Financial services firm Cowen Group has signed an agreement to acquire KDC Securities, the securities lending business and broker-dealer subsidiary of alternative investment manager Kellner Capital.
KDC will be rebranded as Cowen Equity Finance Group following the close of the transaction, expected in the fourth quarter this year. The firm will be based in New York.
Rory Zirpolo, who heads KDCs securities lending business, will become managing director and head of the Equity Finance Group, reporting to Cowens co-heads of Equities, Tom OMara and Dan Charney.
Zirpolo is the former managing director of Credit Suisse Prime Services. He joined KDC from Credit Suisse in 2010.
Kellner and its securities lending team have built an impressive equity finance platform since the business was launched seven years ago, says Jeff Solomon, CEO of Cowen and Company, Cowens broker-dealer business. We believe the business is well positioned for future growth and is a strong complement to our existing sales and trading footprint.
Terms of the transaction were not disclosed.
(CG)