- Cowen Group, Inc. reported third quarter 2013 economic income of $3.7 million compared to an economic loss of $8.9 million in the prior year period. For the nine months ended September 30, 2013, economic income was $3.9 million versus an economic loss of $9.0 million for the comparable year ago period.
- Third quarter 2013 revenue rose 40% year over year to $92.1 million. Nine month 2013 revenue was $248.1 million, an increase of 17% compared to the year ago period.
- The broker-dealer segment reported another record revenue quarter since the Cowen / Ramius business combination in 2009. Third quarter 2013 revenue was $62.0 million, an $18.1 million improvement from the prior year quarter. Nine months 2013 revenue rose 29% year over year to $167.9 million. (2)
- Assets under management at October 1, 2013 were $9.3 billion. AUM increased by $234 million during the quarter and is up $1.2 billion since January 1, 2013.
- The year over year increase in non-compensation expense was primarily due to the inclusion of Dahlman Rose. For the three and nine months ended September 30, 2013, non compensation expense was $32.3 million and $95.9 million, respectively, compared to $29.9 million and $89.8 million, respectively, for the three and nine months ended September 30, 2012.
- On November 6th, 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. (2) Includes broker-dealer segment's allocation of Investment Income (Loss) and Other Revenue.
Cowen Group, Inc. Announces 2013 Third Quarter Financial Results
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