Robert Fagin
Head of Research


Robert Fagin is Head of  Research at Cowen and Company. He joined Cowen from Jefferies, where he was Co-Head of U.S. Equity Research and the global coordinator of Technology, Media and Telecom (TMT) Research.

Prior to joining Jefferies, Robert was the president of Darga Consulting, which provides strategic consulting services to high- profile private companies, including business planning, capital introduction, M&A analysis, and board constitution, and served on a variety of private company boards, such as Brightwire.

Before founding Darga, Robert was a managing director in Bank of America’s equity research department for five years, where he had senior managerial responsibilities including management of the firm’s TMT, financials, and energy research practices. He also established Bank of America’s Taiwan-based TMT equity research effort.

Prior to coming to Bank of America, Robert was a senior equity research analyst at Bear Stearns, where he was responsible for stock coverage of the Internet Infrastructure Services sector (1999 – 2002) and U.S. telecommunications sector (2002 – 2004). He was recognized as a member of Institutional Investor’s All-America Research Team for coverage of both sectors and was named by Forbes/Starmine as one of the top 5 earnings estimators in the US across all industries. Robert’s equity research experience also includes three years as an analyst at Oppenheimer, where he covered software stocks.

Before his Wall Street career, Robert was a research analyst at IDC, the world’s leading technology market research firm, and before that worked in the National market analysis group of Coopers & Lybrand (now PricewaterhouseCoopers), where he was responsible for analyses of high- technology clients and potential clients, and supported consulting engagements and due diligence for several large M&A transactions in technology sector. At Coopers he also served as a member of the firm’s 8-person national technology planning team.


Stephen E. Reilly


Mr. Reilly is Co-Director of Research and a member of Cowen and Company’s Equity Division management team. He joined Cowen and Company in 1980 in institutional sales in New York. In 1984, he moved to Boston as Head of Boston Sales and U.S. Marketing. He was named Managing Director and Director of Institutional Sales and Marketing in 1990. Mr. Reilly became Director of Research in 1992 and was appointed Deputy Director of Capital Markets in 1997. He was appointed Co-Director of Research of Cowen in January 2000.

Mr. Reilly has an A.B. in Economics from Boston College and an M.B.A. in finance from the University of Rochester.


Lisa Thomas


Ms. Thomas is Associate Director of Research. She joined Cowen in 2016 from Nomura Securities, where she was Associate Director and COO of U.S. Equity Research. Prior to that, she was Assistant General Counsel and then Associate Director of U.S. Equity Research at Bank of America Merrill Lynch. Ms. Thomas began her career as an M&A and securities attorney at Shearman & Sterling LLP and Covington & Burling LLP.

She completed her BA at McGill University, where she also earned an LL.B. (J.D.) degree, and holds an MBA from Columbia University.