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David Lu Appointed Head of Asia Investment Banking

NEW YORK, Apr 23, 2012 (BUSINESS WIRE) --Cowen Group, Inc. ("Cowen" or "the Company") (NASDAQ: COWN) today announced that David Lu has been appointed Head of Asia Investment Banking. Mr. Lu, who is based in Hong Kong, will be responsible for leading all aspects of Cowen's China-based investment banking platform, Cowen and Company Asia, including capital markets and financial advisory services. Prior to his current position, Mr. Lu served as Deputy Head of Asia Investment Banking.

"I am delighted to announce the appointment of David Lu as Head of our Asia Investment Banking practice," said Jeff Solomon, Chief Executive Officer of Cowen and Company, Cowen's broker-dealer business. "With over a decade of investment banking experience in China, David is well prepared to further strengthen our Asia franchise. We view the region as an important source of growth for the firm and we will continue to actively build our presence in the area."

Prior to joining Cowen, Mr. Lu served as Managing Director and Chief Representative at Piper Jaffray's Shanghai-based office, where he successfully built a strong investment banking coverage and execution team. Mr. Lu holds a M.B.A. and a Bachelor of Laws from the University of Western Ontario.

About Cowen Group, Inc.

Cowen Group, Inc. is a diversified financial services firm and, together with its consolidated subsidiaries, provides alternative investment management, investment banking, research, and sales and trading services through its two business segments: Ramius and its affiliates makes up the Company's alternative investment management segment, while Cowen and Company is its broker-dealer segment. Its alternative investment management products, solutions and services include hedge funds, replication products, managed futures funds, fund of funds, real estate, health care royalty funds and cash management services. Cowen and Company offers industry focused investment banking for growth-oriented companies, domain knowledge-driven research and a 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.

SOURCE: Cowen Group, Inc.

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