Cowen Group, Inc. is an investment bank that provides research, sales and trading, and investment banking services to companies and institutional investor clients in the healthcare, technology, telecommunications, alternative energy, consumer and aerospace & defense sectors. As of December 31, 2008, its research and sales and trading services were provided to over 1,000 domestic and international clients seeking to trade equity, convertible and other equity-linked securities, in its target sectors. In November 2009, Ramius LLC and Cowen Group, Inc. completed a business combination, pursuant to which the new company retained the Cowen Group, Inc. name. Cowen Group, Inc. comprises two business units, Ramius, and Cowen and Company. The Ramius business unit will operate the combined company's alternative investment management business, and the Cowen and Company business unit will continue to run the Company's investment banking franchise, as well as its research and brokerage capabilities.