Cowen Group Buying Latitude Capital

NEW YORK (Associated Press) – Investment bank Cowen Group  Inc. (COWN) said Friday it will acquire Latitude Capital Group for an undisclosed sum.

Latitude Capital is an investment banking firm headquartered in Hong Kong with offices elsewhere in China.

The acquisition will boost Cowen Group's Asian presence.

The deal is expected to close during the second quarter. Latitude will be renamed Cowen Latitude Asia once the deal is closed.

Shares of Cowen Group rose 19 cents, or 2.7 percent, to $7.15 in afternoon trading.