- Economic income was $6.5 million for the full year 2013 versus an economic loss of $17.6 million in 2012. For the fourth quarter 2013, economic income was $2.7 million compared to an economic loss of $8.5 million in the prior year period.
- Revenue rose to a new high for the full year 2013 since the Cowen / Ramius business combination in 2009. Full year 2013 revenue was $344.5 million and fourth quarter 2013 revenue was $96.4 million, a year over year increase of 19% and 25%, respectively.
- Broker-dealer segment reported full year 2013 of $234.4 million and fourth quarter revenue of $66.4 million, an improvement over the prior year period of 33% and 46%, respectively. (2)
- The alternative investment management segment grew assets under management by $1.4 billion in 2013. AUM as of January 1, 2014 was $9.4 billion.
- Fixed non compensation expenses were unchanged for the full year at $95.5 million and declined by 12% year over year in the fourth quarter 2013 to $22.6 million.
- On February 26, Cowen's Board of Directors approved a $10 million increase in the Company's share repurchase program. With this increase, the total amount available for repurchase under the program is $25 million.
Cowen Group, Inc. Announces 2013 Fourth Quarter And Full Year Financial Results
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