GPP to provide Cowen with custody and clearing services
06 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).
As part of the newly formed agreement, GPP will provide Cowen with custody, clearing and other related services.
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 focus on developing its global clearing, custody and wealth management business lines.
Additionally, the deal 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.
Cowen will acquire a licence from GPP for its global back-office proprietary books and records software to support its prime brokerage business.
Mike Rosen, global co-head of prime brokerage and outsourced trading of Cowen, commented: “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.”
Dan Charney, co-president of Cowen and Company, added: “We have tremendous respect for the GPP franchise, and we are pleased to have the opportunity to integrate the prime brokerage team. We also look forward to finding other ways to continue to work together in the future.”
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.
Further details on how the expanded team will be structured are not currently available.
As part of the newly formed agreement, GPP will provide Cowen with custody, clearing and other related services.
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 focus on developing its global clearing, custody and wealth management business lines.
Additionally, the deal 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.
Cowen will acquire a licence from GPP for its global back-office proprietary books and records software to support its prime brokerage business.
Mike Rosen, global co-head of prime brokerage and outsourced trading of Cowen, commented: “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.”
Dan Charney, co-president of Cowen and Company, added: “We have tremendous respect for the GPP franchise, and we are pleased to have the opportunity to integrate the prime brokerage team. We also look forward to finding other ways to continue to work together in the future.”
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.
Further details on how the expanded team will be structured are not currently available.
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