Cowen Group said it agreed to acquire Algorithmic Trading Management, a provider of customized code for executing trades electronically.

Terms were not announced.

Financial terms of the transaction were not disclosed.

Algorithmic Trading Management will continue to operate as a separate financial technology business.

Douglas Rivelli, Co-Head of Quantitative Trading Solutions at Cowen, will serve as Chief Executive Officer of Algorithmic Trading Management.

The transaction is expected to close before the end of June.

Algorithmic Trading Management supplies customized algorithms to both buy side and sell side traders. The company “shapes” them to “accommodate a nearly limitless number of objectives” and strategies ranging from single stock to pairs to portfolios. This agility provides our clients with the highest-quality execution, unmatched

The company was one of the first i first providers of algorithms for “directional” high-frequency baskets of orders.

Cowen Group provides alternative investment management, investment banking, research, market-making and sales and trading services through its two main businesses: alternative investment management and brokerage.

The brokerage business accounted for $78.7 million of its $185.8 million in revenue in the first nine months of 2011. Investment banking accounted for $39.8 million.

The Algorithmic Trading Managemtn deal comes exactly one year after Cown announced plans to acquire LaBranche & Co Inc., a market-maker in options, exchange- traded funds and futures on domestic and foreign exchanges .

Cowen paid about $192.8 million for LaBranche.

Tom Steinert-Threlkeld writes for Securities Technology Monitor.

Tom Steinert-Threlkeld is editorial director of the Money Management Group at SourceMedia. He oversees the Web and print operations of Money Management Executive, Mandate Pipeline, and Securities Technology Monitor. He also advises the Web operations of FInancial Planning, On Wall Street and Bank Investment Consultant. He was vice president of the Enterprise Group of Ziff Davis Media, where he founded Baseline magazine and was editor of Interactive Week. He also has extensive background in metropolitan daily news at The Dallas Morning News and the Fort Worth Star-Telegram in Texas. More recently, he served as editorial director of Broadcasting and Cable as well as Multichannel News magazines for Reed Business Information.