Cowen Names Fraenkel Interim Head of Asset Management As Ramius CEO Departs

Jan 18 2017 | 9:04pm ET

Ramius CEO Michael Singer has stepped down to pursue new career opportunities and will be replaced by Fred Fraenkel, vice chairman of Ramius’ parent company Cowen & Co., who has been named interim head of asset management. 

“We thank Michael for his significant contributions to our business and wish him all the best in his future endeavors,” said Tom Strauss, chairman of Ramius and vice chairman of Cowen. “We are also pleased that Fred will lead our asset management business as we undertake a formal search process for a permanent replacement.”

Fraenkel is a veteran Wall Street executive. Prior to joining Cowen, he was president of Fairholme Capital Management and chief research officer since 2011. Prior to Fairholme, he was chairman of the investment policy committee of Beacon Trust Company and founded venture firm Millennium 3 Capital in 2000. Beforehand, he held senior executive positions at ING Barings Furman Selz, Lehman Brothers, Market America Group, and Prudential Securities. Fraenkel began his Wall Street career in 1974 as a securities analyst with Goldman Sachs and was chief investment strategist for E.F. Hutton in 1982. 

Singer joined Ramius in 2012 after a three-year stint at head of alternatives for Third Avenue Management. Beforehand, he was co-president at fund of hedge funds Ivy Asset Management from 2004 to 2009, and spent nine years at investment firm Weiss Peck & Greer. Singer’s future plans were not immediately available. 

Ramius LLC is Cowen’s alternatives business, with $10.7 billion in AUM as of December 1, 2016. The company specializes in long/short equity, healthcare royalty, event-driven, global macro, activist, real estate, and managed futures strategies. 

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