SAN FRANCISCO (Thomson Financial) - Cowen Group Inc. said Friday it has agreed to acquire Latitude Capital Group, a boutique investment bank headquartered in Hong Kong with offices in mainland China.

Financial terms of the deal, which is expected to close in the second quarter, weren't disclosed.

New York-based Cowen said the acquisition will enhance its activities in Asia and provide a platform for future growth across the region.

Latitude will be renamed Cowen Latitude Asia upon the closing of the transaction. Frank Au, currently president of Latitude, will become chief executive of Cowen Latitude Asia and will join Cowen's investment banking operating committee.

Shares of Cowen rose 2.2% to $7.11.