Context on Cowen Group?

Anyone have any context to share on Cowen? They are ranked #17 Vault Banking 50, and are above shops like Citi, Lazard, Barclays, Guggenheim, Jefferies, Stifel. Are these rankings accurate? Has Cowen been growing lately? I know their Healthcare IB group is good, but anything else? What does the long-term picture look like for them? Exit opps for analysts?

Best Response

Don't go by the Vault rankings. I would probably take all those Banks you listed over Cowen. Cowen's HC group does pretty much only equity underwriting and very little on strategic side. I think that applies to the whole firm. The entire HC team left to Stifel a couple years ago but they built it back up really quickly. They recently acquired CRT Capital's Credit & Research platform so that should help them on the debt side.

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