Document




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 30, 2017
COWEN INC.
(Exact Name of Registrant as Specified in Charter)
 
 
 
 
 
Delaware
 
001-34516
 
27-0423711
(State or Other Jurisdiction
of Incorporation)
 
(Commission File Number)
 
(I.R.S. Employer
Identification No.)
599 Lexington Avenue
New York, NY 10022
(Address of Principal Executive Offices and Zip Code)
Registrant’s telephone number, including area code: (212) 845-7900

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐









Item 7.01. Regulation FD Disclosure.
Estimated Unaudited Assets Under Management
The Company is disclosing to investors in the private investment funds that it manages that, as of May 1, 2017, the estimated unaudited amount of assets under management was approximately $10.8 billion, which reflects a net increase of approximately $0.08 billion since April 1, 2017. The Company’s estimate of assets under management is inclusive of performance for the month ended April 30, 2017 and capital flows as of May 1, 2017.

 
 
April 1, 2017 (f)
 
Net Flows/Performance
 
May 1, 2017 (f)
Platform
 
(dollars in millions)
Hedge Funds (a) (b) (c)
 
$
6,737

 
$
115

 
$
6,852

Ramius Trading Strategies
 
43

 
(43
)
 

Real Estate (a) (e)
 
1,720

 
14

 
1,734

Healthcare Royalty Partners (d) (e)
 
2,213

 
(7
)
 
2,206

Total
 
$
10,714

 
$
79

 
$
10,793


(a)
The Company owns between 20% and 55% of the general partners, investment managers or managing members of the real estate business, the activist business and the global macro business (the single strategy hedge funds), the alternative solutions business and the equity long/short business. We do not possess unilateral control over any of the foregoing business. The Company owns 100% of the investment manager of the event-driven business.
(b)
Includes approximately $561 million of committed but undrawn capital that will only be charged fees when invested.
(c)
These amounts include the Company's invested capital of approximately $179.7 million and $179.6 million as of May 1, 2017, and April 1, 2017, respectively (including interests in both a registered investment company and an “Undertakings for Collective Investment Trust” (or UCITs fund), each of which pursues a hedge fund-style strategy).
(d)
These amounts include the Company's invested capital of approximately $10.4 million and $10.3 million as of May 1, 2017, and April 1, 2017, respectively.
(e)
This amount reflects committed capital.
(f)
Net performance is net of all management and incentive fees and includes the effect of any foreign exchange translation adjustments and leverage in certain funds.







SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
COWEN INC.


Dated: May 30, 2017        By: _/s/ Owen S. Littman                    
Name:    Owen S. Littman     
Title:     General Counsel