Cowen to integrate PB business of Global Prime Partners
05 February 2020 New York
Image: Shutterstock
Investment bank and financial services provider Cowen is expanding its prime brokerage services through the integration of its team with the brokerage arm of its European competitor, Global Prime Partners (GPP).
The agreement, revealed today, will include the transition of all GPP’s prime brokerage team, including personnel from the sales, operations, client service, onboarding and trading teams to Cowen. Further details on how the expanded team will be structured are not currently available.
Also as part of the deal, GPP will provide Cowen with custody, clearing and other related services.
Additionally, Cowen will acquire a licence from GPP for its global back-office proprietary books and records software to support its prime brokerage business.
On the deal, GPP CEO Julian Parker explains that the combination of the prime brokerage teams is a “great strategic step for both businesses” that will allow GPP to focuses on developing its global clearing, custody and wealth management business lines.
Mike Rosen, Cowen’s global co-head of prime brokerage and outsourced trading states: “As competitors in the European prime brokerage market, we have long respected the GPP team. We are pleased to have the prime brokerage team join Cowen and to work together to support clients and build on our momentum.”
According to Cowen Prime Services, its team operates from multiple offices across the US and through affiliates in the UK, and currently serve several hundred investment managers who invest across a variety of structures and asset classes.
The agreement, revealed today, will include the transition of all GPP’s prime brokerage team, including personnel from the sales, operations, client service, onboarding and trading teams to Cowen. Further details on how the expanded team will be structured are not currently available.
Also as part of the deal, GPP will provide Cowen with custody, clearing and other related services.
Additionally, Cowen will acquire a licence from GPP for its global back-office proprietary books and records software to support its prime brokerage business.
On the deal, GPP CEO Julian Parker explains that the combination of the prime brokerage teams is a “great strategic step for both businesses” that will allow GPP to focuses on developing its global clearing, custody and wealth management business lines.
Mike Rosen, Cowen’s global co-head of prime brokerage and outsourced trading states: “As competitors in the European prime brokerage market, we have long respected the GPP team. We are pleased to have the prime brokerage team join Cowen and to work together to support clients and build on our momentum.”
According to Cowen Prime Services, its team operates from multiple offices across the US and through affiliates in the UK, and currently serve several hundred investment managers who invest across a variety of structures and asset classes.
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