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COWEN'S STANDBY RESERVE FUND RANKED NO. 1 FOR SIX CONSECUTIVE MONTHS

 NEW YORK, Dec. 15 /PRNewswire/ -- Cowen & Company announced today that its record-setting Standby Reserve money market fund has been ranked No. 1 in yield among funds with assets of over $500 million for six consecutive months. The fund is managed by Stephen A. Stone, special limited partner and director, and Gladys Chow, vice president of the Money Market Group at Cowen. The ranking was compiled by IBC/Donoghue.
 "We are very proud of the performance of the fund," said Joseph M. Cohen, chairman of Cowen. "This consistent record is especially noteworthy given the economic climate and the political uncertainty of the past six months."
 The fund, with net assets of $752 million, returned a seven-day annualized yield of 3.61 percent as of Nov. 24, 1992. This yield is about 1 percent higher than the IBC/Donoghue average money market fund yield over the same six-month period.
 Mr. Stone attributed the fund's strongly superior performance to its lengthened average maturity and portfolio holdings.
 "Currently, we hold approximately 68 percent in government securities. This gives us greater liquidity and improved credit quality," Mr. Stone said. "We are constantly adjusting the average maturity of the fund to accommodate market movements and price volatility."
 Established in 1918, Cowen is a privately-held securities and investment banking partnership in New York, with research and investment banking offices in Boston and San Francisco. In corporate finance, Cowen is one of the top ten underwriters of equities in the health care and technology sectors. The firm is well known in the industry for its research ability, especially in the areas of biotechnology and computer/high technology, and also has a significant presence in correspondent services and asset management. Cowen's more than 1,200 employees serve its institutional and individual clients domestically and internationally through 18 offices in the United States and abroad. Cowen has more than $250 million in revenues and $92 million in capital.
 -0- 12/15/92
 /CONTACT: Surya Shah of Edelman Public Relations, 212-704-8172, for Cowen/


CO: Cowen & Company ST: New York IN: FIN SU:

GK-SH -- NY014 -- 7096 12/15/92 10:13 EST
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Publication:PR Newswire
Date:Dec 15, 1992
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