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COWN > SEC Filings for COWN > Form 8-K on 2-Apr-2013All Recent SEC Filings

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Form 8-K for COWEN GROUP, INC.


2-Apr-2013

Regulation FD Disclosure


Item 7.01. Regulation FD Disclosure.

Estimated Unaudited Assets Under Management

The Company is disclosing to investors in the private investment funds that it manages that, as of March 1, 2013, the estimated unaudited amount of assets under management was approximately $8.6 billion, which reflects a net increase of approximately $0.5 billion since January 1, 2013. The Company's estimate of assets under management is inclusive of performance through February 28, 2013 and capital flows as of March 1, 2013.

                                                        Net Flows /
Platform                              January 1, 2013   Performance   March 1, 2013
                                                  (dollars in millions)
Hedge Funds (a) (b)                             2,349           116           2,465
Alternative Solutions (c)                       2,465           449           2,914
Ramius Trading Strategies (d)                     146             0             146
Real Estate (a)                                 1,533            (0 )         1,533
Healthcare Royalty Partners (e) (f)             1,473             -           1,473
Other                                             105           (12 )            93
Total                                           8,071           553           8,624



(a) The Company owns between 30% and 55% of the general partners or managing members of the real estate business, the activist business and the long/short credit business (as of January 1, 2013) (the single strategy hedge funds). We do not possess unilateral control over any of these general partners or managing members.

(b) These amounts include the Company's invested capital of approximately $114.7 million and $118.2 million as of March 1, 2013, January 1, 2013, respectively.

(c) These amounts include the Company's invested capital of approximately $1.87 million and $2.47 million as of March 1, 2013, January 1, 2013, respectively.

(d) These amounts include the RTS Global 3X Funds and Ramius Trading Strategies Managed Futures Fund and the Company's invested capital of approximately $12.9 million and $19.4 million (which includes the notional amount of the Company's investment in RTS Global 3X Fund LP) as of March 1, 2013 and January 1, 2013, respectively.

(e) These amounts include the Company's invested capital of approximately $16.3 million and $16.0 million as of March 1, 2013, January 1, 2013, respectively.

(f) This amount reflects committed capital.

(g) 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.

The information in this report is being furnished, not filed, for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, pursuant to Item 7.01 of Form 8-K and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.


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