Cowen Integrates Equity and Credit Sales and Trading Platforms

Philip Cushman to Oversee Combined Institutional Equity and Credit
Sales Teams

Burton Welly to Oversee Distressed Credit Trading as well as Special

Cowen Inc. (NASDAQ:COWN) (“Cowen” or the “Company”) announced today that
the firm has made the following management changes to further align and
enhance its equity and credit sales and trading platforms. Effective
immediately, Philip Cushman has been named Head of Global Institutional
Sales, Cowen and Company, which includes managing both the institutional
equity and credit sales teams and Burton Welly has been named Head of
Special Situations and Distressed Credit Trading, Cowen and Company,
increasing his responsibilities to include all Distressed Credit trading

“Phil has played a key role in driving team goals, helping shape Cowen’s
growth initiatives and positioning the firm as a market leader,” said
Dan Charney, Co-President, Cowen and Company. “By expanding Phil’s
current oversight of Cowen’s institutional equity sales team to now
include the credit sales team, Phil will continue to work closely with
the sales teams to deliver best-execution and facilitate seamless access
across equity and credit products, while further integrating our client
coverage teams.”

“Cowen was one of the first firms to launch a truly integrated equity
and debt sales and trading platform, delivering cross capital structure
research, sales and trading to our clients,” said Larry Wieseneck,
Co-President, Cowen and Company. “Burt has been a driving force behind
the success of our special situations business. In his new capacity, we
anticipate his energy and leadership will continue to be huge assets to
our credit and special situations trading businesses.”

Prior to joining Cowen, Mr. Cushman served as a Managing Director and
Head of Global Equity Product Management at Jefferies, as well as a
member of Jefferies’ Equity Operating Committee. Prior to joining
Jefferies, he served as an Executive Director in Morgan Stanley’s Equity
Sales group and has also worked at WR Hambrecht + Co, where he served as
Head of New York Institutional Sales. Mr. Cushman began his career in
equity sales at Cowen. Mr. Cushman holds a degree in History from the
University of Colorado.

Mr. Welly joined Cowen in 2016 as part of the firm’s acquisition of
certain businesses from CRT Capital. Mr. Welly spent over 14 years at
CRT Capital Group LLC helping to build its Special Situation and Reorg
Equity business. Mr. Welly served in various senior roles at the firm,
including Managing Director and Head of Equity Trading. Mr. Welly holds
a Bachelor of Arts in Economics Management from Ohio Wesleyan University.

About Cowen Inc.

Cowen Inc. is a diversified financial services firm and, together with
its consolidated subsidiaries, provides alternative asset management,
investment banking, research, sales and trading, prime brokerage, global
clearing and commission management through its two business segments:
Cowen Investment Management and its affiliates make up the Company’s
alternative investment segment, while Cowen and Company, a member of
FINRA and SIPC, and its affiliates make up the Company’s broker-dealer
segment. Cowen Investment Management provides alternative asset
management solutions to a global client base and manages a significant
portion of Cowen’s proprietary capital. Cowen and Company and its
affiliates offer industry focused investment banking for growth-oriented
companies, domain knowledge-driven research, a sales and trading
platform for institutional investors and a comprehensive suite of prime
brokerage services. Founded in 1918, the firm is headquartered in New
York and has offices worldwide. For additional information, visit

Source: Cowen Inc.

Lynda Caravello, 646-562-1676
Dan Gagnier, 646-569-5897

Press Inquiries

    If not, reach out to us directly for more information.