Cowen Group to Acquire Algorithmic Trading Management; Terms Not Disclosed

Cowen Group, Inc. COWN today announced its entry into a definitive agreement to acquire Algorithmic Trading Management, LLC, a provider of global, multi-asset class algorithmic execution trading models. Following the closing of the transaction, ATM will continue to operate as a separate financial technology business offering broker neutral services to existing and future clients. Douglas Rivelli, Co-Head of Quantitative Trading Solutions at Cowen, will serve as Chief Executive Officer of ATM and will be responsible for overseeing the ATM business. The transaction, which is subject to certain regulatory approvals and customary closing conditions, is expected to close by the end of the first quarter or early second quarter of 2012. Financial terms of the transaction were not disclosed.