Thursday, 31 July 2014
Last updated 42 min ago
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."
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…