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Cowen reported a record 2Q20 US GAAP net income of $112.1 million or $3.83 per share, significantly up from $4.1 million in 2Q19. Economic Operating Income reached $166.9 million, or $5.69 per share, bolstered by a $64.9 million contribution from its investment in Nikola. Revenues surged 43% YoY to $418.8 million, with strong performance across banking and markets. Book value rose to $28.96 per share. Despite increased compensation expenses of $305.3 million, the company maintained a positive outlook.
Cowen Inc. (NASDAQ:COWN) announced the hiring of six professionals to bolster its Cross-Asset Division. New hires include Mike Kasper, Jodi Joskowitz, Jordan Cahn, Ronald Ryder, Jay Sommer, and Matt Palamountain, who bring extensive experience in credit sales and trading, and special asset initiatives. The firm aims to enhance its capabilities amid growing market opportunities. Cowen's Cross-Asset Division consists of over 40 professionals focused on trading various capital stack assets, including distressed loans and high yield bonds.
Cowen Inc. (COWN) recently announced key hires and product enhancements to support the rapid growth of Cowen Execution Services Limited (CESL), which has executed $75 billion in non-dollar trades since its launch in October 2019. Following increased demand amid market volatility, the firm is enhancing its electronic trading platform and has welcomed new executives including Kenneth Kane and Critesh Patel to bolster its trading capabilities. These strategic moves aim to strengthen Cowen's position in the market and meet the needs of its institutional clients.
Cowen Inc. (COWN) is set to host a conference call on July 28, 2020, at 9:00 AM ET to discuss its Q2 2020 financial results. Interested investors can listen live via the company’s Investor Relations link. Participants should register at least 15 minutes beforehand. A replay will be available shortly after the call. Cowen Inc. offers a range of financial services, aiming to provide value-added capabilities to clients.
Cowen Inc. (NASDAQ:COWN) announced the appointment of Michael Fitzgerald as a Managing Director at Cowen Prime Services LLC. Reporting to Jack Seibald and Michael Rosen, Fitzgerald will focus on business development. With 23 years of experience, including roles at Cantor Fitzgerald and J.P. Morgan, he aims to enhance Cowen's prime brokerage services. The company emphasizes its commitment to client service and aims to leverage Fitzgerald's expertise to expand its global platform.
Cowen (COWN) announced that its subsidiary, Westminster Research Associates, has been recognized as a 'Greenwich Quality Leader' in U.S. Equity Commission Management for the fifth consecutive year. The award highlights Westminster's excellence in client service, online tools, execution channels, and reporting accuracy. According to Greenwich's 2020 study, Westminster leads in relationship share among U.S. equity commission management aggregators, demonstrating strong client satisfaction and service performance. Cowen aims to enhance client experience with new budgeting and analytical tools this summer.
Cowen has announced an increase in its share repurchase program, bringing the total available for repurchase to $25 million. This strategic move reflects the company's commitment to enhancing shareholder value and confidence in its financial future. By repurchasing shares, Cowen aims to improve earnings per share (EPS) and potentially boost stock prices, demonstrating a proactive approach to capital management.
Cowen Inc. (NASDAQ: COWN) announces that Eric M. Rose has been appointed as Managing Director and Head of Derivatives Trading. In this role, he will manage the growth of the company's derivatives trading capabilities. Rose, an industry veteran with extensive experience in derivatives, has been with Cowen since 2017 and aims to expand the firm's trading operations. His leadership is expected to enhance client support and drive additional opportunities within the derivatives market.
