Cowen Group is the latest to announce a higher compensation ratio.

DealBook, citing a press release reports that boutique bank Cowen Group is raising its compensation & benefits expense ratio from 60% to 65% for the FY 2007.

Despite the change, the bank predicts that ‘07 comp won’t touch ‘06. Said CEO Kim S. Fennebresque: “Notwithstanding this change, 2007 compensation will not approach the level of 2006. However, we believe that it is in the best interests of Cowen and its shareholders to take reasonable steps to provide competitive compensation for our employees in 2007.”

Compensation ratios typically range from the the upper 40s to 50s for bulge bracket banks.