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2020 Annual Report

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2020 Annual Report CAPABILITIES INVESTMENT BANKING MARKETS RESEARCH INVESTMENT MANAGEMENT LOCATIONS U.S. INTERNATIONAL ATLANTA BELFAST BOSTON BERLIN CHICAGO FRANKFURT CLEVELAND GRAZ DALLAS HONG KONG REPORT 2020 ANNUAL DETROIT LEIPZIG HOUSTON LONDON INDIANAPOLIS LUXEMBOURG LOS ANGELES MALTA MINNEAPOLIS MUNICH NEW YORK ZURICH ORLANDO SAN FRANCISCO STAMFORD WASHINGTON, DC ANNUAL REPORT ©2021 COWEN, INC. ALL RIGHTS RESERVED. COWEN.COM COWEN INC. COWEN COWENRESEARCH 2020COWEN.COM COWEN INC. COWEN COWENRESEARCH LETTER FROM THE CHAIR & CEO 2020 was a challenging year, to put it mildly. But in the face of adversity and disruption, the Cowen team rose to the occasion, helping our clients outperform and delivering the best operating and financial results on record.2020 was the first year we cracked the $1 billion mark in revenues, generating over $1.5 billion. We also recorded our highest ever economic operating income with over $330 million. These impressive milestones did not happen overnight — they were years in the making. The direct result of careful strategic planning and targeted investment. But above all else, they are a testament to the hard work and dedication of the Cowen team. A GROWING PLATFORM — 2020 REVENUE MIX* DEAR SHAREHOLDERS, PARTNERS, COLLEAGUES AND FRIENDS: INVESTMENT BANKINGMuch47% has been written about 2020 and its BROKERAGE painful42% experiences – the disruption and divisions, challenges and chaos. It is the year MANAGEMENT FEE 4% that will forever be the watershed for the rest INCENTIVE INCOME 5% $1.6B of our lives. A year when people around the INVESTMENT INCOME 2% world—individually and collectively—experienced OTHER 0% something that was previously unthinkable—all at the same time. Perhaps the most enduring INVESTMENT BANKING 47% lesson of the year for Cowen as a whole is BROKERAGE 42% this: 2020 demonstrated that we thrive as an MANAGEMENT FEE 4% organization by helping others to fulfill their INCENTIVE INCOME 5% strategic goals and financial objectives. To put INVESTMENT INCOME 2% * Economic Income Revenue it simply: we only win when we help others OTHER 0% COWEN.COM 1 DELIVERING OUR BEST RESULTS YET EXCEPTIONAL HISTORY OF REVENUE GROWTH.... $1,600 $1,400 $1,200 +24% CAGR $1,000 $800 ($M) $600 $400 ECONOMIC INCOME REVENUE $200 $- 2012 2013 2014 2015 2016 2017 2018 2019 2020 …WITH RISING PROFITABILITY $375 $300 $225 +53% CAGR* $150 ($M) $75 $- ECONOMIC OPERATING INCOME $(75) 2012 2013 2014 2015 2016 2017 2018 2019 2020 43.4% 11.8% 3.1% 9.0% RETURN ON COMMON EQUITY REACHED ... AS WE GENERATED HIGHER TOTAL ANNUAL NEW LEVELS... 2017SHAREHOLDER2018 RETURNS2019 2020 43.4% 66.9% 24.3% 11.8% 3.1% 9.0% 11.4% 2017 2018 2019 2020 5 YR 3 YR 1 YR * Economic Operating Income CAGR based on FY’13 – FY’20 2 win. We are mindful of the fact that our 2020 DEMONSTRATED success is dependent on the success of all our stakeholders and we realize that when we THAT WE THRIVE AS do well at Cowen, it enables us to do more AN ORGANIZATION BY good for others. That is a big part of what motivates us every day. HELPING OTHERS TO FULFILL THEIR STRATEGIC Many decades ago, a legendary automotive executive, “Engine” Charlie Wilson, was GOALS AND FINANCIAL famously quoted (misquoted, it turns out) as OBJECTIVES. saying “What is good for General Motors is good for America”. At Cowen, we know the opposite to be true. What is good for all the TO PUT IT SIMPLY: communities around the world where we live and work is good for Cowen. That principle WE ONLY WIN WHEN WE guides us — we work together as a team, we HELP OTHERS WIN. collaborate to help our clients and to take care of our colleagues, our families and our communities. We strive to apply this principle (including 49 IPOs), 74 advisory assignments to our work: Helping health care companies (a record year for our franchise) and 12 debt secure the resources they need to discover capital markets advisory transactions. Our new lifesaving drugs, tools and therapies; growth was strong in all of our operating raising capital, providing strategic advice and segments, with full-year revenues up 108% investing in dozens of companies tackling in investment banking and 41% in markets, urgent sustainability challenges in areas while investment management fees rose 40% such as alternative energy, electric vehicle and incentive income climbed 87% versus full- technologies and agricultural technology; year 2019. Even with the remote operating providing world-class research and non- environment we remained highly engaged conflicted trade execution capabilities to with our clients. Our total conference institutional investors aiming to deliver higher attendance actually rose 25% in 2020 despite returns for their own clients; and offering the shift to virtual events. During the year differentiated investment management Cowen held hundreds of virtual analyst products with Cowen DNA—our key areas of marketing days and client conference calls, domain expertise. which drew tens of thousands of attendees. We delivered on our 2020 objectives across We also delivered for our shareholders. Total the board, generating record profitability, annual shareholder return was almost 67% handling record trading volumes, executing in 2020, and 2021 is off to an even stronger multiple complex transactions and advisory start. We implemented a new quarterly cash assignments and raising meaningful assets dividend in February 2020, and we have under management. We accomplished increased the size of the dividend twice since this all while more than 90% of our team then. Long-term shareholders have also been was working remotely. During the year we rewarded for placing their trust in Cowen: completed 165 underwriting transactions Annualized total three-year shareholder 3 POWERFUL MOMENTUM +66% +108% TOTAL REVENUE* INCREASE IN INVESTMENT BANKING REVENUE 190,000 +40% PAGES OF INCREASE IN RESEARCH PUBLISHED MANAGEMENT FEES +41% #1 INCREASE IN NAMED US MID-MARKET MARKETS REVENUE EQUITY HOUSE OF THE YEAR BY IFR FOR THIRD CONSECUTIVE YEAR return was more than 24%, while annualized At Cowen, we are excited about what the 5-year total shareholder return through the future holds, and we are committed to end of 2020 was over 11%. living our core values of Vision, Empathy, Sustainability and Tenacious Teamwork, Now, as we look forward to the balance which have served us well over the past year of 2021 and beyond, there is much cause and act as our enduring guideposts as we for optimism. The battle against COVID-19 help our clients to reach their goals. continues, but we have seen some clear victories. Economies are emerging, and in With thanks for your continuing support, some cases roaring back, from the deep freeze of the pandemic. And our political climate has grown less fevered and chaotic, and hopefully more constructive and JEFFREY M. SOLOMON solution-oriented. Chair and Chief Executive Officer * Economic Income Revenue 4 TRANSLATING VALUES INTO IMPACT PLEDGED TO ADVANCE COMMITTED TO RESPONSIBLE DIVERSITY AND INCLUSION IN INVESTMENT THE WORKPLACE as a signatory to the UN’s Principles as a member of the CEO Action for for Responsible Investment (PRI) Diversity & Inclusion™ coalition PARTNERED WITH GOODTODAY, PLEDGED TO STRENGTHEN A CHARITABLE GIVING NYC’S ECONOMY IN THE WAKE PLATFORM OF THE PANDEMIC through a company-sponsored as a member of the Partnership program, employees engage with for New York City’s Executive hundreds of causes and Committee organizations around the globe daily WE COLLABORATE 435 TO TAKE CARE OF # NON-PROFIT OUR EMPLOYEES, ORGANIZATIONS TO OUR FAMILIES AND WHICH EMPLOYEES DONATED OUR COMMUNITIES 5 LEADING THE WAY IN HELPING COMPANIES WHO HELP OTHERS By leveraging our capital raising expertise and industry domain knowledge, we partner with companies who seek to disrupt the status quo SUSTAINABILITY Investment management platform assets (includes closing of Cowen Sustainable Investments’ inaugural fund): $1.1 billion1 # Investment banking transactions: 20 Ahead Of The Curve® Series research publications (examples): There is increasing investor • Sustainable Energy & Industrial Technology Primer demand for companies which are playing a part in the global • Future of Mobility Primer transition away from carbon- • Navigating the Energy Transition intensive assets HEALTH CARE Investment management platform assets: $4.6 billion2 # Investment banking transactions: 149 Ahead Of The Curve® Series research publications (examples): • The Role of Diagnostics in Covid-19 “Return to Normalcy” • Trials and Triumphs of Gene Therapy: A Compendium Fast-track research efforts that • The Liquid Biopsy Primer: Early Detection of led to breakthroughs in developing Covid-19 vaccines has highlighted to Huge Opportunity most people around the world the importance of biotech innovation 1 Cowen Sustainable Investments AUM, provided as of April 1, 2021, is unaudited, net of applicable fees and expenses and includes unfunded capital commitments, where applicable. 2 Healthcare AUM, provided as of April 1, 2021, includes Cowen Healthcare Investments and Healthcare Royalty Partners. The AUM data provided is unaudited, net of applicable fees and expenses and includes unfunded capital commitments, where applicable. 6 ,% +*++* *,) + *%/%&$$ ** &% .1C89>7D?> &)$ " $1B;&>5 %%,#)'&)+',)*,%++&*+ &% &) 4&+*,) + */%+& CFH<9:=G75@M95F9B898 979A69F ?B +)%* + &%)'&)+',)*,%++&*+ &% &) 4&+*,) + */%+& ?BD85DB1>C9D9?>@5B9?46B?=D? ?==9CC9?>69<5>E=25B ?G5> >3 L57HB5A9C:F9;=GHF5BH5GGD97=:=98=B=HG7<5FH9F 5<1G1B5 ,H5H9CFCH<9F>IF=G8=7H=CBC: " + , AD@CM9F =B7CFDCF5H=CBCFCF;5B=N5H=CB
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