Cowen Group, Inc. Announces Resignation of Board Member

NEW YORK, May 02, 2011 (BUSINESS WIRE) —

Cowen Group, Inc. (NASDAQ: COWN) announced today that Edoardo Spezzotti
has resigned from Cowen’s Board of Directors effective April 27, 2011.
Mr. Spezzotti is Executive Vice President of UniCredit Group and Vice
Chairman of Corporate and Investment Banking of UniCredit S.p.A.

Peter Cohen, Cowen Group’s Chairman and Chief Executive Officer,
commented, “On behalf of the Board of Directors, I thank Edoardo for his
service to the Company over the past 16 months that he has served as a
Board member. He was instrumental in the transition of Ramius to a
public company and his international investment banking and corporate
finance experience was greatly appreciated.”

About Cowen Group, Inc.

Cowen Group, Inc. is a diversified financial services firm and, together
with its consolidated subsidiaries, provides alternative investment
management, investment banking, research, and sales and trading services
through its two business segments: Ramius and its affiliates makes up
the Company’s alternative investment management segment, while Cowen and
Company is its broker-dealer segment. Its alternative investment
management products and services include hedge funds, replication
products, mutual funds, managed futures funds, fund of funds, real
estate, health care royalty funds, and cash management services. 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.

Cowen Group, Inc.
Peter Poillon, 646-562-1983
Director Investor Relations
and Corporate Communications
peter.poillon@cowen.com