Neuberger Berman To Buy Ramius' Stake In Orchard Square Partners

(RTTNews) - Financial services firm Cowen Group, Inc. (COWN) said on Wednesday that its unit Ramius LLC's stake in Orchard Square Partners will be bought by private investment company Neuberger Berman for nearly $475 million in client assets. Terms of the deal were not disclosed. Orchard Square Partners manages capital for a diversified investor base, which includes insurance companies, institutions and endowments mostly from North America, Europe, Asia and the Middle East. Following the transaction, the team of Orchard Square Partners will be joining Neuberger Berman.

The deal is expected to close on December 31, 2014.