Cowen Integrates Equity and Credit Sales and Trading Platforms

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 initiatives.

“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 www.cowen.com.

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