I just have a couple of questions about this acquisition...
1) Is this good for TD Securities?
2) How did they acquire Cowen for only 1.3 billion?
3) Will the benefit or hurt incoming SA at TD? Benefit or hurt incoming SA at Cowen?
4) How drastically does this affect the presence within the US for TD?
Thank you!
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What would this mean for incoming SAs at TD?
Not sure why interns seem to think this would have any effect. Highly unlikely to impact junior staff at any point in the near term, especially given the transaction won’t close until 2023.
There’s very little crossover of client coverage between TD Securities and Cowen. Check out the investor presentation for more info on this. The only people that should be concerned are those in NYC who will now be joined by many Cowen MDs covering similar industries. It’s much more likely the fat is trimmed at senior levels (given analysts are cheap labor compared to an MD). However, the goal of this acquisition is to expand TD’s presence in the US, so I highly doubt the outcome will be firing many employees.
TD acquired Newcrest Capital several years ago to build out its capital markets business and now several of its most senior employees are those that came over during the acquisition (Head of IB Robbie Pryde and former CEO Bob Dorrance). I suspect the same will happen with Cowen (in the US) as time goes by.
Thanks for the insights!
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