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

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Moore Capital PM Fired After Raucous Hamptons Party

Jul 7 2016 | 10:47pm ET

A portfolio manager for Louis Bacon’s $15 billion hedge fund Moore Capital Management...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...