Businessweek

Piper Jaffray Companies operates as an investment bank and asset management company. The company serves the needs of corporations, private equity groups, public entities, non-profit entities, and institutional investors in the United States, Asia, and Europe. The company provides a set of products and services, including equity and debt capital markets products; public finance services; financial advisory services; equity and fixed income institutional brokerage; equity and fixed income research; and asset management services. It markets its investment banking and institutional securities business under a single name, Piper Jaffray, which gives the company a brand across this business. Its asset management business is marketed under two names, such as ARI for its subsidiary Advisory Research, Inc.; and FAMCO, for its subsidiary, Fiduciary Asset Management, Inc. Operations The company’s operations consist principally of four components: Investment Banking: The company raises capital through equity financings and provides advisory services, primarily relating to mergers and acquisitions, for its corporate clients. It operates in industries, such as business and financial services, clean technology and renewables, consumer, healthcare, industrial growth, and media, telecommunications, and technology, primarily focusing on middle-market clients. For its government and non-profit clients, the company underwrites debt issuances and provides financial advisory and interest rate risk management services. Its public finance investment banking capabilities focus on state and local governments, and the healthcare, higher education, housing, hospitality, transportation, and commercial real estate industries. Equity and Fixed Income Institutional Brokerage: The company offers both equity and fixed income advisory and trade execution services for institutional investors and government and non-profit entities. Integral to its capital markets efforts, it has equity sales and trading relationships with institutional investors in the United States, Asia, and Europe that invest in its focus industries. Its fixed income sales and trading professionals have expertise in municipal, corporate, mortgage, agency, and structured product securities, and cover a range of institutional investors. In addition, the company engages in proprietary trading in various products where it has expertise. Asset Management: The company’s asset management business provides services to separately managed accounts, private funds or partnerships, and open-end and closed-end registered investment companies or funds. It offers a range of investment products, including small and mid-cap value equity, master limited partnerships (MLP) focused on the energy industry, and fixed income (including a private municipal fund). Other: Other activities include merchant banking activities, which involve proprietary debt or equity investments in late stage private companies; investments in private equity and venture capital funds, as well as other firm investments; and the forfeiture of stock-based compensation. History Piper Jaffray Companies was founded in 1895.