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

Dillon Eustace: The Advantages of ICAVs

Feb 11 2016 | 7:51pm ET

As the growth of alternative investment vehicles continues, global asset managers...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedging Against Reputational Risk in the 21st Century

Feb 12 2016 | 7:18pm ET

For investors, the first step in researching a new fund or manager is to google...