BOSTON, January 14, 2008 — BNY Mellon Asset Servicing, the global leader in asset servicing, announced that it will administer the back- office and provide custody for Cowen Asset Management, LLC, the recently launched asset management firm of Cowen Group, Inc. BNY Mellon Asset Servicing will provide a number of outsourcing services, including transaction processing, custodian reconciliation, performance measurement and analytics, and investor reporting.

"We are pleased to be have been selected by Cowen to provide back-office support for its new asset management arm," said James P. Palermo, co-chief executive officer of BNY Mellon Asset Servicing. "We intend to provide Cowen with top-notch client service and technology, enabling Cowen to concentrate its resources on investment strategies and other front-office areas where it has a competitive edge."

Cowen Asset Management, LLC, a wholly-owned subsidiary of Cowen Group, Inc., a diversified financial services firm serving corporations and financial institutions around the world, is a newly formed investment management company focusing on the traditional institutional marketplace. It currently operates out of Boston and London and offers a menu of equity investment strategies.

BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services. BNY Mellon Asset Servicing provides services through The Bank of New York, Mellon Bank, N.A. and other related companies.

The Bank of New York Mellon Corporation (NYSE: BK) is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has more than $20 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $11 trillion in outstanding debt. Additional information is available at bnymellon.com.