Cowen Group, Inc. to Acquire Conifer Securities | Business Wire
NEW YORK–()–Cowen Group, Inc. (NASDAQ:COWN) (“Cowen” or the “Company”) and Conifer
Securities, LLC (“Conifer Securities”) today announced the signing of a
definitive agreement under which Cowen will acquire Conifer Securities,
the prime services division of Conifer Financial Services LLC. The
transaction, the terms of which have not yet been disclosed, was
approved by the boards of directors of both companies. Cowen Group
expects the acquisition to be accretive to earnings in 2015.
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Jeffrey M. Solomon, President of Cowen Group said, “Conifer Securities’
services are well-respected among emerging hedge funds and established
family offices, segments historically underserved by the market.
Following our recent announcement of an agreement to acquire Concept
Capital, today’s announcement will extend the combined organization’s
execution and prime brokerage capabilities. Once the acquisitions are
MILLBRAE, Calif.--(BUSINESS WIRE)--California State University (CSU) Dominguez Hills selectedStem, Inc., the leader in intelligent energy storage, after a thorough evaluation of multiple providers to deliver software-driven energy storage services and reduce the university’s energy costs.
“We are excited about our partnership with Stem in executing this project to deliver real savings for the campus, at an especially important time to reduce our greenhouse gas footprint and control our energy costs,” said Ken Seeton, Central Plant Manager and Energy Manager of CSU Dominguez Hills. “We plan to shift these energy cost savings to better use elsewhere in our services to our students.”
The CSU Dominguez Hills campus is one of early adopters of innovative technology and one of the leaders in sustainability in the CSU system. Stem is moving forward with construction on a 1 MW, 4.2 megawatt-hour storage system to be housed on campus in Carson, California. Combined with an existing Stem storage system at this CSU location, the project will total 2 MW and 6.2 megawatt-hours. The storage systems will eventually be paired with solar to maximize clean energy generation and enhance the...
complete, we'll have established a solid footprint in the emerging
manager space with over 400 new client relationships. This announcement
validates our commitment to delivering products that help clients
outperform. We see a compelling opportunity to advance the prime
brokerage business, further grow our equities market share and gain
Jack McDonald, President and CEO of Conifer Financial Services said,
“For the past 26 years Conifer Securities has been dedicated to
delivering comprehensive broker-dealer services to investment managers.
Partnering with Cowen to provide clients with a broader range of
best-in-class products and services was a natural next step for our
William Byrne, Managing Director with Conifer Securities added, “We're
excited to join Cowen Group. With our clients at the forefront of
everything we do, we'll ensure that the transaction benefits existing
client accounts and the manner in which clients are served.”
The transaction is expected to close in the third quarter of 2015 and is
subject to customary closing conditions and regulatory approval.
Willkie Farr &. Gallagher LLP acted as legal advisor to Cowen and
Debevoise &. Plimpton LLP acted as legal advisor to Conifer Securities on
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 services
through its two business segments: Ramius and its affiliates make up the
Company’s alternative investment segment, while Cowen and Company 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 and a
sales and trading platform for institutional investors. Founded in 1918,
the firm is headquartered in New York and has offices worldwide.
About Conifer Financial Services LLC
Conifer Financial Services is a leading independent asset services firm
offering front-to-back capabilities across all asset classes to
pensions, endowments, family offices, hedge funds, private equity and
venture capital managers, RIAs. Traditional asset managers. Services
include Fund Administration, Middle- and Back-Office Services, Execution
Services and Prime Brokerage. Conifer Financial Services has over 200
clients worldwide representing more than $110 billion of combined assets
under administration (AUA). Securities and prime brokerage services
offered through Conifer Securities, LLC Member FINRA/SIPC.