Execution Services (Formerly Convergex)
To Our Clients and Customers:
We are happy to announce that on June 1, Cowen completed its acquisition of Convergex Group, LLC. Effective today, Convergex has been renamed Cowen Execution Services LLC and Convergex Limited, its London-based brokerage, has been renamed Cowen Execution Services Limited.
Headquartered in New York, Convergex is a leading agency-focused global brokerage and trading related services provider with a deep client base of 2,500 hedge funds, asset managers, broker-dealers, trusts and exchanges. Business units include equity sales and electronic trading, commission management, plan sponsor services, prime services and global clearing.
By acquiring Convergex, we see tremendous opportunities to better serve you. We have enhanced an area where Cowen is already performing well and established our position as the leading independent trading partner in equities with high quality research and best-in-class global execution capabilities.
The addition of Convergex’s state of the art global platform and its access to over 90% of the global equities market will provide Cowen a meaningful opportunity to scale our trading business and to significantly bolster our capabilities in prime services, algorithmic and electronic trading, as well as enable us to enter the clearing, commission management and plan sponsor businesses.
As of June 1, Convergex’s businesses are operating under the following entities:
Cowen and Company, LLC:
-U.S. Sales and Trading
-Global Program Trading
Cowen Execution Services LLC (formerly Convergex Execution Solutions):
-Global Execution Solutions (ADRs, Algorithmic Trading)
-Global Clearing Solutions
-Plan Sponsor Services
Cowen Execution Services Limited (formerly Convergex Limited)
-Global Execution Solutions (International Sales and Trading, Algorithmic Trading)
Westminster Research Associates:
-Research Payment Accounts
Convergex’s updated website and client portals may be accessed via www.cowenexecutionservices.com. Convergex’s phone numbers will remain the same and all emails sent to Convergex.com will be forwarded to your contact’s new email which will be email@example.com (i.e. firstname.lastname@example.org).
In addition, unless advised otherwise, all Convergex client trading arrangements including SSI’s, front- and back-office contacts and connectivity will remain the same.
Please contact your Cowen representative with any questions or if you require client login information. Any client or counterparty requiring change of name confirmation for their records should contact your representative. Please be assured that this transaction will not impact your relationship with Cowen.
We thank you for your business, and we look forward to building on our valued relationship well into the future.
Please feel free to contact us if you have any questions.
Peter A. Cohen and Jeffrey M. Solomon