Subsequent Events

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On October 1, 2015, the Company completed its acquisition of all of the outstanding interests in Conifer Securities, LLC ("Conifer"), a registered broker-dealer (member FINRA and SIPC) representing the prime brokerage services division of Conifer Financial Services LLC. The acquisition was completed for a combination of cash and contingent consideration. In accordance with the terms of the purchase agreement, the Company is required to pay the sellers a portion of future net revenues once certain revenue targets are achieved through December 31, 2018. The Company is currently in the process of identifying the assets and liabilities acquired and finalizing the purchase price and valuation for certain acquired assets of Conifer therefore the initial accounting for the business acquisition is incomplete. Following the acquisition, Conifer was in the process of being integrated in to the broker-dealer segment and was renamed Cowen Prime Services Trading, LLC.

On October 28, 2015, the Company's Board of Directors approved a $19.1 million increase in the Company's share repurchase program (see Note 15) bringing the total remaining shares available for repurchase to $25.0 million.

The Company has evaluated events that have occurred after the balance sheet date but before the financial statements are issued and has determined that there were no additional subsequent events requiring adjustment or disclosure in the consolidated financial statements.