Cowen Group is closing its equity finance desk.
Cowen Equity Finance Group, which was bought from Kellner Capital in 2012 when it was known as KDC Securities, is being wound down, according to multiple sources.
The decision to exit equity finance makes Cowen’s foray into the business a short-lived one, with the firm only buying KDC Securities from hedge fund manager Kellner Capital in late 2012.
The Rory Zirpolo-led equity finance group that moved to Cowen included Jill Mandarino, Stephen Grazioli, Richard DePaulis, Dan Gee and CJ Romano.
Zirpolo, who worked as managing director of prime services at Credit Suisse before joining what was then Kellner DiLeo & Company in late 2010, most recently added Maria Damiano, as vice president of marketing for Europe, the Middle East and Africa, to his team at Cowen.
He also recruited Christopher Masse in the summer of 2014, and Marylou Carluccio and Stefanie Mangino in 2013.
Cowen declined a request for comment.
