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Cowen Group, Inc. to Acquire Conifer Securities

Expanded Market Opportunity with Emerging and Established Hedge
Fund Managers

Cowen Group, Inc. (NASDAQ:COWN) (“Cowen” or the “Company”) and Conifer
Securities, LLC
(“Conifer Securities”) today announced the signing of a
definitive agreement under which Cowen will acquire Conifer Securities,
the prime services division of Conifer Financial Services LLC. The
transaction, the terms of which have not yet been disclosed, was
approved by the boards of directors of both companies. Cowen Group
expects the acquisition to be accretive to earnings in 2015.

Jeffrey M. Solomon, President of Cowen Group said, “Conifer Securities’
services are well-respected among emerging hedge funds and established
family offices, segments historically underserved by the market.
Following our recent announcement of an agreement to acquire Concept
, today’s announcement will extend the combined organization’s
execution and prime brokerage capabilities. Once the acquisitions are
complete, we will have established a solid footprint in the emerging
manager space with over 400 new client relationships. This announcement
validates our commitment to delivering products that help clients
outperform. We see a compelling opportunity to advance the prime
brokerage business, further grow our equities market share and gain
operating efficiencies.”

Jack McDonald, President and CEO of Conifer Financial Services said,
“For the past 26 years Conifer Securities has been dedicated to
delivering comprehensive broker-dealer services to investment managers.
Partnering with Cowen to provide clients with a broader range of
best-in-class products and services was a natural next step for our

William Byrne, Managing Director with Conifer Securities added, “We are
excited to join Cowen Group. With our clients at the forefront of
everything we do, we will ensure that the transaction benefits existing
client accounts and the manner in which clients are served.”

The transaction is expected to close in the third quarter of 2015 and is
subject to customary closing conditions and regulatory approval.

Willkie Farr & Gallagher LLP acted as legal advisor to Cowen and
Debevoise & Plimpton LLP acted as legal advisor to Conifer Securities on
this transaction.

About Cowen Group, Inc.

Cowen Group, Inc. is a diversified financial services firm and, together
with its consolidated subsidiaries, provides alternative asset
management, investment banking, research, and sales and trading services
through its two business segments: Ramius and its affiliates make up the
Company’s alternative investment segment, while Cowen and Company and
its affiliates make up the Company’s broker-dealer segment. Ramius
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 and a
sales and trading platform for institutional investors. Founded in 1918,
the firm is headquartered in New York and has offices worldwide.

About Conifer Financial Services LLC

Conifer Financial Services is a leading independent asset services firm
offering front-to-back capabilities across all asset classes to
pensions, endowments, family offices, hedge funds, private equity and
venture capital managers, RIAs, and traditional asset managers. Services
include Fund Administration, Middle- and Back-Office Services, Execution
Services and Prime Brokerage. Conifer Financial Services has over 200
clients worldwide representing more than $110 billion of combined assets
under administration (AUA). Securities and prime brokerage services
offered through Conifer Securities, LLC Member FINRA/SIPC.

Source: Cowen Group, Inc.

Cowen Group, Inc.
Stephen Lasota
Gagnier/Carissa Felger