UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 2011
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, 2Oth Flr.
New York, NY 10022
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 Littman New York, NY February 10, 2012
Report Type (Check only one.):
[ X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 5
Form 13F Information Table Entry Total: 286
Form 13F Information Table Value Total: $1,308,652 (thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional managers with respect to which this report is filed, other
than the manager filing this report.
No. 13F File Number Name
01 028-06309 Ramius LLC
02 028-10674 Ramius Advisors, LLC
03 028-14361 Ramius Alternative Solutions LLC
04 028-10501 Cowen Capital LLC
05 028-04125 Cowen and Company LLC
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
99 CENTS ONLY STORES COM 65440K106 97 4400 SH DEFINED 05 4400 0 0
99 CENTS ONLY STORES COM 65440K106 775 35300 SH CALL DEFINED 02 35300 0 0
99 CENTS ONLY STORES COM 65440K106 902 41100 SH PUT DEFINED 02 41100 0 0
99 CENTS ONLY STORES COM 65440K106 1785 81339 SH DEFINED 02 81339 0 0
ADA ES INC COM 005208103 1170 51690 SH DEFINED 02 51690 0 0
ADOBE SYS INC COM 00724F101 401 14200 SH CALL DEFINED 02 14200 0 0
ADVANCED ANALOGIC TECHNOLOGI COM 00752J108 173 30000 SH DEFINED 05 30000 0 0
AFFYMAX INC COM 00826A109 1308 197900 SH PUT DEFINED 05 197900 0 0
AFFYMAX INC COM 00826A109 896 135600 SH DEFINED 05 135600 0 0
AGRIUM INC COM 008916108 1275 19000 SH CALL DEFINED 02 19000 0 0
ALCOA INC COM 013817101 2405 278000 SH CALL DEFINED 02 278000 0 0
AMERICAN DENTAL PARTNERS COM 025353103 1176 62436 SH DEFINED 02 62436 0 0
AMERICAN DENTAL PARTNERS COM 025353103 194 10300 SH DEFINED 05 10300 0 0
AMYLIN PHARMACEUTICALS INC COM 032346108 324 28500 SH DEFINED 05 28500 0 0
AMYLIN PHARMACEUTICALS INC COM 032346108 398 35000 SH PUT DEFINED 05 35000 0 0
ANALOG DEVICES INC COM 032654105 687 19200 SH CALL DEFINED 05 19200 0 0
API TECHNOLOGIES CORP COM NEW 00187E203 80 25179 SH DEFINED 02 25179 0 0
APPLE INC COM 037833100 2159 5332 SH DEFINED 02 5332 0 0
APPLIED MATLS INC COM 038222105 1067 99600 SH CALL DEFINED 02 99600 0 0
ARIAD PHARMACEUTICALS INC COM 04033A100 919 75000 SH DEFINED 02 75000 0 0
ARIAD PHARMACEUTICALS INC COM 04033A100 830 67800 SH CALL DEFINED 05 67800 0 0
ARIAD PHARMACEUTICALS INC COM 04033A100 1470 120000 SH PUT DEFINED 02 120000 0 0
ATLAS ENERGY LP COM UNITS LP 04930A104 5939 244400 SH CALL DEFINED 05 244400 0 0
ATLAS PIPELINE PARTNERS LP UNIT L P INT 049392103 411 11100 SH CALL DEFINED 05 11100 0 0
ATP OIL & GAS CORP COM 00208J108 97 13200 SH CALL DEFINED 05 13200 0 0
AVALONBAY CMNTYS INC COM 053484101 6530 50000 SH PUT DEFINED 02 50000 0 0
AVANIR PHARMACEUTICALS INC CL A NEW 05348P401 37 18250 SH DEFINED 05 18250 0 0
AVANIR PHARMACEUTICALS INC CL A NEW 05348P401 38 19000 SH CALL DEFINED 05 19000 0 0
AVANIR PHARMACEUTICALS INC CL A NEW 05348P401 38 18600 SH PUT DEFINED 05 18600 0 0
BANK OF AMERICA CORPORATION COM 060505104 556 100000 SH PUT DEFINED 02 100000 0 0
BARCLAYS BK PLC IPATH S&P MT ETN 06740C519 2758 45470 SH DEFINED 03 45470 0 0
BIOGEN IDEC INC COM 09062X103 990 9000 SH DEFINED 05 9000 0 0
BIOGEN IDEC INC COM 09062X103 8804 80000 SH PUT DEFINED 05 80000 0 0
BIONOVO INC COM NEW 090643206 116 500000 SH DEFINED 05 500000 0 0
BIONOVO INC COM NEW 090643206 10 45000 SH DEFINED 02 45000 0 0
BLUE COAT SYSTEMS INC COM NEW 09534T508 3209 126100 SH CALL DEFINED 02 126100 0 0
BLUE COAT SYSTEMS INC COM NEW 09534T508 361 14200 SH DEFINED 05 14200 0 0
BLUE COAT SYSTEMS INC COM NEW 09534T508 2342 92040 SH DEFINED 02 92040 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 741 6500 SH DEFINED 02 6500 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 2513 71300 SH CALL DEFINED 02 71300 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 2763 78400 SH PUT DEFINED 02 78400 0 0
BROADCOM CORP CL A 111320107 2501 85200 SH CALL DEFINED 05 85200 0 0
BROADWIND ENERGY INC COM 11161T108 237 348300 SH DEFINED 02 348300 0 0
BUCKEYE PARTNERS L P UNIT LTD PARTN 118230101 288 4500 SH DEFINED 02 4500 0 0
CADENCE PHARMACEUTICALS INC COM 12738T100 201 50800 SH CALL DEFINED 05 50800 0 0
CAPITAL ONE FINL CORP COM 14040H105 913 21600 SH CALL DEFINED 05 21600 0 0
CAPITAL ONE FINL CORP COM 14040H105 211 5000 SH PUT DEFINED 05 5000 0 0
CAPITAL ONE FINL CORP COM 14040H105 214 5050 SH DEFINED 02 5050 0 0
CBOE HLDGS INC COM 12503M108 2370 91664 SH DEFINED 04 91664 0 0
CELGENE CORP COM 151020104 0 1 SH DEFINED 05 1 0 0
CELGENE CORP COM 151020104 3711 54900 SH CALL DEFINED 05 54900 0 0
CELGENE CORP RIGHT 12/31/2011 151020112 0 5 SH DEFINED 05 5 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 78 14400 SH CALL DEFINED 05 14400 0 0
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CISCO SYS INC COM 17275R102 11390 630000 SH PUT DEFINED 05 630000 0 0
CLEVELAND BIOLABS INC COM 185860103 704 246300 SH DEFINED 02 246300 0 0
COACH INC COM 189754104 2442 40000 SH PUT DEFINED 02 40000 0 0
COMPLETE PRODUCTION SERVICES COM 20453E109 833 24811 SH DEFINED 05 24811 0 0
COMPLETE PRODUCTION SERVICES COM 20453E109 2875 85673 SH DEFINED 02 85673 0 0
COMPUTER PROGRAMS & SYS INC COM 205306103 3081 60280 SH DEFINED 02 60280 0 0
CONOCOPHILLIPS COM 20825C104 12942 177600 SH CALL DEFINED 02 177600 0 0
CONSTELLATION ENERGY GROUP I COM 210371100 4245 107000 SH DEFINED 02 107000 0 0
CONSTELLATION ENERGY GROUP I COM 210371100 397 10000 SH DEFINED 05 10000 0 0
CONSTELLATION ENERGY PRTNR L COM UNIT LLC B 21038E101 156 79720 SH DEFINED 02 79720 0 0
COWEN GROUP INC NEW CL A 223622101 1573 607525 SH DEFINED 02 607525 0 0
CREDIT SUISSE NASSAU BRH ETN IDX-LKD 20 22542D845 2076 98873 SH DEFINED 03 98873 0 0
CROWN HOLDINGS INC COM 228368106 3761 112000 SH CALL DEFINED 05 112000 0 0
DEERE & CO COM 244199105 224 2900 SH CALL DEFINED 02 2900 0 0
DELPHI FINL GROUP INC CL A 247131105 1772 40000 SH DEFINED 02 40000 0 0
DEMANDTEC INC COM NEW 24802R506 1160 88056 SH DEFINED 02 88056 0 0
DENDREON CORP COM 24823Q107 568 74800 SH CALL DEFINED 05 74800 0 0
DENDREON CORP COM 24823Q107 432 56800 SH PUT DEFINED 05 56800 0 0
DEPOMED INC COM 249908104 75 14500 SH DEFINED 05 14500 0 0
DEPOMED INC COM 249908104 486 93900 SH PUT DEFINED 05 93900 0 0
DEVON ENERGY CORP NEW COM 25179M103 868 14000 SH CALL DEFINED 05 14000 0 0
DRESSER-RAND GROUP INC COM 261608103 13346 267400 SH CALL DEFINED 05 267400 0 0
DYNAVAX TECHNOLOGIES CORP COM 268158102 334 100600 SH DEFINED 02 100600 0 0
EASTMAN CHEM CO COM 277432100 578 14803 SH DEFINED 05 14803 0 0
EASTMAN CHEM CO COM 277432100 5464 139900 SH CALL DEFINED 05 139900 0 0
ELDORADO GOLD CORP NEW COM 284902103 548 40000 SH CALL DEFINED 02 40000 0 0
ENDO PHARMACEUTICALS HLDGS I COM 29264F205 514 14900 SH CALL DEFINED 05 14900 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 3593 112700 SH DEFINED 02 112700 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 797 25000 SH CALL DEFINED 02 25000 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 1674 52500 SH PUT DEFINED 02 52500 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 788 17000 SH DEFINED 02 17000 0 0
EXELIXIS INC COM 30161Q104 133 28100 SH CALL DEFINED 05 28100 0 0
EXELON CORP COM 30161N101 6050 139500 SH CALL DEFINED 05 139500 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 3228 300000 SH PUT DEFINED 02 300000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 3228 300000 SH CALL DEFINED 02 300000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 3139 291700 SH DEFINED 02 291700 0 0
FUSION-IO INC COM 36112J107 183 7550 SH DEFINED 05 7550 0 0
FUSION-IO INC COM 36112J107 232 9600 SH PUT DEFINED 05 9600 0 0
GAYLORD ENTMT CO NEW COM 367905106 266 11000 SH DEFINED 05 11000 0 0
GENERAL DYNAMICS CORP COM 369550108 5001 75300 SH CALL DEFINED 05 75300 0 0
GERON CORP COM 374163103 4 3000 SH DEFINED 05 3000 0 0
GERON CORP COM 374163103 41 27500 SH CALL DEFINED 05 27500 0 0
GILEAD SCIENCES INC COM 375558103 5207 127200 SH CALL DEFINED 05 127200 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 1700 18800 SH CALL DEFINED 02 18800 0 0
GOODRICH CORP COM 382388106 120706 975800 SH CALL DEFINED 02 975800 0 0
GOODRICH CORP COM 382388106 18556 150000 SH CALL DEFINED 05 150000 0 0
GOODRICH CORP COM 382388106 3463 28000 SH PUT DEFINED 02 28000 0 0
GOODRICH CORP COM 382388106 18375 148550 SH DEFINED 05 148550 0 0
HEALTH NET INC COM 42222G108 1171 38500 SH PUT DEFINED 05 38500 0 0
HEALTH NET INC COM 42222G108 12 400 SH DEFINED 05 400 0 0
HEALTHSPRING INC COM 42224N101 818 15000 SH PUT DEFINED 05 15000 0 0
HEALTHSPRING INC COM 42224N101 4091 75000 SH CALL DEFINED 05 75000 0 0
HEALTHSPRING INC COM 42224N101 12426 227828 SH DEFINED 02 227828 0 0
HEALTHSPRING INC COM 42224N101 12010 220200 SH CALL DEFINED 02 220200 0 0
HEALTHSPRING INC COM 42224N101 1364 25000 SH DEFINED 05 25000 0 0
HUMAN GENOME SCIENCES INC COM 444903108 3223 436100 SH CALL DEFINED 05 436100 0 0
INTEL CORP COM 458140100 8187 337622 SH DEFINED 05 337622 0 0
INTEL CORP COM 458140100 7304 301200 SH CALL DEFINED 05 301200 0 0
INTEL CORP COM 458140100 48098 1983400 SH PUT DEFINED 05 1983400 0 0
INTERMUNE INC COM 45884X103 315 25000 SH CALL DEFINED 05 25000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 919 5000 SH DEFINED 02 5000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 0 1 SH DEFINED 05 1 0 0
INTEROIL CORP COM 460951106 8693 170000 SH CALL DEFINED 05 170000 0 0
ISHARES GOLD TRUST ISHARES 464285105 476 31280 SH DEFINED 02 31280 0 0
ISHARES INC MSCI AUSTRALIA 464286103 1027 47900 SH DEFINED 02 47900 0 0
ISHARES INC MSCI CDA INDEX 464286509 266 10000 SH DEFINED 02 10000 0 0
ISHARES INC MSCI S KOREA 464286772 4966 95030 SH DEFINED 02 95030 0 0
ISHARES S&P GSCI COMMODITY I UNIT BEN INT 46428R107 3415 103554 SH DEFINED 03 103554 0 0
ISHARES TR FTSE CHINA25 IDX 464287184 1763 50571 SH DEFINED 02 50571 0 0
ISHARES TR FTSE CHINA25 IDX 464287184 279 8000 SH PUT DEFINED 05 8000 0 0
ISHARES TR FTSE CHINA25 IDX 464287184 23834 683500 SH PUT DEFINED 02 683500 0 0
ISHARES TR FTSE CHINA25 IDX 464287184 25581 733600 SH CALL DEFINED 02 733600 0 0
ISHARES TR HIGH YLD CORP 464288513 22332 249711 SH DEFINED 03 249711 0 0
ISHARES TR MSCI EMERG MKT 464287234 759 20000 SH CALL DEFINED 02 20000 0 0
ISHARES TR RUSSELL 2000 464287655 13275 180000 SH PUT DEFINED 02 180000 0 0
ISHARES TR RUSSELL MCP GR 464287481 29 528 SH DEFINED 05 528 0 0
ISHARES TR RUSSELL MCP VL 464287473 7 160 SH DEFINED 05 160 0 0
ISHARES TR RUSSELL1000GRW 464287614 4427 76613 SH DEFINED 03 76613 0 0
ISHARES TR S&P NA NAT RES 464287374 29 773 SH DEFINED 05 773 0 0
JEFFERIES GROUP INC NEW COM 472319102 413 30000 SH PUT DEFINED 02 30000 0 0
JOHNSON & JOHNSON COM 478160104 238 3630 SH DEFINED 02 3630 0 0
JOHNSON & JOHNSON COM 478160104 0 1 SH DEFINED 05 1 0 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 13 5000 SH DEFINED 05 5000 0 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 38 15000 SH PUT DEFINED 05 15000 0 0
LAM RESEARCH CORP COM 512807108 230 6200 SH CALL DEFINED 02 6200 0 0
LAM RESEARCH CORP COM 512807108 2962 80000 SH CALL DEFINED 05 80000 0 0
LAM RESEARCH CORP COM 512807108 206 5561 SH DEFINED 05 5561 0 0
LIGHTBRIDGE CORP COM 53224K104 223 109400 SH DEFINED 02 109400 0 0
LIGHTBRIDGE CORP COM 53224K104 102 50000 SH CALL DEFINED 02 50000 0 0
LOOPNET INC COM 543524300 373 20400 SH DEFINED 02 20400 0 0
LOOPNET INC COM 543524300 49 2700 SH DEFINED 05 2700 0 0
LULULEMON ATHLETICA INC COM 550021109 1167 25000 SH CALL DEFINED 05 25000 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 996 14460 SH DEFINED 02 14460 0 0
MAGMA DESIGN AUTOMATION COM 559181102 341 47500 SH CALL DEFINED 05 47500 0 0
MANNKIND CORP COM 56400P201 585 233400 SH CALL DEFINED 05 233400 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 771 15000 SH DEFINED 02 15000 0 0
MASTERCARD INC CL A 57636Q104 52 140 SH DEFINED 05 140 0 0
MASTERCARD INC CL A 57636Q104 9321 25000 SH CALL DEFINED 02 25000 0 0
MCCORMICK & SCHMICKS SEAFD R COM 579793100 2140 244868 SH DEFINED 02 244868 0 0
MEDCO HEALTH SOLUTIONS INC COM 58405U102 12882 230454 SH DEFINED 02 230454 0 0
MEDCO HEALTH SOLUTIONS INC COM 58405U102 240 4300 SH DEFINED 05 4300 0 0
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MORGAN STANLEY COM NEW 617446448 378 25000 SH PUT DEFINED 02 25000 0 0
MOTOROLA MOBILITY HLDGS INC COM 620097105 3434 88500 SH DEFINED 02 88500 0 0
MOTOROLA MOBILITY HLDGS INC COM 620097105 572 14737 SH DEFINED 05 14737 0 0
MOTOROLA MOBILITY HLDGS INC COM 620097105 318 8200 SH CALL DEFINED 02 8200 0 0
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NETLOGIC MICROSYSTEMS INC COM 64118B100 4957 100000 SH CALL DEFINED 05 100000 0 0
NOVELLUS SYS INC COM 670008101 846 20500 SH DEFINED 05 20500 0 0
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NPS PHARMACEUTICALS INC COM 62936P103 53 8000 SH DEFINED 05 8000 0 0
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ONEOK INC NEW COM 682680103 217 2500 SH DEFINED 02 2500 0 0
OPTIMER PHARMACEUTICALS INC COM 68401H104 122 10000 SH DEFINED 05 10000 0 0
OPTIMER PHARMACEUTICALS INC COM 68401H104 490 40000 SH CALL DEFINED 05 40000 0 0
OPTIMER PHARMACEUTICALS INC COM 68401H104 184 15000 SH PUT DEFINED 05 15000 0 0
ORACLE CORP COM 68389X105 5469 213200 SH DEFINED 05 213200 0 0
ORACLE CORP COM 68389X105 5469 213200 SH PUT DEFINED 05 213200 0 0
OWENS CORNING NEW COM 690742101 431 15000 SH CALL DEFINED 05 15000 0 0
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