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CEFC China to buy 19.9% stake in Ramius-owner Cowen Group

Jeffrey Solomon, president of Cowen Group Inc.
Cowen Group President Jeffrey Solomon

CEFC China Energy Co. will purchase a 19.9% stake in Cowen Group Inc., a New York-based financial services firm with an alternatives investment business built around Ramius, for roughly $100 million, according to a joint news release.

CEFC China has also agreed to provide $175 million in new debt financing to Cowen to cover, among other things, “strategic transactions, acquisitions and making investments in Cowen's business.”

Peter A. Cohen, chairman and CEO of Cowen, said in the release on Wednesday that his firm's partnership with CEFC China will accelerate growth in Cowen's core businesses, including investment management.

A spokesman for Cowen couldn't immediately be reached for comment. A spokesman for CEFC China didn't respond to an email seeking comment.

Ramius managed $10.7 billion in hedge fund strategies, including long/short equity, health-care royalties, global macro and managed futures as of Dec. 1.