The pair have communicated to clients that it would be in the best interest for the businesses to find a more ‘strategically and geographically aligned’ partner; TD acquired Cowen in March for $1.3 billion.
Cowen Digital officially launched in March last year but had been in the works since early 2021 as institutional investors began increasingly eyeing digital assets.
The acquisition adds new capabilities in US equities to TD’s remit; Cowen client base is expected to benefit from TD’s balance sheet and capital markets business.
The acquisition will boost Toronto-based TD’s US expansion plans, creating an integrated North American dealer.