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COWN > SEC Filings for COWN > Form 8-K on 15-Jan-2014All Recent SEC Filings

Show all filings for COWEN GROUP, INC.

Form 8-K for COWEN GROUP, INC.


15-Jan-2014

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 December 1, 2013, the estimated unaudited amount of assets under management was approximately $9.3 billion, which reflects a net decrease of approximately $0.1 billion since November 1, 2013. The Company's estimate of assets under management is inclusive of performance for the month ended November 30, 2013 and capital flows as of December 1, 2013.

                                                                Net Flows /
Platform                               November 1, 2013         Performance         December 1, 2013
                                                           (dollars in millions)
Hedge Funds (a) (b) (c)                           2,944                       75               3,018
Alternative Solutions (d)                         3,081                     (205 )             2,876
Ramius Trading Strategies (e)                        95                        1                  96
Real Estate (a)                                   1,755                        -               1,755
Healthcare Royalty Partners (f) (g)               1,523                        -               1,523
Other                                                69                       (2 )                67
Total                                             9,466                     (131 )             9,335



(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) Includes approximately $225 million of committed but undrawn capital that will only be charged fees when invested.

(c) These amounts include the Company's invested capital of approximately $100.1 million and $101.1 million as of December 1, 2013, and November 1, 2013, respectively.

(d) These amounts include the Company's invested capital of approximately $1.53 million and $1.53 million of December 1, 2013, and November 1, 2013, respectively.

(e) These amounts include the Ramius Trading Strategies Managed Futures Fund and the Company's invested capital of approximately $0.0 million and $0.0 million as of December 1, 2013, and November 1, 2013, respectively.

(f) These amounts include the Company's invested capital of approximately $16.6 million and $16.4 million as of December 1, 2013, and November 1, 2013, respectively.

(g) This amount reflects committed capital.

(h) 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.


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