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Cowen’s Westminster Research Associates Named “Greenwich Quality Leader” in Greenwich Associate’s 2019 U.S. Equity Investors Study

NEW YORK, Aug. 08, 2019 (GLOBE NEWSWIRE) — Cowen Inc. (NASDAQ:COWN) (“Cowen” or the “Company”) today announced that its wholly-owned subsidiary Westminster Research Associates (“Westminster”), a FINRA-registered broker/dealer specializing in providing investment research and commission management solutions to the institutional investment community, has again been named a “Greenwich Quality Leader” in the category of U.S. Equity Commission Management Service & Execution in Greenwich Associates’ 2019 North American Equity Investors’ Study.  This is the fourth time in the past six years that Westminster Research Associates has been recognized as a Quality Leader by Greenwich Associates.

Westminster Research Leads U.S. Equity Commission Management Service & Execution
Greenwich Associates’ 2019 North American Equity Investors’ Study

Westminster’s commission management platform received the highest rating among U.S. equity investors survey across every quality category that was measured, including for: Overall Satisfaction with Client Service; Best Compliance & Regulatory Issue Advice; Best Online Tools to Manage Commissions; Most Execution Channels to Accrue Commissions; and Most Timely and Accurate Reporting (see figure below).  Since Greenwich began providing data on commission management aggregators, Westminster has consistently had the highest penetration of all equity commission management aggregators studied, as measured by total relationships with U.S. institutions.   

“Westminster Research Associates is gratified to be recognized once again by the U.S. institutional investment community as the top investment research and commission management solution, as measured in overall satisfaction and total penetration among U.S. institutions.  These results substantiate Westminster’s overriding focus on delivering the best client service and the highest value solution in the industry – all with the purpose of helping our clients outperform,” said Chris Tiscornia, CEO of Westminster Research Associates.  “We would specifically like to thank all our clients for their appreciation and recognition. Our clients are front and center of everything we do, and this accomplishment only reinforces that commitment.”

Founded in 1993, Westminster Research Associates is a FINRA registered broker-dealer that provides a broker-agnostic, anonymous trading framework which allows investment managers to centralize their CSA credit balances and simplify the process of obtaining investment research. Westminster’s structure gives investment managers the flexibility to trade through a network of over 250 brokers coupled with a framework that allows managers to streamline the management of their commissions through one centralized account.

As part of its 2019 U.S. Equity Investors Study, Greenwich Associates interviewed 169 fund managers from 454 targeted institutions and 269 traders from 501 targeted dealing desks about the brokers they use for U.S. equities. Study participants were asked to name the brokers they use, to estimate the amount of business done with each firm and to evaluate the sales, research and trading services they receive from them. Firms that received client ratings that top those of competitors by a statistically significant margin were named Greenwich Quality Leaders℠.

About Cowen Inc.
Cowen Inc. (“Cowen” or the “Company”) is a diversified financial services firm offering investment banking services, equity and credit research, sales and trading, prime brokerage, global clearing, commission management services and actively managed alternative investment products. Cowen focuses on delivering value-added capabilities to our clients in order to help them outperform. Founded in 1918, the Company is headquartered in New York and has offices worldwide. Learn more at
© 2019 Cowen and Company, LLC. All rights reserved. Member NYSE, FINRA and SIPC.

Commission management services are provided by Westminster Research Associates LLC (Member FINRA/SIPC).

Media Contacts:

Lynda Caravello

Gagnier Communications
Dan Gagnier

A photo accompanying this announcement is available at


Source: Cowen Inc.