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Cowen provides global solutions considered to be among the best in the business—including our commission recapture programs. As one of the pioneers in commission recapture, we are a global leader with a long history of providing value-added execution services to institutional investors.


  • Commission recapture was originated by a Cowen predecessor in 1986.
  • Client funds include annuities, pension plans, endowments, mutual funds, etc.
  • Customers are supported by an assigned client service representative, a sales person, direct access over the web to their records through our own proprietary accounting system specifically designed for commission recapture.

Commission recapture is widely recognized as a highly effective way to help control transaction costs. As the U.S. Department of Labor noted in a 1997 report on commission recapture and pension funds, a “properly structured commission recapture program can assist investment managers [and] reduce plan costs.

With a Cowen commission recapture program, a significant portion of commission dollars is returned to your fund, directly benefiting its participants. Our commission recapture programs are easy to start and maintain. They give your investment managers maximum flexibility, are backed by a superb execution environment, are designed to conform to legal and regulatory requirements and are capable of delivering measurable savings for your fund.


As a recapture provider, Cowen has always been a leader in finding ways to support our customers’ recapture efforts. We were one of the first to expand recapture programs to include international equities. Today we continue to expand recapture opportunities for our customers by providing recapture through electronic execution which includes direct market access and program trading.

We do not engage in “at risk” proprietary trading or market making. Our mission is to provide our customers with market efficiency and best execution. We aim to improve customers’ execution performance by leveraging our global liquidity and lowering their transaction costs, so they have the opportunity to obtain the best execution.

Our customers also have the option of executing through our Global Trading Network which provides access to over twenty brokers worldwide.

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