SEC FORM 13F-HR

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL
OMB Number:3235-0006
Expires:Oct 31, 2018
Estimated average burden
hours per response:23.8

Report for the Calendar Year or Quarter Ended:03-31-2014
Check here if Amendment  Amendment Number:
This Amendment (Check only one.):  is a restatement.
  adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name:COWEN GROUP, INC.
Address:599 LEXINGTON AVENUE, 20TH FLOOR
NEW YORK, NY  10022
Form 13F File Number:028-14571

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name:Owen Littman
Title:General Counsel
Phone:212-201-4841
Signature, Place, and Date of Signing:
/s/ Owen LittmanNew YorkNY05-14-2014
[Signature][City, State][Date]
Report Type (Check only one.):
X13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
  13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
  13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
Form 13F Summary Page
Report Summary:
Number of Other Included Managers:3
Form 13F Information Table Entry Total:208
Form 13F Information Table Value Total:811,142
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
No.Form 13F File NumberName
1028-10674RAMIUS ADVISORS LLC
2028-14361Ramius Alternative Solutions LLC
3028-04125COWEN & COMPANY, LLC

SEC FORM 13-F Information Table

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL
OMB Number:3235-0006
Expires:Oct 31, 2018
Estimated average burden
hours per response:23.8

COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
1 800 FLOWERS COMCL A68243Q10622640,100SH DFND340,10000
ACACIA RESH CORPACACIA TCH COM00388130727017,660SH DFND117,66000
ACI WORLDWIDE INCCOM0044981013,46958,602SH DFND258,60200
ADOBE SYS INCCOM00724F1013,36851,232SH DFND251,23200
AIR PRODS & CHEMS INCCOM0091581063,46929,145SH DFND229,14500
AKAMAI TECHNOLOGIES INCCOM00971T1013,23555,578SH DFND255,57800
ALLERGAN INCCOM0184901022261,825SH DFND11,82500
AMCOL INTL CORPCOM02341W10396621,100SH DFND321,10000
AMERICAN RAILCAR INDS INCCOM02916P10379511,350SH DFND111,35000
AMGEN INCCOM0311621004113,330SH DFND13,33000
ANTARES PHARMA INCCOM0366421065315,000SH DFND115,00000
APPLE INCCOM0378331007511,400SH DFND11,40000
APPLIED MATLS INCCOM0382221053,885190,300SH DFND1190,30000
APPLIED MATLS INCCOM038222105512,500SH DFND32,50000
ARROWHEAD RESH CORPCOM NEW04279720916410,000SH DFND110,00000
ASHLAND INC NEWCOM0442091041,21512,213SH DFND112,21300
AUTOZONE INCCOM0533321021,7193,200SH DFND33,20000
BAKER HUGHES INCCOM0572241073,63255,859SH DFND255,85900
BEAM INCCOM07373010320,163242,058SH DFND1242,05800
BEAM INCCOM0737301031,00112,022SH DFND312,02200
BLUEBIRD BIO INCCOM09609G1002,370104,226SH DFND1104,22600
BOARDWALK PIPELINE PARTNERSUT LTD PARTNER09662710420915,600SH DFND115,60000
BOB EVANS FARMS INCCOM0967611012,02740,508SH DFND140,50800
BROCADE COMMUNICATIONS SYS ICOM NEW1116213063,804358,515SH DFND2358,51500
BUCKEYE PARTNERS L PUNIT LTD PARTN1182301011,06914,250SH DFND114,25000
BURGER KING WORLDWIDE INCCOM1212201073,440129,581SH DFND2129,58100
CACI INTL INCCL A1271903043,29544,651SH DFND244,65100
CAMERON INTERNATIONAL CORPCOM13342B1053,44055,690SH DFND255,69000
CANADIAN PAC RY LTDCOM13645T1003,31322,021SH DFND222,02100
CAPITAL ONE FINL CORPCOM14040H1053865,000SH DFND15,00000
CAPITALSOURCE INCCOM14055X10218712,784SH DFND312,78400
CATAMARAN CORPCOM1488871024,00689,500SH DFND389,50000
CEMPRA INCCOM15130J10926723,100SH DFND123,10000
CHENIERE ENERGY INCCOM NEW16411R2082775,000SH DFND15,00000
CHICOS FAS INCCOM1686151023,283204,795SH DFND2204,79500
CHINA MING YANG WIND PWR GROSPONSORED ADR16951C1083211,400SH DFND111,40000
CHIPMOS TECH BERMUDA LTDSHSG2110R11422410,160SH DFND110,16000
CIBER INCCOM17163B1028017,400SH DFND317,40000
CISCO SYS INCCOM17275R1029,424420,400SH DFND3420,40000
CITRIX SYS INCCOM1773761002143,725SH DFND13,72500
COMCAST CORP NEWCL A20030N10147,377946,785SH DFND1946,78500
COMMONWEALTH REITCOM SH BEN INT20323310152620,000SH DFND120,00000
COMMONWEALTH REITCOM SH BEN INT2032331013,416129,881SH DFND2129,88100
COMMUNITY HEALTH SYS INC NEWCOM2036681084,203107,300SH DFND1107,30000
COMMUNITY HEALTH SYS INC NEWRIGHT 01/27/2016203668116225,100SH DFND325,10000
COMPUWARE CORPCOM2056381093,633345,979SH DFND1345,97900
COWEN GROUP INC NEWCL A22362210119,0394,317,321SH DFND14,317,32100
CRESTWOOD EQUITY PARTNERS LPUNIT LTD PARTNER22634410939428,434SH DFND128,43400
CRESTWOOD MIDSTREAM PARTNERSUNIT LTD PARTNER22637810784837,624SH DFND137,62400
CUBIST PHARMACEUTICALS INCCOM2296781075587,625SH DFND17,62500
DOMINION RES INC VA NEWCOM25746U1095327,500SH DFND17,50000
DRESSER-RAND GROUP INCCOM2616081031,06018,140SH DFND118,14000
EBAY INCCOM2786421031,50727,276SH DFND127,27600
ENERGY TRANSFER EQUITY L PCOM UT LTD PTN29273V1002,02743,350SH DFND143,35000
ENTEGRIS INCCOM29362U1041,556128,500SH DFND1128,50000
ENTERPRISE PRODS PARTNERS LCOM2937921071,37919,875SH DFND119,87500
EPL OIL & GAS INCCOM26883D1083,72996,596SH DFND196,59600
EPL OIL & GAS INCCOM26883D10838610,000SH DFND310,00000
EQUINIX INCCOM NEW29444U5028324,500SH DFND14,50000
EXXON MOBIL CORPCOM30231G1022902,971SH DFND12,97100
FACEBOOK INCCL A30303M1022724,510SH DFND14,51000
FACEBOOK INCCL A30303M10201SH DFND3100
FEDERAL SIGNAL CORPCOM31385510873249,108SH DFND149,10800
FIDELITY NATIONAL FINANCIALCL A31620R1053,304105,096SH DFND2105,09600
FIDELITY NATIONAL FINANCIALCL A31620R1058,417267,700SH DFND1267,70000
FOREST LABS INCCOM34583810646,770506,885SH DFND1506,88500
FOREST LABS INCCOM3458381061,09811,899SH DFND311,89900
FOSTER WHEELER AGCOMH2717810428,098866,691SH DFND1866,69100
GAMESTOP CORP NEWCL A36467W1097,126173,400SH DFND3173,40000
GASTAR EXPL INC NEWCOM36729W2026712,200SH DFND112,20000
GENERAL GROWTH PPTYS INC NEWCOM3700231033,415155,232SH DFND2155,23200
GENESEE & WYO INCCL A3715591058668,901SH DFND18,90100
GENESIS ENERGY L PUNIT LTD PARTN3719271044618,500SH DFND18,50000
GILEAD SCIENCES INCCOM3755581034646,545SH DFND16,54500
GREENBRIER COS INCCOM39365710161113,400SH DFND113,40000
HALOZYME THERAPEUTICS INCCOM40637H10920115,800SH DFND115,80000
HARMAN INTL INDS INCCOM4130861093,44432,364SH DFND232,36400
HERTZ GLOBAL HOLDINGS INCCOM42805T1052,29085,967SH DFND185,96700
HEWLETT PACKARD COCOM4282361033,761116,238SH DFND2116,23800
HOLOGIC INCCOM43644010138117,711SH DFND117,71100
HORIZON PHARMA INCCOM44047T10948832,300SH DFND332,30000
HOUSTON AMERN ENERGY CORPCOM44183U1002138,000SH DFND138,00000
HOWARD HUGHES CORPCOM44267D1073,65325,594SH DFND225,59400
HUDSON CITY BANCORPCOM44368310722923,300SH DFND323,30000
HUNT J B TRANS SVCS INCCOM4456581072092,900SH DFND12,90000
IDERA PHARMACEUTICALS INCCOM NEW45168K3064110,000SH DFND110,00000
ILLUMINA INCCOM4523271092231,500SH DFND11,50000
INTERNATIONAL BUSINESS MACHSCOM4592001019625,000SH DFND15,00000
ISHARESMSCI CDA ETF46428650929610,000SH DFND110,00000
ISHARESRUSSELL 2000 ETF46428765518,940162,800SH DFND1162,80000
JAZZ PHARMACEUTICALS PLCSHS USDG508711054753,425SH DFND13,42500
JUNIPER NETWORKS INCCOM48203R10472828,262SH DFND128,26200
KEYW HLDG CORPCOM49372310034418,400SH DFND318,40000
KKR FINL HLDGS LLCCOM48248A3068,754756,605SH DFND1756,60500
LAMAR ADVERTISING COCL A5128151019,149179,398SH DFND1179,39800
LEAR CORPCOM NEW5218652043,60643,069SH DFND243,06900
LEGG MASON INCCOM5249011053,78877,243SH DFND277,24300
LEVEL 3 COMMUNICATIONS INCCOM NEW52729N3083,53190,203SH DFND290,20300
LORAL SPACE & COMMUNICATNS ICOM5438811065,94784,100SH DFND384,10000
LOWES COS INCCOM5486611073,17464,900SH DFND364,90000
LSI CORPORATIONCOM50216110230727,702SH DFND327,70200
MACK CALI RLTY CORPCOM5544891041,40767,700SH DFND367,70000
MACQUARIE INFRASTR CO LLCMEMBERSHIP INT55608B1053,56362,211SH DFND262,21100
MAGELLAN MIDSTREAM PRTNRS LPCOM UNIT RP LP5590801062,08929,960SH DFND129,96000
MANNKIND CORPCOM56400P20112831,800SH DFND331,80000
MARATHON PETE CORPCOM56585A1022,07223,800SH DFND323,80000
MARKET VECTORS ETF TRGOLD MINER ETF57060U10094440,000SH DFND340,00000
MCKESSON CORPCOM58155Q1032651,500SH DFND11,50000
MENS WEARHOUSE INCCOM5871181002455,000SH DFND15,00000
MICROSOFT CORPCOM5949181042055,000SH DFND15,00000
MICROSOFT CORPCOM5949181043,75891,693SH DFND291,69300
MONDELEZ INTL INCCL A6092071052998,666SH DFND18,66600
MONDELEZ INTL INCCL A6092071053,483100,796SH DFND2100,79600
MOTOROLA SOLUTIONS INCCOM NEW6200763073,41653,140SH DFND253,14000
NABORS INDUSTRIES LTDSHSG6359F10337615,237SH DFND115,23700
NCR CORP NEWCOM62886E1083,761102,888SH DFND2102,88800
NII HLDGS INCCL B NEW62913F201322270,571SH DFND1270,57100
NOBLE CORP PLCSHS USDG654311014,256130,000SHCallDFND3130,00000
NORDION INCCOM65563C10517315,000SH DFND315,00000
NORTHWEST PIPE COCOM6677461011,96454,320SH DFND154,32000
NUANCE COMMUNICATIONS INCCOM67020Y1003,428199,624SH DFND1199,62400
NUANCE COMMUNICATIONS INCCOM67020Y100342,000SH DFND32,00000
OIL STS INTL INCCOM6780261059539,668SH DFND19,66800
OIL STS INTL INCCOM6780261053,56436,143SH DFND236,14300
OMNICOM GROUP INCCOM6819191065,24172,185SH DFND172,18500
ONEOK PARTNERS LPUNIT LTD PARTN68268N10376714,315SH DFND114,31500
OUTERWALL INCCOM6900701071,56921,643SH DFND121,64300
OWENS ILL INCCOM NEW6907684033,478102,804SH DFND2102,80400
PACER INTL INC TENNCOM69373H106990110,494SH DFND1110,49400
PACIFIC BIOSCIENCES CALIF INCOM69404D1085410,100SH DFND110,10000
PACTERA TECHNOLOGY INTL LTDSPONSORED ADR69525510910214,050SHPutDFND314,05000
PACWEST BANCORP DELCOM6952631033,54182,333SH DFND182,33300
PARKERVISION INCCOM7013541029620,000SH DFND120,00000
PEPSICO INCCOM7134481083,64743,673SH DFND243,67300
PHILLIPS 66 PARTNERS LPCOM UNIT REP INT71854920763113,000SH DFND113,00000
PLAINS ALL AMERN PIPELINE LUNIT LTD PARTN7265031051,10620,070SH DFND120,07000
PLAINS GP HLDGS L PSHS A REP LTPN72651A10883930,000SH DFND130,00000
PMC-SIERRA INCCOM69344F10662782,440SH DFND182,44000
POWERSHARES ETF TRUST IISENIOR LN PORT73936Q76913,201530,803SH DFND2530,80300
PROGRESSIVE WASTE SOLUTIONSCOM74339G1013,532139,551SH DFND2139,55100
PROSHARES TRPSHS ULSHT SP50074347B30056720,000SH DFND120,00000
PROSHARES TR IIULTRASHORT YEN N74347W5691,31919,500SH DFND119,50000
PROSHARES TR IIULTRASHRT EURO74347W88216910,000SH DFND110,00000
PTC INCCOM69370C1003,18489,861SH DFND289,86100
QEP RES INCCOM74733V1007,361250,043SH DFND1250,04300
QUALCOMM INCCOM7475251031,27316,140SH DFND116,14000
REGENCY ENERGY PARTNERS L PCOM UNITS L P75885Y10727210,000SH DFND110,00000
REGIONS FINL CORP NEWCOM7591EP10022220,000SH DFND320,00000
REPUBLIC AWYS HLDGS INCCOM7602761051,084118,631SH DFND1118,63100
RIGEL PHARMACEUTICALS INCCOM NEW76655960321355,000SH DFND355,00000
RIVERBED TECHNOLOGY INCCOM76857310793647,469SH DFND147,46900
RLJ ENTMT INCCOM74965F1046013,503SH DFND113,50300
ROCKWELL COLLINS INCCOM7743411013,36542,231SH DFND242,23100
SAFEWAY INCCOM NEW78651420851714,000SH DFND314,00000
SANCHEZ ENERGY CORPCOM79970Y10532210,857SH DFND110,85700
SCHWAB CHARLES CORP NEWCOM8085131051,15742,350SH DFND142,35000
SCIENTIFIC GAMES CORPCL A80874P1093,910284,803SH DFND1284,80300
SEATTLE GENETICS INCCOM8125781024339,500SH DFND19,50000
SERVICE CORP INTLCOM81756510472536,462SH DFND136,46200
SIGA TECHNOLOGIES INCCOM826917106650209,654SH DFND1209,65400
SIRIUS XM HLDGS INCCOM82968B1035,4311,697,096SH DFND11,697,09600
SLM CORPCOM78442P1068,587350,800SH DFND3350,80000
SOTHEBYSCOM8358981073,15672,472SH DFND272,47200
SPDR GOLD TRUSTGOLD SHS78463V1072522,040SH DFND12,04000
SPDR GOLD TRUSTGOLD SHS78463V1073092,500SH DFND32,50000
SPDR S&P 500 ETF TRTR UNIT78462F10399,188530,400SH DFND1530,40000
SPDR S&P 500 ETF TRTR UNIT78462F1032,54313,600SH DFND313,60000
SPDR SERIES TRUSTBRC HGH YLD BD78464A4171,08526,250SH DFND126,25000
SPX CORPCOM7846351043,20232,568SH DFND232,56800
STERLING BANCORP DELCOM85917A10065851,960SH DFND151,96000
STRYKER CORPCOM8636671012,03625,000SH DFND325,00000
SUBURBAN PROPANE PARTNERS LUNIT LTD PARTN86448210449011,797SH DFND111,79700
SUNEDISON INCCOM86732Y1094,086216,900SH DFND3216,90000
SUNESIS PHARMACEUTICALS INCCOM NEW86732860149274,660SH DFND374,66000
SUNOCO LOGISTICS PRTNRS L PCOM UNITS86764L1081,43215,759SH DFND115,75900
SWS GROUP INCCOM78503N1071,545206,513SH DFND1206,51300
SYSCO CORPCOM8718291073,754103,900SH DFND1103,90000
TESORO CORPCOM88160910115,153299,510SH DFND1299,51000
TETRAPHASE PHARMACEUTICALS ICOM88165N10520018,400SH DFND118,40000
THE ADT CORPORATIONCOM00101J1061,78259,500SH DFND359,50000
THERMO FISHER SCIENTIFIC INCCOM8835561023,38228,124SH DFND228,12400
TIME WARNER CABLE INCCOM88732J20739,544288,266SH DFND1288,26600
TIMKEN COCOM8873891043,45858,831SH DFND258,83100
T-MOBILE US INCCOM8725901043049,211SH DFND19,21100
TOWER GROUP INTL LTDCOMG8988C1052,412893,100SHPutDFND1893,10000
TRIANGLE PETE CORPCOM NEW89600B2012,131258,587SH DFND1258,58700
TRINITY INDS INCCOM8965221091,11015,400SH DFND115,40000
TRIQUINT SEMICONDUCTOR INCCOM89674K10398973,834SH DFND173,83400
TWENTY FIRST CENTY FOX INCCL B90130A20038912,500SH DFND312,50000
UNITED RENTALS INCCOM9113631093,70739,042SH DFND239,04200
UNITED RENTALS INCCOM9113631099,646101,600SH DFND3101,60000
URS CORP NEWCOM9032361071,76637,525SH DFND137,52500
VALEANT PHARMACEUTICALS INTLCOM91911K1023,16624,018SH DFND224,01800
VALEANT PHARMACEUTICALS INTLCOM91911K1025,35240,600SH DFND340,60000
VANDA PHARMACEUTICALS INCCOM92165910848830,000SH DFND130,00000
VERIZON COMMUNICATIONS INCCOM92343V10479,0161,661,061SH DFND11,661,06100
VIRNETX HLDG CORPCOM92823T1083,875273,257SH DFND1273,25700
VMWARE INCCL A COM9285634027,76671,900SH DFND371,90000
VODAFONE GROUP PLC NEWSPNSR ADR NO PAR92857W3081,33236,190SH DFND136,19000
WABTEC CORPCOM9297401085487,075SH DFND17,07500
WAL-MART STORES INCCOM9311421033114,063SH DFND14,06300
WALTER INVT MGMT CORPCOM93317W10233811,335SH DFND111,33500
WENDYS COCOM95058W1003,155345,976SH DFND2345,97600
WILLIAMS COS INC DELCOM96945710050712,500SH DFND112,50000
WILLIAMS COS INC DELCOM9694571003,36882,997SH DFND282,99700
XPO LOGISTICS INCCOM9837931002,82796,135SH DFND196,13500
XYRATEX LTDCOMG982681085,425409,400SHPutDFND1409,40000
ZALE CORP NEWCOM9888581061,23158,893SH DFND158,89300