Cowen Adds Kellner Broker-Dealer

Oct 1 2012 | 6:42am ET

Hedge fund Kellner Capital will sell its broker-dealer business to the parent of fellow hedge fund Ramius Capital.

Moving in the opposite direction of Ramius, which three years ago acquired boutique investment bank Cowen Group in a reverse-merger, the former Kellner DiLeo & Co. will part with its KDC Securities unit. Terms of the deal were not disclosed and the sale is expected to close by the end of the year.

KDC will be renamed Cowen Equity Finance Group. Securities lending chief Rory Zirpolo will lead the group, bringing along four colleagues, Richard DePaulis, Stephen Grazioli, Jill Mandarino and Barry Skarbek.

"Kellner and its securities lending team have built an impressive equity finance platform since the business was launched seven years ago," Cowen CEO Jeff Solomon said. "We believe the business is well-positioned for future growth and is a strong complement to our existing sales and trading footprint."


In Depth

Q&A: Portfolio Advisors' Brian Murphy On The Advantages of A Private Markets Platform

Jan 2 2018 | 11:05am ET

Most private markets firms reference their platforms as a source of competitive...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: The Top Hedge Fund Industry Trends for 2018

Jan 2 2018 | 12:22pm ET

Each year, Don Steinbrugge’s Agecroft Partners compiles the insights gained...

 

FINalternatives Trending

From the current issue of