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Exhibit 99.3

CONSENT OF KEEFE, BRUYETTE & WOODS, INC.

        We hereby consent to the inclusion of our opinion letter to the Board of Directors of LaBranche & Co, Inc. as Annex B to the Joint Proxy Statement/Prospectus which forms a part of the Registration Statement on Form S-4 dated the date hereof relating to the proposed merger of Louisiana Merger Sub, Inc., a direct wholly owned subsidiary of Cowen Group, Inc., with and into LaBranche & Co Inc. and to the references to and description of such opinion therein. This consent relates solely to the Registration Statement and not to any subsequent amendments thereto or any other document.

        In giving such consent, we do not admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended or the rules and regulations of the Securities and Exchange Commission thereunder, nor do we hereby admit that we are experts with respect to any part of such Registration Statement within the meaning of the term "experts" as used in the Securities Act or the rules and regulations of the Securities and Exchange Commission thereunder.

Dated: March 31, 2011

/s/ Keefe, Bruyette & Woods, Inc.

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Exhibit 99.3

CONSENT OF KEEFE, BRUYETTE & WOODS, INC.