Ramius CEO Michael Singer Departs to Pursue New Career Opportunities

Cowen Names Vice Chairman Fred Fraenkel Interim Head of Asset

Ramius LLC (“Ramius”), the global investment management business of
Cowen Group, Inc. (“Cowen”) (NASDAQ:COWN), today announced that Ramius
CEO Michael Singer is leaving to pursue new career opportunities. Fred
, Vice Chairman of Cowen, has been named interim Head of Asset

“We thank Michael for his significant contributions to our business and
wish him all the best in his future endeavors,” said Tom Strauss,
Chairman, Ramius and Vice Chairman, Cowen. “We are also pleased that
Fred will lead our asset management business as we undertake a formal
search process for a permanent replacement.”

“I thank Peter Cohen, Jeff Solomon and Tom Strauss for the opportunity
to lead Ramius over these last four plus years,” said Michael Singer.
“Together we have achieved many of our key strategic goals and I now
look forward to my next challenge.”

Prior to joining Cowen, Mr. Fraenkel was President of Fairholme Capital
Management and Chief Research Officer since 2011. Prior to Fairholme,
Mr. Fraenkel was Vice Chairman and Chairman of the Investment Policy
Committee of Beacon Trust Company
. Mr. Fraenkel founded Millennium 3
Capital in 2000, a venture firm specializing in early stage companies,
and served as Chairman until 2009. Prior to that, he served as Vice
Chairman of ING Barings Furman Selz and Chief Operating Officer of Furman Selz. Prior to Furman Selz, Mr. Fraenkel spent seven years at
Lehman Brothers, where he was a Managing Director and Director of Global
. Prior to Lehman Brothers, Mr. Fraenkel was Chairman and Chief
Executive Officer of Market America Group, an investment advisory firm.
He also spent four and a half years as Director of Equity Research and a
member of the Board of Directors at Prudential Securities. Mr. Fraenkel
began his Wall Street career in 1974 as a securities analyst with
Goldman Sachs and was Chief Investment Strategist for E.F. Hutton in
1982. Mr. Fraenkel received a BS in Economics and Finance from Lehigh
and an MBA from the Wharton School, University of
. He is past Chairman of the Board of Advisors of the
College of Business and Economics of Lehigh University.

About Ramius LLC

Ramius LLC is an alternative investment manager with $10.7 billion in
assets under management as of December 1, 2016, offering innovative
products and solutions across the liquidity spectrum to institutional
and private clients. Ramius offers capabilities in long/short equity
(consumer), long/short equity (multisector), healthcare royalties, event
driven equity, global macro, activism, real estate, event credit and
managed futures. Ramius attracts talented investment teams as partners,
providing seed and working capital, an institutional infrastructure,
proven sales & marketing and industry know-how to build sustainable
investment businesses.

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, sales and trading and prime
brokerage services through its two business segments: Ramius 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. 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, 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 www.cowen.com.

Source: Cowen Group, Inc.

Gagnier Communications
Dan Gagnier, 646-569-5897

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