Tuesday, 30 September 2014
Last updated 1 hour ago
Jun 5 2009 | 11:57am ET
Ramius Capital is branching out into investment banking and going public in one fell swoop.
The New York-based hedge fund has struck a reverse-merger deal with boutique investment bank Cowen Group, which is publicly traded on the Nasdaq Stock Market. Under the deal, Cowen acquires all of Ramius’ assets and liabilities, while Ramius and one of its investors get a 71% stake in Cowen.
The agreement not only allows Ramius to go public without an initial public offering, but gives the firm, which has seen its assets under management fall by 30% to $7.7 billion, a platform to offer fixed-income sales, trading and origination, as well as real-estate banking, Bloomberg News reports.
“There’s a void that this calamity has created,” Cohen told The Wall Street Journal.
The deal is expected to close in the fourth quarter. The combined firm will be called Cowen Group, led by Rmius founder Peter Cohen as chairman and CEO. Current Cowen president and CEO David Malcolm will serve as head of its broker-dealer subsidiary. Some layoffs are possible, the Journal reports, particularly in the firms’ administrative and information technology departments.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...