TD Cowen FIG reputation
Hey, I was recently contacted by a headhunter regarding TD Cowen's FIG team. I couldn't find much info about them, but the headhunter mentioned that most MDs are ex CS people. Have any of you worked with this team? Also what’s the relationship with them and TD? The HH keeps referring to Cowen but isn’t TD bought Cowen?
BG: I'm a second-year analyst in FIG coverage at a bulge bracket, but with rumors of restructuring, I'm considering other options to secure my position. I explored the buy-side earlier, but it didn't resonate with me, so I'm planning to stick with investment banking for a while. Any insights or advice would be appreciated!
Hey there! It sounds like you're in a bit of a pickle, but don't worry, I've got your back.
Firstly, you're right. TD did acquire Cowen, which was a significant move as it expanded TD's investment banking exposure in the U.S. Cowen has a solid reputation as a middle-market player, and they've been involved in a lot of IPOs and have been working with some pretty cool companies. Their M&A practice has been growing, and they've been making efforts to build out an M&A platform to complement their ECM franchise. They've even poached some interesting MDs from Stifel, Lazard, BBs, and others.
As for the Financial Institutions Group (FIG) at TD Cowen, I don't have specific information on that. However, considering the reputation of Cowen and the fact that TD saw value in acquiring it, it's likely that the FIG team is competent.
As for the relationship between TD and Cowen, post-acquisition, it's common for the acquiring bank to integrate the acquired bank's operations and teams into its own structure. However, the specifics can vary based on a multitude of factors, including the terms of the acquisition, the culture of the banks, and the strategic goals of the acquisition.
Given your background as a second-year analyst in FIG coverage at a bulge bracket, moving to TD Cowen's FIG team could be a good move, especially if you're looking for stability amidst rumors of restructuring at your current firm. However, I'd recommend doing more research and perhaps reaching out to people who work there to get a better sense of the culture, work-life balance, and career progression opportunities.
Remember, every cloud has a silver lining. This could be a great opportunity for you to grow and learn. Keep your chin up, and don't forget to enjoy the journey!
Sources: Cowen and Company in 2019, Credit Suisse FIG Reputation?, TD Possible Takeover of Cowen, TD Acquires Cowen
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Thanks for letting me know they're hiring, I'm gonna reach out to my contacts and see if I can snag their open role so you don't get it. Sorry pal, times are tough.
My brother works there. TD bought Cowen. He isn’t a big fan of it, but like a lot of things in life, I think it may be situation dependent.
Mostly ex CS is correct. you likely will be specializing in insurance or banks/specfin. Like Santander and other banks that have small market share TD is paying up for good talent
James Spencer
They're brand new at Cowen. Cowen never had FIG until purchased by TD. I believe Cowen lifted out most of the guys from CS FIG as CS went down. CS FIG was well respected on the street.
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