CORRECTED - CORRECTED-(Aug 13)-UPDATE 1-Cowen Group Q2 loss wider than expec
(In Aug. 13 story, corrects last paragraph to show the company is based in New York, not Atlanta)
* Q2 loss $0.29/shr vs est loss $0.15/shr
* Q2 rev up more than three folds
* Q2 expenses more than double
Aug 13 (Reuters) - Cowen Group Inc (COWN.O), the investment bank taken over by hedge fund Ramius LLC last November, posted a wider-than-expected quarterly loss on higher expenses.
For the second quarter, the company posted net loss of $21.2 million, or 29 cents a share, compared with a loss of $17.2 million, or 46 cents a share in the year-ago period.
Revenue increased more than three folds to $55.0 million.
Analysts on average were expecting the company to post a loss of 15 cents a share, excluding items, on revenue of $51.6 million, according to Thomson Reuters I/B/E/S.
Second-quarter expenses more than doubled to $71.68 million, mainly due to higher employee costs.
Assets under management increased to $7.89 billion as of July 1, compared with $7.86 billion at April 1, 2010.
The New York-based company's shares, which fell 3 percent in the past three months, were up 1 percent at $3.98 in early-morning trade Friday on Nasdaq. (Reporting by Rachel Chitra in Bangalore; Editing by Maju Samuel)