For thousands of investors and Wall Streeters, the morning routine consisted of breakfast, the gym and the Convergex Morning Market Briefing.
As of Wednesday, one of those things is no more.
Nick Colas, chief market strategist at Convergex and author of the sometimes-quirky morning note, is leaving the firm as its acquisition by the Cowen Group enters its final stages. Cowen purchased the brokerage earlier this year for $116 million in cash and common stock.
The company is expected to announce the finalization of the deal Friday, according to a source familiar with the matter. In addition to Colas, Convergex CEO Eric Noll also won't be staying.
In his farewell, Colas estimated that the note reached more than 5,000 recipients a day. Convergex itself has fewer than 3,000 clients.