Cowen GroupInc.'s board has increased the company's class A common sharerepurchase program by $3.6 million.

Since the program's authorization in August 2011, Cowen has boughtback $113.3 million worth of shares. With the increase, the total amountremaining available for repurchase is $25.0 million.

Cowen Group also reported a first-quarter net lossattributable to shareholders of $5.4 million, or 5 cents per share, comparedwith net income of $16.7 million, or 14 cents per share, in the year-ago period.