NEW YORK--(BUSINESS WIRE)--Ramius LLC (“Ramius”), the global investment management business of Cowen Group, Inc. (“Cowen”) (NASDAQ:COWN), today announced that Ramius CEO Michael Singer is leaving to pursue new career opportunities. Fred Fraenkel, Vice Chairman of Cowen, has been named interim Head of Asset Management.
“We thank Michael for his significant contributions to our business and wish him all the best in his future endeavors,” said Tom Strauss, Chairman, Ramius and Vice Chairman, Cowen. “We are also pleased that Fred will lead our asset management business as we undertake a formal search process for a permanent replacement.”
“I thank Peter Cohen, Jeff Solomon and Tom Strauss for the opportunity to lead Ramius over these last four plus years,” said Michael Singer. “Together we have achieved many of our key strategic goals and I now look forward to my next challenge.”
Prior to joining Cowen, Mr. Fraenkel was President of Fairholme Capital Management and Chief Research Officer since 2011. Prior to Fairholme, Mr. Fraenkel was Vice Chairman and Chairman of the Investment Policy Committee of Beacon Trust Company. Mr. Fraenkel founded Millennium 3 Capital in 2000, a venture firm specializing in early stage companies, and served as Chairman until 2009. Prior to that, he served as Vice Chairman of ING Barings Furman Selz and Chief Operating Officer of Furman Selz. Prior to Furman Selz, Mr. Fraenkel spent seven years at Lehman Brothers, where he was a Managing Director and Director of Global Research. Prior to Lehman Brothers, Mr. Fraenkel was Chairman and Chief Executive Officer of Market America Group, an investment advisory firm. He also spent four and a half years as Director of Equity Research and a member of the Board of Directors at Prudential Securities. Mr. Fraenkel began his Wall Street career in 1974 as a securities analyst with Goldman Sachs and was Chief Investment Strategist for E.F. Hutton in 1982. Mr. Fraenkel received a BS in Economics and Finance from Lehigh University and an MBA from the Wharton School, University of Pennsylvania. He is past Chairman of the Board of Advisors of the College of Business and Economics of Lehigh University.
About Ramius LLC
Ramius LLC is an alternative investment manager with $10.7 billion in assets under management as of December 1, 2016, offering innovative products and solutions across the liquidity spectrum to institutional and private clients. Ramius offers capabilities in long/short equity (consumer), long/short equity (multisector), healthcare royalties, event driven equity, global macro, activism, real estate, event credit and managed futures. Ramius attracts talented investment teams as partners, providing seed and working capital, an institutional infrastructure, proven sales & marketing and industry know-how to build sustainable investment businesses.
About Cowen Group, Inc.
Cowen Group, Inc. is a diversified financial services firm and, together with its consolidated subsidiaries, provides alternative asset management, investment banking, research, sales and trading and prime brokerage services through its two business segments: Ramius and its affiliates make up the Company’s alternative investment segment, while Cowen and Company, a member of FINRA and SIPC, and its affiliates make up the Company’s broker-dealer segment. Ramius provides alternative asset management solutions to a global client base and manages a significant portion of Cowen’s proprietary capital. Cowen and Company and its affiliates offer industry focused investment banking for growth-oriented companies, domain knowledge-driven research, a sales and trading platform for institutional investors and a comprehensive suite of prime brokerage services. Founded in 1918, the firm is headquartered in New York and has offices worldwide. For additional information, visit www.cowen.com.