Cowen reveals record Q1 2021 financial results
30 April 2021 US
Image: stock.adobe.com/Tierney
Cowen experienced a record brokerage performance with strong growth in cash and electronic trading, prime services and securities finance in Q1 2021.
At the end of 2020, Cowen reported a substantial year-on-year (YoY) increase to its institutional services earnings which totalled $189.97 million.
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.”
Earlier this year, Cowen appointed Joram Siegel as its first head of fixed income and outsourced trading.
Based in New York, Siegal joined the division as part of Cowen’s expansion of its outsourced trading team.
At the end of 2020, Cowen reported a substantial year-on-year (YoY) increase to its institutional services earnings which totalled $189.97 million.
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.”
Earlier this year, Cowen appointed Joram Siegel as its first head of fixed income and outsourced trading.
Based in New York, Siegal joined the division as part of Cowen’s expansion of its outsourced trading team.
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