Cowen Announces Two Key Hires: Todd Ackerman and James Lilly Join in Boston and New York

NEW YORK, June 24 /PRNewswire-FirstCall/ — Cowen Group, Inc. (Nasdaq:
COWN) announced today that Todd Ackerman has joined the firm as a Managing
Director and the head of the institutional sales desk in Boston and James
Lilly has joined as a Managing Director in the Investment Banking group and
will lead the firm’s health care services practice. Mr. Ackerman will report
to William Herbert, Cowen’s Head of Sales and Mr. Lilly, who will be based in
New York, will report to Peter N. Reikes, Head of Cowen’s Health Care
Investment Banking group.

“I am delighted that Todd has moved into this important role heading up
the sales function in our Boston operation,” said Mr. Herbert. “Todd has
tremendous leadership skills, and his extensive experience, deep client
relationships, and passion for the market will bring additional strength to
our Boston team.”

Prior to joining Cowen, Mr. Ackerman spent nine years with Canadian
Imperial Bank/Oppenheimer & Co. covering many of the firm’s top
revenue-generating accounts. He earned a B.S. in economics from the University
of Massachusetts at Amherst and an M.B.A. from New Hampshire College.

Mr. Lilly has over 17 years of health care investment banking experience
and joins Cowen from Merrill Lynch where he was a Managing Director in the
Global Health Care Group. Prior to joining Merrill in 2005, Jim was co-head of
the Health Care Group at Jefferies for three years and began his health care
career at Piper Jaffray where he spent eleven years in the health care group.

“Jim brings to Cowen extensive corporate, financial sponsor and venture
capital relationships as well as a unique blend of experience advising both
large health care enterprises and emerging growth companies. These skills are
in direct alignment with Cowen and our efforts in the health care services
space,” said Mr. Reikes. “Together with our recently announced combination
with Ramius Capital and the addition of Christine Arnold in Equity Research,
we believe we are extremely well positioned to assist both large and small
companies alike across the broad spectrum of the health care services
industry.”

About Cowen Group, Inc.

Cowen Group, Inc., through its operating subsidiaries, provides investment
banking, equity research, sales and trading, and asset management services to
companies and institutional investor clients in the healthcare, technology,
telecommunications, aerospace and defense, consumer, and alternative energy
sectors. Our investment banking business includes Cowen Latitude Asia, a
boutique specializing in crossborder M&A and capital raising transactions.

SOURCE Cowen Group, Inc.

CONTACT: Jean Calleja,
Cowen Group, Inc.
Media Relations,
+1-646-562-1888
Web Site: http://www.cowen.com
(COWN)