Piper Jaffray

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Piper Jaffray & Co.
Public
Traded as NYSE: PJC
Industry Financial Services
Founded Minneapolis, Minnesota (1895)
Headquarters Minneapolis, Minnesota, United States
Key people
 Andrew S. Duff, Chairman and CEO
Products Investment Banking, Public Finance, Asset Management and Institutional Brokerage
Slogan Guides for the Journey
Website www.piperjaffray.com

Piper Jaffray (NYSE: PJC) is a full-service investment bank and asset management firm focused on mergers and acquisitions, financial restructuring, public offerings, public finance, institutional brokerage, investment management and securities research. Through its principal subsidiary, Piper Jaffray & Co., the company targets corporations, institutional investors, and public entities.

Based in Minneapolis, Minnesota, Piper Jaffray has 54 offices in the U.S., Europe and Asia.[1] The company was founded in 1895.

History

Piper Jaffray traces its roots to 1895 when George Lane established George B. Lane, Commercial Paper and Collateral Loans & Co., a commercial paper brokerage, in Minneapolis. In 1913, Piper, Jaffray Co. was established as another commercial paper business by H.C. Piper Sr. and Clive Palmer (C.P. or Palmer) Jaffray. In 1917, George B. Lane & Co. merged with Piper, Jaffray & Co. to form Lane, Piper & Jaffray.[2]

The firm first obtained a seat on the New York Stock Exchange in 1931 with the acquisition of Hopwood & Company, which had been devastated by the stock market crash. In 1971, Piper first offered stock to the public and became a publicly held corporation known as Piper, Jaffray & Hopwood Incorporated. Later, in 1986, Piper's common stock began trading on the NASDAQ under the ticker symbol PIPR. In 1997, the firm was acquired by U.S. Bancorp, also based in Minneapolis, for $730 million in cash. From 1999 to 2003, the firm was known as U.S. Bancorp Piper Jaffray. In 2003, U.S. Bancorp spun off Piper Jaffray[3] in a stock dividend to its shareholders, making the company independent once again under the symbol PJC. In 2006, the company sold its brokerage business to Zurich based UBS for $510 million in cash.[4] The business had approximately 800 brokers at that time.

Operations

Piper Jaffray New York Office at 345 Park Ave.
Piper Jaffray Headquarters, US Bancorp Center in downtown Minneapolis

Piper Jaffray operates principally through four business segments:

Investment banking

Within its investment banking division, Piper Jaffray provides various advisory and financing services, which include:

In 2013, Piper Jaffray was recognized for the second year in a row as the top healthcare investment bank by Global Finance Magazine.[5] [6] In 2015, Piper Jaffray was named Investment Bank of the Year by Mergers & Acquisitions.[7]

Public finance

Piper Jaffray underwrites debt issuances and provides financial advisory to government and nonprofit clients. In 2011, Piper Jaffray acted as underwriter or financial advisor on 900 municipal bond transactions totaling more than $51.47 billion.[8]

Institutional brokerage

Piper Jaffray services institutional investors through three primary segments:

Asset management

Piper Jaffray provides investment management and advisory services to institutional clients in the areas of equity, fixed income, master limited partnership and merchant banking. In 2007, Piper Jaffray expanded its asset management business through the acquisition of St. Louis-based FAMCO, an asset management firm with more than $4.2 billion in assets under management.[9] In 2010, the company acquired Advisory Research, Inc.,[10] a Chicago-based asset management firm with approximately $9.2 billion in assets under management.

Industries

Piper Jaffray bankers focus on industries that include:

  • Business Services
  • Clean Technology & Renewables
  • Consumer
  • Education
  • Financial Sponsors
  • Healthcare
  • Hospitality
  • Industrials
  • Senior Living
  • State & Local Government
  • Technology, Media & Telecommunications

Executives and directors

Leadership team

  • Andrew Duff: Chairman and CEO
  • Chad Abraham: Co-Head of Investment Banking and Capital Markets
  • Chris Crawshaw: President of Advisory Research, Inc.
  • Frank Fairman: Head of Public Finance Services
  • Jeff Klinefelter: Head of Global Equities
  • Scott LaRue: Co-Head of Investment Banking and Capital Markets
  • Brien O’Brien: Head of Asset Management
  • Shawn Quant: Chief Information Officer
  • Tom Schnettler: Vice Chairman of Piper Jaffray & Co.
  • Debbra Schoneman: Chief Financial Officer
  • Tom Smith: Head of Corporate Development
  • Brad Winges: Head of Fixed Income

Board of directors

  • Andrew Duff: Piper Jaffray Companies Chairman and CEO
  • Michael Francis: Chief Brand Officer of DreamWorks Animation and former Chief Marketing Officer of Target Corporation
  • B. Kristine Johnson: President of Affinity Capital Management
  • Addison (“Tad”) Piper: Vice Chairman and former Piper Jaffray Companies CEO
  • Lisa Polsky: Chief Risk Officer of CIT Group
  • Frank Sims: Former Corporate Vice President of Cargill
  • Philip Soran: Former President of Dell Compellent and former CEO of Compellent Technologies
  • Jean Taylor: CEO of Life is Now, Inc. and former CEO of Taylor Corporation
  • Michele Volpi: CEO of Betafence Holdings NV and former CEO of H.B. Fuller Company
  • Hope Woodhouse: Former Chief Operating Officer of Bridgewater Associates

Regulator fines

In 2002, Piper Jaffray was fined $25 million by state and federal regulators to settle charges that it provided biased stock ratings. Other firms, such as JP Morgan and Goldman Sachs, were also fined for similar reasons. The firm agreed to make structural changes relating to its research and investment banking program to restore confidence in its business.[11]

Office locations

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  • Chicago Office, Hyatt Center

  • Chicago Office (Advisory Research), Two Prudential Plaza

  • Denver Office, Tabor Center

  • Hong Kong Office, Nexxus Building

  • London Office, 88 Wood Street

  • Minneapolis Office, 800 Nicollet Mall

  • New York Office, 345 Park Ave.

  • Philadelphia Office, Two Logan Square

See also

References

  1. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  2. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ Piper Jaffray Completes Spin-Off From U.S. Bancorp
  4. ↑ UBS to Buy Wealth Management Unit of Piper Jaffray
  5. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  6. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  7. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  8. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  9. ↑ FAMCO Web Site, FAMCO Web Site
  10. ↑ Advisory Research, Advisory Research Web Site.
  11. ↑ Piper Jaffray Agrees to Settle Charges on Ratings of Stocks - The New York Times.

External links

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