Cowen Group will launch a credit fixed-income group to be headed by Kevin Reynolds. It has also hired Leonard Sheer as managing director, the firm announced today.
Reynolds and Sheer will be responsible for fixed-income and credit product origination and execution, including public and private debt placements, exchange offers, consent solicitations, and tender offers.
Reynolds, who began his career at Salomon Brothers, was previously co-head of capital markets origination at Gleacher & Co. His primary areas of focus include credit research, bankruptcy and distressed trading, emerging market debt capital markets, and corporate ABS. Before joining Gleacher, he spent 12 years at UBS in several senior roles, including co-head of corporate recapitalizations and liability management, and as the head of corporate ABS business, where he structured and executed the first whole business securitization for a tender of a public company.
Sheer also joins from Gleacher, where he was a managing director. He has 14 years of experience in the industry and his background includes private placements of debt and equity and domestic and international merger and acquisition advisory roles. Before joining Gleacher, he was a senior analyst at New York-based hedge fund Pardus Capital, where he focused on investing in debt and equity.
"We are thrilled to launch this new initiative, which we believe will augment our business, provide value for our existing clients and allow us to serve new clients," said Peter Cohen, Cowen’s chairman and CEO. "Adding a deeply experienced team to create innovative debt financing solutions allows us to capitalize on a previously identified growth opportunity for Cowen. Kevin and Len each have a stellar track record of meeting client needs, we welcome them to the firm and we look forward to their contributions."
Cowen Group is a diversified financial services firm providing alternative investment management, investment banking, research, and sales and trading services through its business units, Ramius and Cowen and Co.