Cowen Acquires Algorithmic Trading Management
Financial services company Cowen Group has agreed to acquire Algorithmic Trading Management (ATM), a provider of global, multi-asset-class algorithmic execution trading models.
ATM will continue to operate as a separate financial technology business offering broker-neutral services to existing and future clients. Douglas Rivelli, co-head of quantitative trading solutions at Cowen, will serve as CEO of ATM.
"This strategic decision is strongly aligned with our efforts over the past year to enhance our sales and trading footprint, invest in growth-oriented products and build out capabilities that add value for our clients," says Jeff Solomon, CEO of Cowen and Co., Cowen's broker-dealer business. "We are pleased to have Doug lead this effort for us at Cowen given his previous success as co-CEO of Pragma Securities,"
The transaction, which is subject to regulatory approvals and closing conditions, is expected to close by the end of the first quarter or early second quarter of this year. Financial terms were not disclosed.
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