Cowen Loss Falls In First Full Post-Ramius Quarter

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.


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of