Simpson Thacher is representing TD Bank Group (TSX: TD and NYSE: TD) in connection with its sale of Cowen’s legacy prime brokerage and outsourced trading business to Marex Group. The transaction is expected to complete by the end of the year, subject to customary closing conditions, including regulatory approvals. Financial terms were not disclosed.
Cowen’s legacy prime brokerage and outsourced trading business is a leading service provider, offering a full range of services including multi-asset-class custody, high and low touch execution, financing solutions, security lending, and related technology solutions, and capital introduction.
The Simpson Thacher team includes Ravi Purushotham, Abigail Xu and Luca Tomasi (M&A); Jeannine McSweeney, Laura Gallo and Meredith Brenton (Executive Compensation and Employee Benefits); David Blass and Meredith Abrams (U.S. Broker Dealer and Investment Advisory); Owen Lysak and Joshua Price (U.K. Broker Dealer); David Yun (Hong Kong Broker Dealer); Benjamin Rippeon, William Smolinski and Andrew Mandelbaum (Tax); Lori Lesser and Kate Mirino (Intellectual Property); Steven DeLott (Insurance); Peter Guryan and Richard Jamgochian (Antitrust); and Mick Tuesley and Claire DiMario (Foreign Direct Investment).