Cowen Group

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Cowen Group, Inc.
Type Public
Traded as NASDAQCOWN
Industry Financial Services
Investment Banking
Asset Management
Founded 1918
Headquarters 599 Lexington Avenue
New York City, New York, United States
Key people Peter A. Cohen, Chairman and CEO, Cowen Group, Inc.
Thomas W. Strauss, Vice Chairman, Cowen Group, Inc.; Chairman, Ramius
Stephen A. Lasota, CFO, Cowen Group, Inc.
Jeffrey M. Solomon, CEO, Cowen and Company
Michael Singer, CEO, Ramius
Products Investment Banking
Equity Research
Institutional Sales and Trading
Hedge Funds
Healthcare Royalty
Real Estate
Alternative Solutions
Managed Futures
Revenue Increase $344.5 million USD (2013) [1]
Net income Increase $6.5 million USD (2013) [1]
Website www.cowen.com

Cowen Group Inc. is a diversified financial services firm that provides alternative investment management, investment banking, research, and sales and trading services through its two business segments: Ramius, LLC, a global alternative investment management business, and Cowen and Company, LLC, a broker-dealer business.[2] Founded in 1918 by Harry Cowen and Arthur Cowen, Jr., the Firm is headquartered in New York and has offices located worldwide.

Cowen Group, Inc.[edit]

Originally founded as a bond trading house, the Firm expanded in its early years to include correspondent clearing and execution services. As the Firm grew, it developed a leadership position in railroad bonds and launched a research and institutional sales business. The Firm expanded significantly in the 1970s in research and retail, opening six offices from coast-to-coast and expanding its business offerings through acquisitions: Hardy & Company, Greene & Ladd, G.S. Grumman and McCloy-Watterson & Co., Inc. In the 1980s, Cowen expanded internationally, established an investment banking business, and set up offices in London, Geneva, Paris, and Tokyo. In the 1990s the Firm grew the investment banking business, beginning with five IPOs and follow-ons for approximately $200 million, growing to nearly 80 transactions and $5 billion in proceeds by 1995.[3] The Firm remained independent until 1998 when it was acquired by the French financial services company, Société Générale, and renamed SG Cowen. In 2000, the Firm sold its private client services unit to Lehman Brothers, retaining its investment banking, research and sales and trading operations.[4] The Firm operated as a unit of Societe Generale until 2006, when it was spun off in an initial public offering and renamed itself, Cowen and Company. The public offering was joint bookrun by Cowen, Credit Suisse and Merrill Lynch.[5] In 2009, the company merged with Ramius LLC to form a diversified financial services company.[6] In February 2011, Cowen acquired LaBranche & Co., a market-maker in options, exchange-traded funds and futures on various exchanges.[7] In 2012, Cowen acquired Algorithmic Trading Management, a provider of global multi-asset class algorithmic execution trading models,[8] and KDC Securities, a securities lending business.[9] In March 2013, Cowen acquired Dahlman Rose & Company LLC, a privately held investment bank specializing in the energy, metals and mining, transportation, chemicals and agriculture sectors.[10] Today, Cowen Group provides alternative asset management, investment banking, research and sales and trading services through its two business segments: Ramius and its affiliates make up the alternative investment segment and Cowen and Company and its affiliates make up the broker-dealer segment.

Cowen and Company[edit]

Cowen and Company, founded in 1918, is the broker-dealer business of Cowen Group. Cowen and Company offers a range of investment banking services, including: equity, equity-linked and debt financings and mergers and acquisitions advisory services. Cowen and Company also provides proprietary research, including its Ahead of the CurveTM series, and institutional sales and trading services. Cowen and Company specializes in growth sectors of the economy, including: healthcare, technology, media & telecommunications, consumer, energy, metals and mining, industrials, aerospace & defense and transportation. [11] Business units include:

  • Research[12]
  • Investment Banking[13]
  • Institutional Sales and Trading[14]

Ramius LLC[edit]

Ramius LLC, founded in 1994, by Peter Cohen, Jeff Solomon, Morgan Stark, and Tom Strauss,[15] is the global alternative investment management business of Cowen Group. Ramius is focused on delivering returns to investors through a range of alternative investment strategies including small-cap activism, healthcare royalties, customized solutions, event driven equity, real estate, long/short credit and managed futures. As of January 1, 2014, Ramius and its affiliates manage $9.4 billion.[1] A significant portion of Cowen’s proprietary capital is managed by Ramius in strategies alongside its clients. Business units within Ramius include:[1]

  • Hedge Funds
  • Healthcare Royalty Partners
  • Real Estate
  • Alternative Solutions
  • Ramius Trading Strategies

Worldwide Locations[edit]

Main U.S. Locations

International Locations

References[edit]

  1. ^ a b c d Form 10-K: Annual Report Pursuant to Section 13 of 15(d) of the Securities Exchange Act of 1934 For the Year Ended December 31, 2013, p. 42
  2. ^ "Cowen Group Inc.". WSJ.com. The Wall Street Journal. 
  3. ^ "Cowen Group, Inc.". Answers.com. Answers.com. 
  4. ^ "Lehman buys Cowen unit". CNNMoney.com. CNN Money. 
  5. ^ Caroline Meehan and Heidi Moore. "Cowen IPO falls short of expectations". Financial News. 
  6. ^ John Spence (June 4, 2009). "Cowen and Ramius to merge". MarketWatch.com. 
  7. ^ "Cowen Group to Acquire LaBranche & Co". BusinessWire.com. February 17, 2011. 
  8. ^ "Cowen Group, Inc. Agrees to Acquire Algorithmic Trading Management". BusinessWire.com. January 17, 2012. 
  9. ^ "Cowen Group Completes Acquisition of KDC Securities". BusinessWire.com. November 5, 2012. 
  10. ^ "Cowen Group, Inc. Completes Acquisition of Dahlman Rose & Company, LLC". BusinessWire.com. February 28, 2013. 
  11. ^ "Cowen and Company Overview". Cowen.com. 
  12. ^ "Cowen and Company Equity Research". Cowen.com. 
  13. ^ "Cowen and Company Investment Banking". Cowen.com. 
  14. ^ "Cowen and Company Institutional Equity Sales and Trading". Cowen.com. 
  15. ^ "Ramius Overview". Cowen.com. 

External links[edit]