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Cowen Group, Inc. Announces 2012 Third Quarter Financial Results

Stocks in this article: COWN

Cowen Group, Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) today announced its operating results for the third quarter ended September 30, 2012.

2012 Third Quarter Highlights (1)

  • Broker-dealer segment revenues increased by 34% in the 2012 third quarter compared to the prior year period (2)
    • Investment banking revenues were $18.7 million, a $7.9 million increase from the prior year period. The increase was driven by our equity underwriting activity in the healthcare sector and debt capital markets product
    • Brokerage revenues were $22.7 million, down $3.0 million compared to the 2011 third quarter
  • Management fees were $13.4 million, down $5.1 million compared to the 2011 third quarter
    • The decrease in management fees was primarily attributable to an increase in management fees in the prior year period for our healthcare royalty funds, as a result of an increase in committed capital that resulted in recognizing cumulative retrospective management fees
  • Assets under management decreased by $1.1 billion during the 2012 third quarter to $10.4 billion at October 1, 2012 due to redemptions in the Company's cash management business
    • Excluding cash management assets, the Company's assets under management at October 1, 2012 were approximately flat during the 2012 third quarter
  • The Company's non-compensation expenses in the 2012 third quarter decreased by $6.1 million compared to the prior year period
  • On September 28th, Cowen announced its entry into a definitive agreement to acquire KDC Securities, a securities lending business. The transaction was completed on November 1st

(1) All financial highlights are presented on an Economic Income basis.

(2) Includes broker-dealer segment's allocation of Investment Income (Loss) and Other Revenue.

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