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Originally founded as a bond trading house, the Firm expanded in its early years to include correspondent clearing and execution services. As the Firm grew, it developed a leadership position in railroad bonds and launched a research and institutional sales business. The Firm expanded significantly in the 1970s in research and retail, opening six offices from coast-to-coast and expanding its business offerings through acquisitions: Hardy & Company, Greene & Ladd, G.S. Grumman and McCloy-Watterson & Co., Inc. In the 1980s, Cowen expanded internationally, established an investment banking business, and set up offices in London, Geneva, Paris, and Tokyo. In the 1990s the Firm grew the investment banking business, beginning with five IPOs and follow-ons for approximately $200 million, growing to nearly 80 transactions and $5 billion in proceeds by 1995.^[3] The Firm remained independent until 1998 when it was acquired by the French financial services company, Société Générale, and renamed SG Cowen. In 2000, the Firm sold its private client services unit to Lehman Brothers, retaining its investment banking, research and sales and trading operations.^[4] The Firm operated as a unit of Societe Generale until 2006, when it was spun off in an initial public offering and renamed itself, Cowen and Company. The public offering was joint bookrun by Cowen, Credit Suisse and Merrill Lynch.^[5] In 2009, the company merged with Ramius LLC to form a diversified financial services company.^[6] In February 2011, Cowen acquiredLaBranche & Co., a market-maker in options, exchange-traded funds and futures on various exchanges.^[7] In 2012, Cowen acquired Algorithmic Trading Management, a provider of global multi-asset class algorithmic execution trading models,^[8] and KDC Securities, a securities lending business.^[9] In March 2013, Cowen acquired Dahlman Rose & Company LLC, a privately held investment bank specializing in the energy, metals and mining, transportation, chemicals and agriculture sectors.^[10] Today, Cowen Group provides alternative asset management, investment banking, research and sales and trading services through its two business segments: Ramius and its affiliates make up the alternative investment segment and Cowen and Company and its affiliates make up the broker-dealer segment.