Friday, 19 December 2014
Last updated 9 hours ago
May 13 2010 | 3:21am ET
Cowen Group continued to cut its quarterly loss, but also continued to disappoint analysts, in its first full quarter since the boutique investment bank reverse-merged with hedge fund Ramius Capital.
The New York-based firm posted a $13 million loss in the first quarter. While it only lost $8.8 million in the year-earlier period, the 2010 loss amounted to 18 cents per share, down from 23 cents per share in 2009. Still, analysts expected a loss of only 9 cents per share.
Cowen lost $23.4 million in the fourth quarter, during which the merger was completed.
Revenue at the firm nearly tripled, soaring to $56.3 million from $20.7 million. Net realized and unrealized gains on investments were also sharply higher, at $1.5 million in the year’s first three months. Last year, the figure was only $259,000.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.