Piper Jaffray

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Piper Jaffray Companies
Public
Traded as NYSEPJC
S&P 600 Component
Industry Financial Services
Founded Minneapolis, Minnesota
1895; 123 years ago (1895)
Headquarters Minneapolis, Minnesota, United States
Key people

Andrew S. Duff, Chairman Chad R. Abraham, CEO

Deb Schoneman, President
Products Investment Banking, Public Finance, Asset Management, Equity Sales & Trading, Fixed Income Services, Equity and Debt Capital Markets, Investment Research
Revenue $874.9 Million (2017)
Number of employees
1,300
Website www.piperjaffray.com

Piper Jaffray Companies (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 55 offices in the U.S., Europe and Asia.[1] The company was founded in 1895.

Piper Jaffray was named one of America's 50 Most Trustworthy Financial Companies by Forbes magazine in 2015 and 2017.[2] Piper Jaffray was also named 2014 Investment Bank of the Year by Mergers & Acquisitions Journal.[3]

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.[4]

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[5] 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.[6] 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 the following business segments:

Investment banking

Within its investment banking division, Piper Jaffray provides advisory and financing services involving:

In 2013, Piper Jaffray was recognized for the second year in a row as the top healthcare investment bank by Global Finance Magazine.[7] [8]

In February 2016, Piper Jaffray acquired Houston-based energy firm Simmons & Company International for a total consideration of approximately $139 million, consisting of $91 million in cash and $48 million in restricted stock.[9]

Public finance

Piper Jaffray underwrites debt issuances and provides financial advisory to government and not-for-profit entities. In 2016, the Piper Jaffray public finance group ranked No. 2 for senior-managed underwriting and No. 5 for financial advisory transactions. (by number of issues.) [10]

Institutional brokerage

Piper Jaffray serves institutional investors and corporate clients through the following segments:

Asset management

Piper Jaffray provides investment management and advisory services to institutional clients in the areas of equity, fixed income, private equity funds, master limited partnership and merchant banking. In 2010, the company acquired Advisory Research, Inc.,[11] a Chicago-based asset management firm with approximately $7 billion in assets under management. Advisory Research provides U.S., international, global and MLP and energy infrastructure strategies to institutional investors.

Industries

Piper Jaffray investment bankers focus on the following sectors:

  • Agriculture and Clean Tech
  • Business Services
  • Consumer
  • Education (K-12, Higher Ed, Charter Schools)
  • Energy
  • Financial Institutions
  • Financial Sponsors
  • Healthcare
  • Hospitality
  • Industrials
  • Project Finance
  • Real Estate and Multifamily
  • Senior Living
  • State & Local Government
  • Technology
  • Transportation

Executives and directors

Leadership team

  • Chad Abraham: CEO
  • Debbra Schoneman: President
  • Tim Carter: Chief Financial Officer
  • Christine Esckilsen: Chief Human Capital Officer
  • Frank Fairman: Head of Public Finance Services
  • John Geelan: General Counsel
  • Scott LaRue: Head of Investment Banking and Capital Markets
  • Shawn Quant: Chief Information Officer
  • Tom Schnettler: Vice Chairman of Piper Jaffray & Co.
  • Brad Winges: Head of Fixed Income Services

Board of directors

  • Andrew Duff: Piper Jaffray Companies Chairman
  • Chad Abraham: Piper Jaffray Companies CEO
  • William Fitzgerald: Chairman and CEO of Ascent Capital Group, Inc.
  • Michael Frazier: Former Chairman and CEO of Simmons & Company International
  • B. Kristine Johnson: President of Affinity Capital Management
  • Addison (“Tad”) Piper: Vice Chairman and former Piper Jaffray Companies CEO
  • Sherry Smith: Former Executive VP and CFO of SUPERVALU INC.
  • Philip Soran: Former President of Dell Compellent and former CEO of Compellent Technologies
  • Scott Taylor: Executive VP, General Counsel and Secretary of Symantec Corp.
  • Michele Volpi: CEO of Praesidiad and former CEO of H.B. Fuller Company

Piper Jaffray has been recognized six years (2012-2017) for gender diversity on its board of directors by receiving the "W" distinction from 2020 Women on Boards. This designation is given to companies with corporate boards which are at least 20% women.[12]

Regulator fines

In 2002, Piper Jaffray was fined $25 million by state and federal regulators to settle charges that it provided biased stock ratings as part of the Global Analyst Research Settlements. Other firms, such as JP Morgan, Goldman Sachs, Merrill Lynch, UBS, Deutsche Bank and Morgan Stanley were 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.[13]

Office locations

See also

References

  1. ^ "Locations". Piper Jaffray. Retrieved 1 February 2016. 
  2. ^ "Forbes". Forbes. Retrieved 1 August 2015. 
  3. ^ "M&A Mid-Market Awards". Retrieved 2015-03-15. 
  4. ^ "Piper Jaffray Companies Inc.: An Inventory of Its Records". Minnesota Historical Society. 
  5. ^ Piper Jaffray Completes Spin-Off From U.S. Bancorp
  6. ^ UBS to Buy Wealth Management Unit of Piper Jaffray
  7. ^ "Global Finance - World's Best Investment Banks 2012". Retrieved 2012-02-17. 
  8. ^ "Global Finance - World's Best Investment Banks 2013". Retrieved 2013-02-22. 
  9. ^ "Wall Street Journal: Piper Jaffray to Acquire Simmons for Energy Dealmaking Push". Retrieved 2015-11-15. 
  10. ^ "Thomson Financial". Retrieved 2015-12-31. 
  11. ^ Advisory Research, Advisory Research Web Site.
  12. ^ "2020 Women on Boards". 
  13. ^ Piper Jaffray Agrees to Settle Charges on Ratings of Stocks - The New York Times.

External links

  • Piper Jaffray Company website
  • Forbes America's 50 Most Trustworthy Financial Companies
  • Piper Jaffray National Teen Survey
  • The Piper Jaffray Corporate Records are available for research use at the Minnesota Historical Society.
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