Piper Jaffray Companies operates as an investment bank and asset management company serving the needs of corporations, private equity groups, public entities, non-profit entities and institutional investors in the United States and internationally. 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. The company markets its investment banking and institutional securities business under a single name - Piper Jaffray. Its asset management business is marketed under Advisory Research, Inc. Businesses The company operates through two segments, Capital Markets and Asset Management. The Capital Markets segment provides investment banking and institutional sales, trading and research services for various equity and fixed income products. This segment also includes its alternative asset management funds and principal investments. The Asset Management segment includes traditional asset management activities and related services. Capital Markets Investment Banking - The company raises capital through equity financings and provides advisory services, primarily relating to mergers and acquisitions, for its corporate clients. The company operates in the following focus industries: business services, technology and renewables, consumer, healthcare, industrials, and technology, media and telecommunications, 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. The company’s public finance investment banking capabilities focus on state and local governments, cultural and social service non-profit entities, and the healthcare, education, senior living and hospitality sectors. 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, the company has equity sales and trading relationships with institutional investors in the United States and Europe that invest in its core sectors. The company’s research analysts provide investment ideas and support to its trading clients on approximately 550 companies. The company’s fixed income sales and trading professionals have expertise in municipal, corporate, mortgage, agency and structured product securities and cover a range of institutional investors. The company engages in trading activities for both customer facilitation and strategic trading purposes. The company’s strategic trading activities are focused solely to investing its own capital, and focus on investments in municipal bond and non-agency mortgage-backed securities. Principal Investments - The company engages in merchant banking activities, which involve equity or debt investments in late stage private companies. Additionally, the company has investments in private equity and venture capital funds and other firm investments. Alternative Asset Management Funds - As certain of its strategic trading and merchant banking efforts have matured and an investment process has been developed, the company has created alternative asset management funds investing in municipal securities and merchant banking in order to invest its own capital and to seek capital from outside investors. Asset Management Traditional Asset Management - The company’s traditional asset management business provides investment products through separately managed accounts and open-end and closed-end funds. Advisory Research, Inc. (ARI) manages domestic and international equity strategies for institutions, private clients and investment advisors. FAMCO MLP, a division of ARI, manages master limited partnerships (MLPs) and energy infrastructure strategies. Geographic Areas The company operates predominantly in the United States. The company also provides investment banking, research, and sales and trading services to selected companies in international jurisdictions in Europe. Piper Jaffray Ltd. is its subsidiary domiciled in London, England. Additionally, the company has an office in Hong Kong that operates under the name Piper Jaffray Hong Kong Ltd. and supports its U.S. equity advisory business. Regulation As a participant in the financial services industry, the company’s business is regulated by U.S. federal and state regulatory agencies, self-regulatory organizations (SROs) and securities exchanges, and by foreign governmental agencies, financial regulatory bodies and securities exchanges. The company’s U.S. broker dealer subsidiary (Piper Jaffray & Co.) is registered as a securities broker dealer with the Securities Exchange Commission and is a member of various SROs and securities exchange. History Piper Jaffray Companies was founded in 1895.