The management and the current Partners of the Cowen Europe Group acquired Continental European investment banking business from TD Cowen on November 1, 2023. The spin-off has 12 partners and 50 employees and will continue the business as an independent company under the name Pava Partners. Through this acquisition, Pava Partners takes over all current client mandates of Cowen Europe Group. Therefore, these client relationships will remain in place. Certain existing global mandates will continue to be jointly executed with TD Cowen. Luca Jagmetti, Sebastian Sutter, Marc Bär, Fabian Rigert, Markus Wang, Susanne Schreiber and Fabian Turtschi of Bär & Karrer acted as legal advisor to TD Cowen in this transaction. Jörg Lips, Markus Kaulartz, Nina Hartmann and Martin Friedberg of CMS Germany and Dirk Spacek and Stephan Werlen of CMS Switzerland advised the current partners of the Cowen Europe Group on all legal aspects of the spin-off transaction.

The management and the current Partners of the Cowen Europe Group completed the acquisition of Continental European investment banking business from TD Cowen on November 1, 2023.