Cowen has bolstered its prime services sales team with the appointment of a former executive from Cantor Fitzgerald.
Michael Fitzgerald joins Cowen in New York as a managing director, focusing on business development. He previously spent over a year at Cantor Fitzgerald as its head of equity prime services origination.
“As we continue to expand our global prime brokerage platform, our highest priority is to seek out talented individuals with a shared vision of, and commitment to, client service that will complement our existing team. We look forward to working with Mike and leveraging his experience and the breadth of his relationships in this marketplace,” said Jack Seibald, co-head of prime brokerage and outsourced trading, Cowen.
Fitzgerald was also the CEO of Digital Asset Custody Company, a cryptocurrency custodian for hedge funds, ICO issuers and other institutional investors, and spent over two years at alternatives investment manager Ararat Capital as its chief operating officer and chief compliance officer.
The majority of his career was spent at Morgan Stanley where he eventually rose to head of US price brokerage sales during his nearly 13-year tenure. He then moved to JP Morgan as head of the New York and Boston prime brokerage teams.
Cowen has sought to significantly strengthen its prime brokerage and outsourced trading businesses over the past few years. In February, it confirmed the takeover of the prime services business of Global Prime Partners (GPP), a move that would boost its European presence.
It has also expanded its outsourced trading service to include FX, commodities and futures, following the hiring of two industry veterans from BTIG. Cowen also made seven senior hires from Deutsche Bank’s EMEA execution services team, including former EMEA head Matt Cyzer who was appointed CEO of Cowen Execution Services in London.
“This is an opportune time to expand in the prime brokerage space, and I’m excited to join a firm with the resources and commitment to prime brokerage that Cowen has exhibited,” said Fitzgerald.