Document



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): November 30, 2016
COWEN GROUP, INC.
(Exact Name of Registrant as Specified in Charter)
 
 
 
 
 
 
Delaware
 
001-34516
 
27-0423711
(State or Other Jurisdiction
of Incorporation)
 
(Commission File Number)
 
(I.R.S. Employer
Identification No.)
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:
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨
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 November 1, 2016, the estimated unaudited amount of assets under management was approximately $10.7 billion, which reflects a net increase of approximately $0.15 billion since October 1, 2016. The Company’s estimate of assets under management is inclusive of performance for the month ended October 31, 2016 and capital flows as of November 1, 2016.

 
 
October 1, 2016 (f)
 
Net Flows/Performance
 
November 1, 2016 (f)
Platform
 
(dollars in millions)
Hedge Funds (a) (b) (c)
 
$
6,502

 
$
212

 
$
6,714

Ramius Trading Strategies
 
79

 
(4
)
 
75

Real Estate (a) (e)
 
1,527

 
—

 
1,527

Healthcare Royalty Partners (d) (e)
 
2,395

 
(52
)
 
2,343

Other
 
27

 
(9
)
 
18

Total
 
$
10,530

 
$
147

 
$
10,677


(a)
The Company owns between 20% and 55% of the general partners, investment managers or managing members of the real estate business, the activist business and the global macro business (the single strategy hedge funds), the alternative solutions business and the equity long/short business. We do not possess unilateral control over any of the foregoing business. The Company owns 100% of the investment manager of the event-driven business.
(b)
Includes approximately $615 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 $162 million and $173.7 million as of November 1, 2016, and October 1, 2016, respectively (including interests in both a registered investment company and an “Undertakings for Collective Investment Trust” (or UCITs fund), each of which pursues a hedge fund-style strategy).
(d)
These amounts include the Company's invested capital of approximately $14.1 million and $15.8 million as of November 1, 2016, and October 1, 2016, respectively.
(e)
This amount reflects committed capital.
(f)
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.
 
COWEN GROUP, INC.


Dated: November 30, 2016        By: _/s/ Owen S. Littman                    
Name:    Owen S. Littman     
Title:     General Counsel