Ramius And Ramius Global Credit Portfolio Managers To Extend Partnership

Ramius LLC, the global investment management business of Cowen Group, Inc. (“Cowen”) (NASDAQ: COWN), today announced that it will enter into a long-term extension of its partnership with portfolio managers, Norman Milner and D. Richard Dowdle.

Thomas W. Strauss, President and CEO of Ramius LLC said, “It is a part of Ramius’s strategy to enable successful portfolio managers to become partners in their businesses while maintaining a significant interest in their continued successes. We believe this partnership will allow for broader opportunities for the business and its investors going forward.”

The funds managed by Messrs. Milner and Dowdle will operate under the name Orchard Square Partners, and will remain committed to operating a global long/short credit strategy, with a focus on long-term capital appreciation and capital preservation through challenging markets. Since the funds launched in 2009, the investment team has invested in corporate credit across large, liquid capital structures.

Norman Milner said, “We believe that the current environment in global long/short credit provides investors with an attractive opportunity to deploy capital defensively and we look forward to pursuing those investments under our new brand. We are pleased to extend our partnership with Ramius, both as an investor and for the operational and distribution platform they will provide for the funds.”

Since inception in 1994, Ramius has assembled a strong group of portfolio managers supported by institutional quality operational and technology infrastructure and has developed a firm wide commitment to excellence in client service.

About Norman Milner

In his most recent role, Mr. Milner was a Managing Director and Co-Portfolio Manager in the Credit Trading group at Ramius LLC. He joined Ramius in September 2008.

Previously, Mr. Milner was a Partner, Portfolio Manager and Head of Trading at Arx Investment Management. Prior to Arx, he worked at Trident Investment Management LLC as a Portfolio Manager for the Macro Hedge Fund in New York. From 1996 to 1999, Mr. Milner was the Head Derivative Trader at Morgan Stanley in New York and London. Prior to that, he worked at Investec Bank and Price Waterhouse in Johannesburg, South Africa.

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