M&A

28 November, 2009

New Cowen CEO hiring, acquisitions possible-report

CHICAGO, Nov 28 (Reuters) - The chairman and chief executive of investment bank Cowen Group Inc (COWND.O) is hiring bankers and analysts and may use proceeds from an equity offering for acquisitions, according to a report in the Wall Street Journal on Saturday.

CEO Peter Cohen was the head of Shearson Lehman Hutton in the 1980s. Earlier this month, the hedge fund manager he founded, Ramius LLC, bought Cowen Group and made Cohen its chairman and CEO.

Cohen is hiring investment bankers, particularly those focused on financial institutions, and research analysts, the newspaper reported. He is also working on a new real estate investment trust research team, according to the report. Cowen announced the formation of the REIT research team in mid-November.

Cohen said he is interested in buying businesses with assets that need to be managed, according to the newspaper. Acquisitions are a possibility, particularly after Cowen completes a $100 million stock sale announced this week, the Journal said.

(Reporting by Jessica Wohl)

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Source: http://www.reuters.com