The American multinational investment bank’s Q1 2021 brokerage revenues increased $32.4 million to $173.7 million, which it attributes to an increase in institutional brokerage, as well as a rise in its institutional services, particularly its securities finance and prime brokerage services.
Brokerage Economic Proceeds — which included net securities borrowed and securities loaned activities — of $221.8 million were up 67 per cent YoY.
Cowen’s Q1 2021 investment income increased $221.5 million, which included a $95 million increase in securities principal transactions, including improved performance in its merchant banking portfolio, in public healthcare investments and securities finance.
Cowen CEO Jeffrey Solomon says: “We are benefiting from the momentum we gathered in 2020 by continuing to position ourselves for sustainable growth over the longer term.
“We are mindful that our success is dependent upon the success of our clients, our shareholders and our communities and we are grateful for the trust those stakeholders put in us every day. We look forward to building on this shared success as we prepare for a brighter future in the rest of 2021 and beyond.”
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