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Cowen Completes Acquisition of Convergex

Further Strengthening Cowen’s Presence in the Global Equities

Cowen Inc. (NASDAQ:COWN) (“Cowen” or the “Company”) today announced that
it has completed its acquisition of Convergex Group, LLC (“Convergex”)
for a total consideration of $100.7 million (including seller
transaction expenses) and is comprised of $53.1 million in cash and
$47.6 million in Cowen common stock.

Effective today, Convergex has been renamed Cowen Execution Services LLC
and Convergex Limited, its London-based brokerage, has been renamed
Cowen Execution Services Limited.

“The acquisition of Convergex enhances our position as a leader in high
quality research and superior global execution capabilities,” said Peter
A. Cohen
, Chairman and Chief Executive Officer of Cowen. “This
transaction is another step forward in Cowen’s overall growth strategy.
Integrating the best of Convergex with Cowen shows Cowen’s commitment to
providing its combined client base with innovative and differentiated
capabilities. As an organization focused on helping our clients
outperform, we look forward to showcasing our comprehensive service
offerings in the months ahead. Our team has worked extensively to ensure
clients experience the same high-quality service that they have come to
expect from our organizations.”

“With the closing of the acquisition, Cowen has become a leading
independent, full service, agency equity trading platform that is also a
key equity market liquidity provider,” said Jeffrey M. Solomon,
President of Cowen. “We have enhanced our capabilities in electronic
trading with a broad suite of non-conflicted trading products that can
source liquidity across fragmented markets and drive substantial value
creation for our collective clients, as well as extended our
capabilities in prime services and clearing. We are also one of few
firms offering sophisticated research sales and non-research based
global execution capabilities as well as full-service investment

As previously disclosed, combined pro forma brokerage execution revenues
were over $400 million in 2016, which positions Cowen as a clear leader
in U.S. trading volume and expands Cowen’s reach to 108 countries around
the globe, including China. Cowen continues to expect the acquisition to
be accretive to economic income per share and return on tangible common
equity in 2018.

Cowen recently unveiled its new corporate identity across its business
segments which reflects the firm’s commitment to helping its clients
Outperform™. Cowen’s identity emphasizes the firm’s Vision to
always put its clients’ needs first; Tenacity to challenge the
norms in an effort to develop innovative offerings, and; Empathy when
interacting with its internal and external partners (

About Cowen Inc.

Cowen Inc. is a diversified financial services firm and, together with
its consolidated subsidiaries, provides alternative asset management,
investment banking, research, sales and trading and prime brokerage
services through its two business segments: Cowen Investment Management
and its affiliates make up the Company’s alternative investment segment,
while Cowen and Company, a member of FINRA and SIPC, and its affiliates
make up the Company’s broker-dealer segment. Cowen Investment Management
provides alternative asset management solutions to a global client base
and manages a significant portion of Cowen’s proprietary capital. Cowen
and Company
and its affiliates offer industry focused investment banking
for growth-oriented companies, domain knowledge-driven research, a sales
and trading platform for institutional investors and a comprehensive
suite of prime brokerage services. Founded in 1918, the firm is
headquartered in New York and has offices worldwide. For additional
information, visit

Source: Cowen Inc.

Gagnier Communications
Dan Gagnier, 646-569-5897
Caravello, 212-468-7713