This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Piper Jaffray Announces Sale Of FAMCO Business

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.

“We continue to focus efforts on growing our flagship asset management brand, Advisory Research, and taking steps that add value for shareholders,” commented Andrew Duff, Piper Jaffray Companies chairman and CEO. “Our resulting platform represents a more streamlined business and gives FAMCO the opportunity to operate independently.”

Commenting on the sale, Angell said “We have enjoyed our relationship with Piper Jaffray, and we are excited about returning to our roots as an independent company. We view this transaction as an opportunity to continue to provide excellent services to our clients, while incenting our team and building for the future.”

FAMCO had previously been classified as held for sale and reported in discontinued operations. The sale is subject to customary closing conditions, and expected to close during the second quarter of 2013.

About Piper JaffrayPiper Jaffray is a leading investment bank and asset management firm serving clients in the U.S. and internationally. Proven advisory teams combine deep industry, product and sector expertise with ready access to capital. Founded in 1895, the firm is headquartered in Minneapolis and has offices across the United States and in London and Zurich. www.piperjaffray.com

About Advisory Research, Inc.Based in Chicago, Advisory Research is a value-oriented investment firm providing domestic and international equity strategies as well as fixed income assets for institutional, private clients and investment advisors. Advisory Research is a division of Piper Jaffray Asset Management Inc. www.advisoryresearch.com

About FAMCOFiduciary Asset Management LLC (FAMCO) is an institutional asset management firm with $3.7 billion in assets under management. The firm is based in St. Louis, Mo. and was established in 1994. www.famco.com

Cautionary Note Regarding Forward-Looking StatementsThis announcement contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements cover, among other things, the future prospects of Piper Jaffray Companies and its asset management business. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including the following: (1) the transaction may not be completed, or completed within the expected timeframe; (2) costs relating to the disposition of the FAMCO business may be greater than expected; and (3) other factors identified under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2012, and updated in our subsequent reports filed with the SEC. These reports are available at our Web site at www.piperjaffray.com and at the SEC Web site at www.sec.gov. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events.

© 2013 Piper Jaffray Companies

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,915.07 -70.54 -0.42%
S&P 500 1,964.68 -8.15 -0.41%
NASDAQ 4,396.2040 -22.83 -0.52%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs