Nov. 2, 2009 (PR Newswire) --

NEW YORK, Nov. 2 /PRNewswire/ -- Ramius LLC ("Ramius") and Cowen Group, Inc. ("Cowen") (Nasdaq: COWN) today announced that they have successfully completed their business combination, following today's approval of the transaction at a Special Meeting of Stockholders and receipt of all necessary regulatory approvals. The new company will retain the Cowen Group, Inc. name and the common stock of the combined company will continue to trade on NASDAQ under the symbol "COWN."

Cowen Group, Inc. comprises two business units, Ramius and Cowen and Company. The Ramius business unit will operate the combined company's alternative investment management business, and the Cowen and Company business unit will continue to run the company's leading growth-oriented investment banking franchise, as well as its research and brokerage capabilities.

Commenting on today's announcement, Peter A. Cohen, Chairman and Chief Executive Officer of Cowen Group, Inc., stated, "We are excited to announce the closing of this combination, which creates a diversified financial services company with significant potential for long-term growth and profitability. With an improved capital position, increased scale, enhanced business opportunities and a talented team of dedicated colleagues, Cowen Group is well positioned to meet the diverse needs of our clients and customers while creating value for our shareholders. We are confident that together we have the right combination of resources to pursue our vision and compete in today's market and beyond."

Enhanced Growth Opportunities

The combination diversifies the company's revenue profile, provides significant operating leverage and allows for potential growth opportunities. As a part of the combined Cowen, Ramius and Cowen and Company will be able to offer their respective clients expanded services and leverage the combined professional resources and relationship networks of each company to increase product breadth and cross-selling opportunities.

Mr. Cohen stated, "Ramius and Cowen and Company have experienced teams and complementary strengths that will enable the combined company to take advantage of a wide variety of corporate finance and investment opportunities. In addition to the opportunities we have identified to grow Ramius's existing alternative investment businesses and expand Cowen and Company's investment banking and sales & trading platforms to include new verticals and products, we anticipate offering clients customized investment solutions and developing a fixed income sales, trading and origination business."

Mr.