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Piper Jaffray (NYSE: PJC), a leading investment bank and asset management firm, today announced that it has signed a definitive agreement to sell Fiduciary Asset Management LLC (FAMCO), a division within its asset management business. Wiley Angell, its chief executive officer, will acquire the business in a transaction valued at $4 million.
In 2012, Piper Jaffray transitioned ownership of its FAMCO MLP product from FAMCO to its primary asset management subsidiary, Advisory Research. While the restructuring generated revenue and cost synergies for the firm, the remaining FAMCO business was no longer a strategic fit with the overall asset management business. As a result, Piper Jaffray and Angell entered into discussions to facilitate a transition of the remaining business, as Angell was one of FAMCO’s founding members.