CEFC buys 20% of Wall Street broker

Shanghai-based group's move makes it Cowen Group's biggest stockholder

Shanghai-based energy and financial services company, China Energy Company Ltd, said it had agreed to acquire a 20 percent stake in US brokerage company Cowen Group Inc for $100 million.

The deal, the latest in a series of investments by Chinese firms in US companies, makes CEFC the biggest shareholder of the New York-based company and also gives CEFC the right to appoint three directors to Cowen.