Cowen Group Announces Executive Appointments

Cowen Group, Inc. ("Cowen") (NASDAQ: COWN) today announced two executive appointments at Cowen and Company and the creation of a Global Capital Markets Group. Effective immediately, Jeffrey Solomon, Chief Operating Officer of Cowen, will assume the role of Head of Investment Banking and Kevin Reynolds has been appointed as Head of Global Capital Markets. Scott Ryles will step down from his position as Head of Investment Banking to assume a role as Strategic Advisor to Investment Banking.

"Our investment banking effort at Cowen has already begun to accelerate under Jeff's leadership as he was instrumental in building out our recently announced capital markets and merger advisory capabilities over the past few months. Jeff brings a unique, client oriented perspective to delivering investment banking products and services and has significant experience in the capital markets. In addition, by appointing Jeff to this position, we are further solidifying the partnership culture within new Cowen Group. We are very excited about the direction of the investment bank and its potential under Jeff's leadership." said Cowen Group, Inc. Chairman and Chief Executive Officer Peter A. Cohen.

Jeffrey Solomon added, "I am proud to be working with a group of talented partners who care deeply about the success of their clients and of the firm. At the end of the day, Investment Banking is a relationship driven business that requires evolving product breadth to meet client needs. We are well along the path to recruiting high quality professionals who share that vision to our existing teams in Healthcare, Technology, Consumer and Aerospace and Defense. I have long felt that we have a unique ability to leverage the expertise of the entire firm to deliver differentiated advice to our clients and I look forward to continuing to work with our research, sales, trading and investment management partners to further develop our capabilities. We have already implemented some organizational changes to achieve that end including the creation of a unified capital markets group which will allow us to be even more effective in providing cohesive solutions for our clients."

Cowen and Company's Global Capital Markets Group will bring together the existing Equity Capital Markets, Private Equity Capital Markets and Debt Capital Markets businesses. Kevin Reynolds and Len Sheer will continue to lead the Debt Capital Markets effort, with Grant Miller and Kevin Raidy acting as co-heads of an integrated Equity Capital Markets effort. The Global Capital Markets division will report Jeffrey Solomon.

About Cowen Group, Inc.

Cowen Group, Inc. is a leading diversified financial services firm providing alternative investment management, investment banking research, and sales and trading services through its business units, Ramius and Cowen and Company. Its alternative investment management products include hedge funds, fund of funds, real estate funds, healthcare royalty funds, cash management and commodity trading funds, offered primarily under the Ramius name. Cowen and Company offers industry focused investment banking for growth-oriented companies including advisory and global capital markets origination and execution, domain knowledge-driven research and sales and trading platform for institutional investors. Founded in 1918, the firm is headquartered in New York and has offices located in major financial centers around the world.