Cowen Has Break-Even First Quarter

May 9 2011 | 1:04pm ET

Cowen Group, the boutique investment bank that reverse-merged with hedge fund Ramius Capital in 2009, swung to a (small) profit in the first quarter.

The New York-based firm said improved earnings by its investment bank helped it erase a $13 million net loss in the year ago period. Cowen said net income during the first three months of 2011 was $82,000, as revenue rose 14% to $64.2 million.

Most of that increase was attributed to investment banking, where revenue more than doubled during the quarter.

"Our investment banking unit continued to show signs of progress, principally driven by our underwriting business which benefited from favorable equity market conditions during the quarter," CEO Peter Cohen said.

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