Wednesday, 27 August 2014
Last updated 10 hours ago
Nov 11 2010 | 11:40am ET
Cowen Group, the parent of hedge fund Ramius Capital, cut its third-quarter loss as revenue at the firm more than tripled.
The New York-based boutique investment bank, which reverse-merged with Ramius last year, said its pro-forma loss—which assumes the merger occurred a year earlier than it did—dropped to $12.9 million from $15.2 million. Actually, the loss grew to $15.4 million from $5.9 million a year earlier, due to expenses related to the merger.
Cowen’s investment banking revenue dropped 39% and brokerage revenue fell 20%. But overall revenue was up more than threefold, at $52.2 million.
“In our alternative investment management business, the decision to focus efforts on delivering products and services that offer enhanced liquidity and transparency has resulted in a steady increase in assets under management over the course of 2010,” CEO Peter Cohen said. The firm’s assets stood at $8.2 billion at the end of September, up $677 million year-on-year.
"Over the past 12 months, we have reorganized many aspects of Cowen Group's businesses and we are pleased with the progress that has been made to date in reshaping the strategic footprint of our organization," Cohen said. "We continue to be concerned about the longer term sustainability of the economic recovery and remain cautious in our investment profile and in our business build out. Nonetheless, we have made progress on the cost savings initiatives that we have implemented since the merger which is enabling us to make tactical investments in businesses where we see revenue opportunities.”
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 ...