Fraenkel joins Cowen Group as Vice Chairman

Fred Fraenkel has joined Cowen Group Inc as Vice Chairman. Previously, Fraenkel was President of Fairholme Capital Management and Chief Research Officer since 2011, is the former Vice-Chairman and Chairman of the Investment Policy Committee of Beacon Trust Company. Fraenkel also founded Millennium 3 Capital in 2000, a venture firm specializing in early stage companies.

PRESS RELEASE

March 02, 2016 09:00 AM Eastern Standard Time
NEW YORK–(BUSINESS WIRE)–Cowen Group, Inc. (“Cowen”) (NASDAQ:COWN) today announced that Fred S. Fraenkel has joined Cowen as a Vice Chairman.
Peter A. Cohen, Chairman and Chief Executive Officer of Cowen said, “Fred is a highly accomplished leader on Wall Street with an impressive track record as an investor, strategist and advisor, among other roles, at many well-respected organizations. With his extensive experience, he will provide relevant and valuable perspectives on our business. I have known Fred for many years. I could not be more pleased to have someone of his caliber and character join our organization.”
Mr. Fraenkel said, “My career has been about harnessing the intellectual capital of organizations to create a positive impact on the clients we serve. I am proud to join Cowen, a firm that holds similar values. As one of few financial services firms focused on the value of active management and outperformance, Cowen plays a critical role in the industry. I look forward to working with senior management and other talented members of the organization to further its mission.”
Prior to joining Cowen, Mr. Fraenkel was President of Fairholme Capital Management and Chief Research Officer since 2011. Prior to Fairholme, Mr. Fraenkel was Vice-Chairman and Chairman of the Investment Policy Committee of Beacon Trust Company.
Mr. Fraenkel founded Millennium 3 Capital in 2000, a venture firm specializing in early stage companies, and served as Chairman until 2009. Prior to that, he served as Vice Chairman of ING Barings Furman Selz and Chief Operating Officer of Furman Selz. Prior to Furman Selz, Mr. Fraenkel spent seven years at Lehman Brothers, where he was a Managing Director and Director of Global Research.
Prior to Lehman Brothers, Mr. Fraenkel was Chairman and Chief Executive Officer of Market America Group, an investment advisory firm. He also spent four and a half years as Director of Equity Research and a member of the Board of Directors at Prudential Securities. Mr. Fraenkel began his Wall Street career in 1974 as a securities analyst with Goldman Sachs and was Chief Investment Strategist for E.F. Hutton in 1982.
Mr. Fraenkel received a B.S. in Economics and Finance from Lehigh University and an M.B.A. from the Wharton School, University of Pennsylvania. He is past Chairman of the Board of Advisors of the College of Business and Economics of Lehigh University. Mr. Fraenkel was also a member of Barron’s year-end roundtable from 1982-1985.
About Cowen Group, Inc.
Cowen Group, Inc. is a diversified financial services firm and, together with its consolidated subsidiaries, provides alternative asset management, investment banking, research, and sales and trading services through its two business segments: Ramius and its affiliates make up the Company’s alternative investment segment, while Cowen and Company and its affiliates make up the Company’s broker-dealer segment. Ramius provides alternative asset management solutions to a global client base and manages a significant portion of Cowen’s proprietary capital. Cowen and Company and its affiliates offer industry focused investment banking for growth-oriented companies, domain knowledge-driven research, a sales and trading platform for institutional investors and a comprehensive suite of prime brokerage services. Founded in 1918, the firm is headquartered in New York and has offices worldwide. For additional information, visit www.cowen.com.