Date of Report (Date of earliest event reported): September 28, 2016
COWEN GROUP, INC.
(Exact Name of Registrant as Specified in Charter)
(I.R.S. Employer
(Address of Principal Executive Offices and Zip Code)
Estimated Unaudited Assets Under Management
The Company is disclosing to investors in the private investment funds that it manages that, as of September 1, 2016, the estimated unaudited amount of assets under management was approximately $13 billion, which reflects a net increase of approximately $0.42 billion since August 1, 2016. The Company's estimate of assets under management is inclusive of performance for the month ended August 31, 2016 and capital flows as of September 1, 2016.
August 1, 2016 (f)
Net Flows/Performance
September 1, 2016 (f)
Hedge Funds (a) (b) (c)
Alternative Solutions (a) (g)
Ramius Trading Strategies
Real Estate (a) (e)
Healthcare Royalty Partners (d) (e)
The Company owns between 20% and 55% of the general partners, investment managers or managing members of the real estate business, the activist business and the global macro business (the single strategy hedge funds), the alternative solutions business and the equity long/short business. We do not possess unilateral control over any of the foregoing business. The Company owns 100% of the investment manager of the event-driven business.
Includes approximately $606 million of committed but undrawn capital that will only be charged fees when invested.
These amounts include the Company's invested capital of approximately $174.3 million and $173.1 million as of September 1, 2016, and August 1, 2016, respectively (including investments in both a registered investment company and an "Undertakings for Collective Investment Trust" (or UCITs fund), each of which pursues a hedge fund-style strategy).
These amounts include the Company's invested capital of approximately $18.3 million and $18.5 million as of September 1, 2016, and August 1, 2016, respectively.
This amount reflects committed capital.
Net performance is net of all management and incentive fees and includes the effect of any foreign exchange translation adjustments and leverage in certain funds.
On September 23, 2016 the Company completed the previously announced sale of its interest in the Alternative Solutions business, thereby reducing the Company's estimated assets under management by approximately $2.5 billion.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: September 28, 2016 By: _/s/ Owen S. Littman
Name: Owen S. Littman
Title: General Counsel