Cowen Group, Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) today announced its operating results for the second quarter ended June 30, 2012.
2012 Second Quarter Highlights (1)
- On April 5th, Cowen completed its acquisition of Algorithmic Trading Management (“ATM”), a provider of global, multi-asset class algorithmic execution trading models
Broker-dealer segment revenues increased by 9% in the 2012 second
quarter compared to the prior year period
- Investment banking revenues were $16.3 million, a $1.9 million increase from the prior year period. The increase was driven by our debt capital markets product, which generated $5.6 million in the current quarter compared to $1.8 million in the 2011 full-year
- Brokerage revenues were $24.6 million, flat compared to the 2011 second quarter
Assets under management increased by $1.3 billion to $11.5 billion at
July 1, 2012 compared to April 1, 2012 driven by inflows for our cash
- Excluding cash management, assets under management decreased by $183 million during the quarter
- The Company's non-compensation expenses in the 2012 second quarter decreased by $7.3 million compared to the prior year period, including a $1.8 million reduction in fixed expenses
- On August 2nd, Cowen's Board of Directors approved a $15 million increase in the Company's share repurchase program
(1) All financial highlights are presented on an Economic Income basis.
“In the second quarter we made progress across our businesses, despite a challenging environment," said Peter Cohen, Chairman and Chief Executive Officer. “At Cowen and Company, we are beginning to see the diversity in revenues that we expected from recent investments. In investment banking and capital markets, we saw a significant increase in fees from our debt capital markets, we have maintained a lead position in the healthcare sector and we are seeing meaningful gains in the technology sector. In the equities division, revenue increases from our institutional options and electronic trading businesses helped to offset weakness in the cash equities business. At Ramius, assets under management grew by over $1 billion due to our cash management product and strategies across the platform performed reasonably well despite the environment.”
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