administration actions; the Workplace of the Superintendent of Monetary Establishment’s and different regulators’ legislative and regulatory actions and reforms; the pandemic created by the outbreak of COVID19 and its variants, and ensuing results on financial circumstances, restrictions imposed by public well being authorities or governments, fiscal and financial coverage responses by governments and monetary establishments, and disruptions to world provide chains; and different components that will have an effect on future outcomes of Cowen and TD Financial institution. Examples of fabric assumptions made by TD Financial institution within the forward-looking statements, together with TD Financial institution’s expectations concerning the prices and monetary influence of the transaction, embrace assumptions concerning Cowen’s future web earnings, transaction prices, transaction course of, timeline to shut and/or combine the acquisition, anticipated synergies, anticipated worth of sure traces of enterprise within the occasion of a divestiture, future TD Financial institution capitalization, tax fee, foreign money conversion fee, and monetary outcomes. We warning that the foregoing record of necessary components that will have an effect on future outcomes just isn’t exhaustive. Further components that might trigger outcomes to vary materially from these contemplated by forward-looking statements will be present in Cowen’s Annual Report on Kind 10-Ok for the 12 months ended December 31, 2022 filed with the SEC and accessible within the “Investor Relations” part of Cowen’s web site, beneath the heading “SEC Filings” and in different paperwork Cowen recordsdata or has filed with the SEC, and in TD Financial institution’s Annual Report on Kind 40-F for the 12 months ended October 31, 2022 filed with the SEC and accessible within the “Investor Relations” part of TD Financial institution’s web site,, beneath the heading “Regulatory Filings” and in different paperwork TD Financial institution recordsdata with the SEC (accessible at and relevant securities regulators in Canada (accessible at All such components, in addition to different uncertainties and potential occasions, and the inherent uncertainty of forward-looking statements, ought to be thought of fastidiously when making choices with respect to Cowen and TD Financial institution. Any forward-looking statements contained on this doc symbolize the views of Cowen and TD Financial institution solely as of the date hereof and are introduced for the aim of helping their respective shareholders and analysts in understanding the phrases of the transaction and Cowen’s and TD Financial institution’s goals and assumptions and is probably not acceptable for different functions. Neither Cowen nor TD Financial institution undertakes to replace any forward-looking statements, whether or not written or oral, which may be made every now and then by or on its behalf, besides as required beneath relevant securities laws.

SOURCE TD Financial institution Group

TD completes acquisition of Cowen Inc.

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