Toronto-Dominion Bank Chief Executive Officer Bharat Masrani said the bank will soon announce a structure that gives managers at Cowen Inc., the U.S. brokerage it’s buying for US$1.3 billion, “a meaningful and large” role in the lender’s capital-markets business.

TD Securities CEO Riaz Ahmed will announce the management structure soon, Masrani said at a Bank of Nova Scotia financial-industry conference Wednesday. 

Toronto-Dominion agreed in August to acquire Cowen to bulk up its presence in U.S. capital markets. Masrani said Wednesday that the brokerage’s strength in serving middle-market companies will mesh well with the commercial operations of First Horizon Corp., the retail bank Toronto-Dominion is buying for $13.4 billion.

With both acquisitions, the quality of the companies’ management teams was part of what attracted Toronto-Dominion to the deals, and retaining them will be key to helping the transactions succeed, Masrani said.

Toronto-Dominion said when it announced the deal that Cowen Chair and CEO Jeffrey Solomon would join the senior leadership of TD Securities, reporting to Ahmed, and parts of the combined business would be known as TD Cowen, to be headed by Solomon. The takeover gives TD Securities the New York-based firm’s 1,700 employees, bringing its total to 6,500 people in 40 cities worldwide. 

Cowen, which went public in 2006, saw its net income soar 38% year-over-year to $289 million in 2020 amid a record year for initial public offerings. In the 12 months before the Toronto-Dominion takeover was announced, it had acted as a bookrunner on 55 IPOs, serving as the lead adviser on five of the listings, according to data compiled by Bloomberg.