Exhibit 21.1
List of Subsidiaries of Cowen Group, Inc.
(as of December 31, 2012)
| Name of Subsidiary | Jurisdiction | |
| ATM USA, LLC | Delaware | |
| Algorithmic Trading Management, LLC | Delaware | |
| Algo Trading Management Inc. | New Jersey | |
| Born RCG Re SCA | Luxembourg | |
| Clemency RCG Re SCA | Luxembourg | |
| Cowen Alternative Investments, LLC | Delaware | |
| Cowen and Company, LLC | Delaware | |
| Cowen Capital LLC | New York | |
| Cowen Capital Partners II, LLC | Delaware | |
| Cowen Equity Finance Group LLC | Delaware | |
| Cowen Equity Finance LP | Delaware | |
| Cowen Financial Technology LLC | Delaware | |
| Cowen Holdings, Inc. | Delaware | |
| Cowen International Limited | England and Wales | |
| Cowen and Company (Asia) Limited | Hong Kong | |
| Cowen Asia Limited | Hong Kong | |
| Cowen Latitude Capital Group, LLC | Delaware | |
| Cowen Investment Consulting Co., Ltd. | China | |
| Cowen Overseas Investment LP | Cayman Islands | |
| Cowen Services Company, LLC | Delaware | |
| Cowen Structured Holdings Inc. | Delaware | |
| Cowen Structured Holdings LLC | Delaware | |
| Cowen Structured Products Specialists, LLC | Delaware | |
| Healthcare Royalty Management, LLC | Delaware | |
| Larochette RCG Re SCA | Luxembourg | |
| October LLC | Delaware | |
| Ramius Advisors, LLC | Delaware | |
| Ramius Alternative Solutions LLC | Delaware | |
| Ramius Asia LLC | Delaware | |
| Ramius Enterprise Investments Gibraltar Ltd | Gibraltar | |
| Ramius Enterprise Luxembourg Holdco SARL | Luxembourg | |
| Ramius Enterprise Luxembourg Holdco II SARL | Luxembourg | |
| Ramius Enterprise Master Fund Ltd | Cayman Islands | |
| Ramius LLC | Delaware | |
| Ramius Optimum Investments LLC | Delaware | |
| Ramius Structured Credit Group LLC | Delaware | |
| Ramius Trading strategies LLC | Delaware | |
RCG LV Pearl LLC | Delaware | |
RCG Insurance Company | New York | |
| RCG RE Manager LLC | Delaware | |
RCG Re S.a.r.l. | Luxembourg | |
Exhibit 21.1
List of Subsidiaries of Cowen Group, Inc.
(as of December 31, 2012)
(continued)
| Name of Subsidiary | Jurisdiction | |
| Ramius UK Limited | England | |
| Ramius V&O Holdings LLC | Delaware | |
Schengen RCG Re SCA | Luxembourg | |
| Starboard Value LP | Delaware | |
| Starboard Value A LP | Delaware | |
Vianden RCG Re SCA | Luxembourg | |
Wiltz RCG Re SCA | Luxembourg | |