Profile: Cowen Group Inc (COWN.OQ)

COWN.OQ on NASDAQ Stock Exchange Global Select Market

3.31USD
1 Aug 2013
Price Change (% chg)

$0.08 (+2.48%)
Prev Close
$3.23
Open
$3.28
Day's High
$3.34
Day's Low
$3.26
Volume
105,854
Avg. Vol
127,933
52-wk High
$3.46
52-wk Low
$2.16

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Cowen Group, Inc. (Cowen Group), incorporated on February 15, 2006, is a diversified financial services firm and, together with its subsidiaries, provides alternative investment management, investment banking, research, and sales and trading services through its two business segments: Ramius LLC and its affiliates (Ramius) consists of the Company's alternative investment management segment, while Cowen and Company, LLC (Cowen and Company) and its affiliates consists of the Company's broker-dealer segment. The Company's alternative investment management business had approximately $10.3 billion of assets under management as of January 1, 2012. As of December 31, 2011, the Company provided research and brokerage services to over 1,000 domestic and international clients seeking to trade securities. The Company's broker-dealer businesses include research, brokerage and investment banking services to companies and institutional investor clients primarily in the healthcare, technology, media and telecommunications, consumer, aerospace and defense, industrials, real estate investment trusts (REITs) and alternative energy sectors. On November 1, 2012, the Company acquired KDC Securities. In March 2013, it completed previously announced acquisition of Dahlman Rose & Company, LLC.

In April 2011, the Company completed the spin-off of its Value and Opportunity business. On June 28, 2011, it acquired LaBranche & Co Inc. (LaBranche), market-maker in exchange traded funds (ETFs) on various exchanges domestically and internationally. In September 2011, the Company launched the Ramius Trading Strategies Managed Futures Fund, which provides investors access to a portfolio of institutional-caliber managed futures managers in a daily liquidity format utilizing Ramius's managed account infrastructure. In September 2011, the Company expanded its sales and trading platform with the addition of a group focused on Institutional Options and Event Driven Strategies, which includes both equity and options sales and trading. During the year ended December 31, 2011, the Company acquired two Luxembourg reinsurance companies from third parties through a wholly owned local subsidiary.

Alternative Investment Management Business

The Company operates its alternative investment management business primarily through Ramius. The Company's alternative investment management products, solutions and services include hedge funds, replication products, mutual funds, managed futures funds, fund of funds, real estate, healthcare royalty funds, and cash management and mortgage advisory services offered primarily under the Ramius name. The Company's institutional investors include pension funds, insurance companies, banks, foundations and endowments, wealth management organizations and family offices.

Alternative Investment Management Products and Services

The Company offers two single-strategy hedge funds, one focused on global long/short credit and another small-cap value creation focused on corporate credit and credit-related products. The Company also manages multi-strategy hedge funds. The majority of assets remaining in these funds includes private investments in public companies, investments in private companies, real estate and special situations. The Company's Alternative Solutions business includes replication funds, individual portfolio solutions for institutional clients, and traditional fund of funds products. The Company offers fund of funds investment products that invest in a range of alternative investment management vehicles that are selected by the Company and are not affiliated with the Company.

Ramius Trading Strategies (RTS) manages various funds and accounts that seek to provide investors with returns uncorrelated with the public equity and debt markets. As of December 31, 2011, the Ramius Urban American Funds owned interests in and managed approximately 12,346 multi-family housing units in the New York metropolitan area. The RCG Longview platform provides bridge senior loans, subordinated mortgages, mezzanine loans, and preferred equity through its debt fund series, and makes equity investments through its equity fund. As of December 31, 2011, the members of the general partners of the RCG Longview Platform and its affiliates, independent of the RCG Longview Funds, collectively owned interests in and/or manage approximately 27,000 apartments and over 22 million square feet of commercial space for their own accounts. The Company's ownership interests in the various general partners of the Ramius Urban American Funds and RCG Longview Funds range from 30% to 55%.

The funds managed by CHRP (the CHRP Funds) invest principally in commercial-stage biopharmaceutical products and companies through the purchase of royalty or synthetic royalty interests and structured debt and equity instruments. The CHRP Funds seek these royalty interests in end-user sales of commercial-stage or near commercial-stage medical products, such as pharmaceuticals, biotechnology products and medical devices. The Company's cash management services business provides clients with investment guidelines for managing cash and establishes investment programs for managing their cash in separately managed accounts. The Company's mortgage advisory business involves collateral management services for certain collateralized debt obligation products.

Broker-Dealer Business

The Company operates its broker-dealer business through Cowen and Company. Cowen and Company is an international investment bank. The Company's advisory business focuses on mergers and acquisitions, including providing fairness opinions and providing advice on other strategic transactions. As of December 31, 2011, the Company has a research team of 26 senior analysts covering approximately 405 companies. As of December 31, 2011, within the Company's coverage universe, approximately 135 are healthcare companies, 120 are technology companies, 48 are consumer companies, 29 are aerospace and defense companies, 11 are alternative energy companies, 39 are REITs and 23 are Chinese companies.

Company Address

Cowen Group Inc

599 Lexington Avenue
NEW YORK   NY   10022
P: +1646.5621000
F: +1302.6555049

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