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Cowen Group Announces Organization Changes to Alternative Investment Management Business

NEW YORK, Feb 08, 2010 /PRNewswire via COMTEX/ — Cowen Group, Inc. (“Cowen”) (Nasdaq: COWN) today announced plans to streamline its Alternative Investment Management business through the integration of the senior management and certain aspects of the infrastructure of Ramius’ Hedge Fund and Fund of Funds businesses. The Company noted that while some business infrastructure will be integrated, Ramius will continue to maintain a strict division between the respective investment and research teams in Fund of Funds and Hedge Fund areas and the core support functions that necessarily require a separation between the businesses. In addition, the Real Estate and Cowen Healthcare Royalty Partners businesses within the Asset Management business will remain unaffected by these developments.

These organizational developments will facilitate efficiencies within the Ramius Alternative Investment Management business to better serve the needs of clients and position the business for future growth. Effective immediately, Thomas W. Strauss will be the President and CEO of this integrated unit and Morgan Stark will be the Chairman and Head of Macro Strategies. Mr. Strauss will be responsible for the daily running of the business and will report to Peter Cohen, the Chairman and CEO of Cowen Group, Inc, as will Mr. Stark.

“Unifying the senior management and certain aspects of the back office for these two businesses will allow us to streamline our operations, and integrate and enhance our marketing and client services efforts through improved product coordination. This business is about clients and opportunity and we will always look at ways to improve our service and ability to deliver a premier suite of products and solutions to both institutional and private investors,” commented Mr. Cohen.

About Cowen Group, Inc.

Cowen Group, Inc. is a diversified financial services firm providing alternative investment management, investment banking, research, and sales and trading services through its business units, Ramius and Cowen and Company. Its alternative investment management products include hedge funds, fund of funds, real estate, healthcare royalty funds and cash management, offered primarily under the Ramius name. Cowen and Company offers industry focused investment banking for growth-oriented companies, domain knowledge-driven research and a sales and trading platform for institutional investors. Founded in 1918, the firm is headquartered in New York and has offices located in major financial centers around the world.

SOURCE Cowen Group, Inc.