Cowen Announces Appointment of Jay McDermott as Co-Head of Cross Asset
NEW YORK, Nov. 28, 2018 (GLOBE NEWSWIRE) — Cowen Inc. (NASDAQ:COWN) (“Cowen” or the “Company”) today announced that Jay McDermott has joined the firm’s growing credit franchise, where he will serve alongside Burt Welly as Co-Head of Cross Asset, reporting to Dan Charney, Co-President, Cowen and Company. Phil Cushman, Head of Global Equity and Cross Asset Sales for Cowen, will continue to coordinate equity and credit sales globally, partnering closely with Messrs. McDermott and Welly.
“We’re very excited to have Jay McDermott joining our team. He is a true thought leader in the distressed bonds, loans and claims business, with a proven track record of building large franchises,” said Mr. Charney. “Jay’s deep credit expertise and relationships, as well as his history of developing powerful sales and trading platforms, will significantly accelerate Cowen’s burgeoning credit franchise.”
Discussing his new role, Mr. McDermott commented, “I am thrilled to be joining the team at Cowen, an organization I have long admired for its creativity, entrepreneurialism and client-focus. Cowen’s Cross Asset Sales and Trading team delivers innovative value for its clients, through rigorous deep-dive recovery and thematic cross-capital structure research and execution. I look forward to advancing this important work alongside Dan, Burt, Phil and the rest of the team.”
Mr. McDermott joins Cowen with 22 years of distressed and special situations experience. Most recently, he spent three years as the CEO of DebtStream Corp., the specialty credit boutique he founded. Previously, he served four years as Managing Director, of High Yield and Distressed Trading at RBS Securities, and 12 years as the Head of the Global Bank Loan Business at Bear Stearns. Mr. McDermott received his MBA from New York University, his Graduate Diploma from the London School of Economics and his B.A. from Union College.
About Cowen Inc.
Cowen Inc. (“Cowen” or the “Company”) is a diversified financial services firm that operates through two business segments: a broker dealer and an investment management division. The Company’s broker dealer division offers investment banking services, equity and credit research, sales and trading, prime brokerage, global clearing and commission management services. Cowen’s investment management segment offers actively managed alternative investment products. Cowen Inc. focuses on delivering value-added capabilities to our clients in order to help them outperform. Founded in 1918, the firm is headquartered in New York and has offices worldwide. Learn more at Cowen.com
Source: Cowen Inc.