Ramius chief executive officer Michael Singer is leaving the alternative investment manager to pursue new career opportunities.
Fred Fraenkel, vice chairman of Cowen, has been named interim head of asset management.
“We thank Michael for his significant contributions to our business and wish him all the best in his future endeavours,” says Tom Strauss, chairman, Ramius and vice chairman, Cowen. “We are also pleased that Fred will lead our asset management business as we undertake a formal search process for a permanent replacement.”
“I thank Peter Cohen, Jeff Solomon and Tom Strauss for the opportunity to lead Ramius over these last four plus years,” says Singer (pictured). “Together we have achieved many of our key strategic goals and I now look forward to my next challenge.”
Prior to joining Cowen, Fraenkel was president of Fairholme Capital Management and chief research officer since 2011. Prior to Fairholme, Fraenkel was vice chairman and chairman of the investment policy committee of Beacon Trust Company.
Fraenkel founded Millennium 3 Capital in 2000, a venture firm specializing in early stage companies, and served as chairman until 2009. Prior to that, he served as vice chairman of ING Barings Furman Selz and chief operating officer of Furman Selz.
Prior to Furman Selz, Fraenkel spent seven years at Lehman Brothers, where he was a managing director and director of global research. Prior to Lehman Brothers, Fraenkel was chairman and chief executive officer of Market America Group, an investment advisory firm. He also spent four and a half years as Director of equity research and a member of the board of directors at Prudential Securities.
Fraenkel began his Wall Street career in 1974 as a securities analyst with Goldman Sachs and was chief investment strategist for E.F. Hutton in 1982.
