Redeemable non-controlling interests in consolidated subsidiaries

12 Months Ended

Dec. 31, 2011

Redeemable non-controlling interests in consolidated subsidiaries

Redeemable Non-Controlling Interests in Consolidated Subsidiaries

Redeemable non-controlling interests in consolidated subsidiaries and the related net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries are comprised as follows:



	As of December 31,
	2011		2010
	(dollars in thousands)
Redeemable non-controlling interests in consolidated subsidiaries
Operating Companies(a)	$	6,472	$	1,009
Consolidated Funds	98,115		143,337
	$	104,587	$	144,346


(a)	See Note 3b



	Year ended December 31,
	2011			2010		2009
	(dollars in thousands)
Income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries
Operating Companies	$	7,002		$	1,759	$	602
Consolidated Funds and certain real estate entities	(1,175		)	11,968		15,646
	$	5,827		$	13,727	$	16,248

In connection with the Transactions, Cowen Holdings purchased from HVB the 50% interest in Ramius Alternative Solutions that HVB owned, resulting in Ramius Alternative Solutions becoming a wholly owned subsidiary of the Company. This resulted in the derecognition of the carrying value of HVB's non-controlling interest of $13.5 million as of the acquisition date. Included in income (loss) attributable to redeemable non-controlling interests for the year-ended December 31, 2009 is $0.4 million of income attributable to HVB for the period from January 1, 2009 to November 2, 2009.

Also in connection with the Transactions, the Company recorded non-controlling interest in the CHRP GPs of $6 million. See Note 2 for further information.

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

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