Thursday, 28 August 2014
Last updated 7 hours ago
Mar 3 2010 | 5:35am ET
Cowen Group’s fourth quarter loss was narrower than last year, but was wider than analysts expected for the boutique investment bank that reverse-merged with hedge fund Ramius Capital in November.
Cowen suffered a $23.4 million net loss in the last three months of 2009, less than one-third of the $76.3 million it lost in the year-earlier period. For the full year, the firm lost $55.3 million, down from $141.8 million in 2008.
The firm’s revenues more than doubled to $60.4 million on the quarter. Net realized and unrealized losses on investments nearly disappeared, dropping to just $289,000 from $115.9 million, but other important metrics went the wrong direction, despite the addition of Ramius, which was included in the results.
Assets under management fell to $7.85 billion from $10.57 billion at the end of 2008—although performance gains added $329 million to that figure. Sales and trading revenue dropped 12% on the quarter and 14% on the year.
Still, CEO—and Ramius founder—Peter Cohen deemed the tie-up a success, saying it helped increase stability and diversify revenue streams.
“As part of the Cowen and Ramius integration, we have worked and will continue to work to expand and reorganize both our alternative investment management and investment banking/broker-dealer businesses,” he said.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...