Piper Jaffray

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Piper Jaffray & Co.
Type Public
Traded as NYSEPJC
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
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 35 offices in the U.S., Europe and Asia.[1] The company was founded in 1895.

History[edit]

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[edit]

Piper Jaffray operates principally through four business segments:

Piper Jaffray New York Office at 345 Park Ave.

Investment Banking[edit]

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]

Public Finance[edit]

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.[7]

Institutional Brokerage[edit]

Piper Jaffray services institutional investors through three primary segments:

Piper Jaffray Headquarters - US Bancorp Center in downtown Minneapolis

Asset Management[edit]

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.[8] In 2010, the company acquired Advisory Research, Inc.,[9] a Chicago-based asset management firm with approximately $9.2 billion in assets under management.

Industries[edit]

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[edit]

Leadership Team[edit]

  • 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[edit]

  • 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[edit]

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.[10]

Office locations[edit]

Notes[edit]

External links[edit]

Additional Resources[edit]