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Cowen Inc. (NASDAQ:COWN) announced the appointment of Joram Siegel as Managing Director, Head of Fixed Income Outsourced Trading. Siegel, based in New York, brings over 20 years of experience in credit markets, previously serving at Mitsubishi UFJ Financial Group and RBC Capital Markets. His expertise will enhance Cowen's Outsourced Trading capabilities, focusing on serving clients with customizable solutions. The company aims to leverage Siegel's extensive network and industry insight to strengthen its trading strategies.
Cowen has partnered with Intrepid to launch a new advisory initiative focused on Energy Innovation and Transition. This joint effort aims to guide clients through the global shift towards sustainable energy sources. Building upon their 2018 alliance, the firms will leverage Cowen’s research and trading expertise along with Intrepid’s advisory capabilities. The initiative reflects a strong commitment to support clients during the evolving energy landscape. Cowen’s team will be co-led by Parker Weil and R. Adam Miller.
Kyber Data Science, a subsidiary of Cowen (COWN), announced significant senior hires and the promotion of Brian Engelbert to COO. Kyber specializes in proprietary datasets for institutional investors. They recently launched a health care claims and electronic medical records product, providing transaction-level data for performance analysis in health sectors. Kyber’s new leadership includes Jeff Forringer as CEO, Rich Ferris as Head of Data Science, and others, enhancing its capabilities in data solutions for clients.
Cowen Inc. (NASDAQ:COWN) has declared a quarterly cash dividend of $14.06 per share on its 5.625% Series A Cumulative Perpetual Convertible Preferred Stock. This dividend will be payable on November 16, 2020, to holders on record as of November 2, 2020. Additionally, the Board of Directors approved an increase in the share repurchase program, raising the total buyback capacity to $25 million. These moves reflect Cowen's commitment to returning value to shareholders while managing its capital effectively.
Cowen reported a strong third quarter for 2020, with US GAAP net income of $18.6 million or $0.62 per share, reflecting a 786% increase year-over-year. Economic Operating Income reached $37.4 million or $1.25 per share. Investment Banking had its second-best quarter ever, with record M&A revenues. Despite a $48.3 million mark-to-market loss on Nikola investment, revenues increased 54% to $387.7 million. Book value per share rose to $30.48, and Cowen doubled its quarterly cash dividend to $0.08.
Cowen Inc. (NASDAQ:COWN) will host a conference call on October 27, 2020, at 9:00 AM ET, to discuss its third quarter financial results. The call will be streamed live on the company's website, and a replay will be accessible afterward. Investors can participate by calling 1-855-760-0961, using passcode 8591505. Cowen is a diversified financial services firm offering a range of services including investment banking, equity, credit research, and trading.
Cowen Inc. (NASDAQ:COWN) announced the appointment of Kenneth Garnett as Managing Director in its Investment Banking team, focusing on Special Situations. With over 20 years of expertise in private equity, restructuring, and turnaround consulting, Garnett will enhance Cowen's advisory services amidst COVID-19 challenges. His previous roles include Managing Director at Conway MacKenzie and Partner at Renewal Capital. Cowen aims to leverage his experience to maximize opportunities in complex investments and M&A transactions.
Cowen Inc. (COWN) announced its acquisition of MHT Partners, an investment bank specializing in innovative companies, expanding its investment banking services. This acquisition will enhance Cowen's expertise in key sectors such as Consumer and Services, as MHT's team integrates into Cowen's platform. The transaction, expected to close in Q4 2020, is subject to FINRA approval. The move reflects Cowen's strategy to strengthen its market position and provide enhanced value to clients, leveraging MHT's strong industry relationships and commitment to client service.
Cowen Inc. (NASDAQ:COWN) announced a $10 million Series A financing for its subsidiary Kyber Data Science LLC, led by Cowen and Ian McKinnon, founder of Sandia Holdings. McKinnon will join Kyber's board upon closing. Kyber specializes in proprietary datasets for institutional investors, recently launching a health care claims data product that provides insights for various health care sectors. The partnership aims to enhance Kyber's growth and data management capabilities in the financial community, leveraging McKinnon's extensive experience in health care investments.
