What began in 1987 as Cohane Rafferty Securities has grown into a diversified investment company: market-leading operating businesses, a venture platform and a real estate business. Our principles haven't changed: long-term thinking, disciplined execution and trusted partnerships.
Our operating companies, including Direxion and Hilton Capital Management, weren't acquired. They were built. We've faced the challenges of building businesses ourselves, and we bring those lessons to every founder and management team we partner with.
Our evolution · 1987–2026
Rafferty combines disciplined capital allocation with operational expertise to build enduring businesses. Our evolution reflects a patient, long-term approach rooted in partnership, innovation, and excellence.
1987
Cohane Rafferty Securities is founded
1988
Empire Financial is launched
1991
Meenan, McDevitt & Co. formation
1997
Potomac Funds created to offer leveraged mutual fund portfolios
1998
Rafferty Capital Markets creates mutual fund distributor
Meenan, McDevitt & Co. is acquired by Societe Generale
2000
Rafferty Capital launches InterDealer Brokerage unit
RCM Financial Services begins trading
2001
Cohane Rafferty is acquired by Lehman Brothers
Hilton Capital Management is founded
2004
Rafferty acquires JJ Kenny Drake brokerage division from S&P
Rafferty Capital launches Equity Trading Unit
2006
Potomac Funds rebranded Direxion Investments and offers ETF’s
2008
Rafferty acquires Keane Securities
2011
Tradeweb acquires Rafferty Capital Markets Fixed Income Divisions
2021
Rafferty sells mutual fund distribution business to Alaric
2023
Rafferty Holdings formalizes investment unit with launch of Raff Ventures
2024
Rafferty Real Estate begins investing with 3 large deals
2026
Direxion Investments surpasses $55 billion in AUM
Hilton Capital takes minority stake in New Century Advisors; combined firms manage over $7 billion
