UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 15, 2014
COWEN GROUP, INC.
(Exact Name of Registrant as Specified in Charter)
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Delaware |
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001-34516 |
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27-0423711 |
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(State or Other Jurisdiction |
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(Commission File Number) |
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(I.R.S. Employer |
599 Lexington Avenue
New York, NY 10022
(Address of Principal Executive Offices and Zip Code)
Registrant’s telephone number, including area code: (212) 845-7900
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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.
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Net Flows / |
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Platform |
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November 1, 2013 |
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Performance |
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December 1, 2013 |
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(dollars in millions) |
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Hedge Funds (a) (b) (c) |
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2,944 |
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75 |
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3,018 |
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Alternative Solutions (d) |
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3,081 |
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(205 |
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2,876 |
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Ramius Trading Strategies (e) |
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95 |
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1 |
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96 |
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Real Estate (a) |
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1,755 |
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— |
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1,755 |
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Healthcare Royalty Partners (f) (g) |
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1,523 |
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— |
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1,523 |
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Other |
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69 |
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(2 |
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67 |
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Total |
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9,466 |
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(131 |
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9,335 |
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(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.
SIGNATURES
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.
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COWEN GROUP, INC. | ||
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Dated: January 15, 2014 |
By: |
/s/ Owen S. Littman |
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Name: |
Owen S. Littman |
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Title: |
General Counsel |