Cowen is a diversified financial services firm focused on providing alternative investment management, investment banking, research, and sales and trading services. Cowen's investment banking unit provides M&A advisory, fairness opinions, and private placement services to companies in the aerospace, defense, industrial, consumer, healthcare, technology, media, communications, energy, metals/mining, transportation, and real estate sectors. Cowen was established in 1918 and is based in New York, New York. Cowen was acquired by TD Securities in 2023.