Cowen Group Inc. (COWN 4.57, +0.13, +2.93%) : The entire investment banking and asset management landscape has been altered by the implosion of Bear Stearns and Lehman Brothers. As a result of the extinction of these players and the restrictions placed on the big financials, boutique investment banks like Cowen Group have been able to gain market share and pick up some of the best talent on the Street.
This investment bank has specialties in mergers and restructuring, as well as an asset management business focusing on "hedge fund of funds." Cowen's head is the famed and legendary dealmaker Peter Cohen. He certainly may not want to sell -- but, as the banks start circling offering premiums to this ridiculously undervalued entity (Cowen trades at less then 0.9 times book), then the temptation may be too great.
Obvious acquirers would be BlackRock Inc., Legg Mason Inc., Swiss-based UBS AG, Morgan Stanley and German-based Deutsche Bank AG.
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