Piper
Jaffray
Securities and investment
firm.
Headquarters:
800 Nicolett Mall, Suite 800
Minneapolis, MN 55402
Employees: 1,011
CEO: Andrew Duff
Stock Symbol: PJC
Website:
http://www.piperjaffray.com
Career
Site
Piper Jaffray is a middle market investment
bank and institutional securities firm.
The company operates through three principal business lines — investment banking, institutional securities and asset management — offering a full suite of products to serve clients' business needs
Piper Jaffray's core sectors include:
* Aircraft finance
* Business services
* Clean technology and renewables
* Consumer
* Cultural and social service non-profits
* Education
* Financial institutions
* Health care
* Hospitality
* Industrial growth
* Real estate, housing and senior living
* State and local government
* Technology, media and telecommunications
With headquarters in Minneapolis, Piper Jaffray has offices across the U.S., Hong Kong, Zurich and London.
In 2011, net revenues at the company were $386.9 million, down 16.4%. Net loss for the year was $102.0 million.
The following is a recap of completed deal information for 2011:
- 64 equity financings raising a total of $13.0 billion of capital.
- 520 tax-exempt issues with a total par value of $6.9 billion.
- 43 merger and acquisition transactions with an aggregate enterprise value of $5.6 billion. (The number of deals and the enterprise value include disclosed and undisclosed transactions.)
The company had $12.2 billion in assets under management at the end of 2011.
For 2011, compensation and benefits expenses at Piper Jaffray were $288.1 million, down 9 percent compared to $315.2 million in 2010. The decrease was primarily driven by lower variable compensation due to lower performance. Compensation and benefits expenses as a percentage of net revenues were 62.9 percent, compared to 59.5 percent for 2010.
History
1895 -
George Lane establishes George B. Lane, Commercial Paper and
Collateral Loans & Co., a commercial paper brokerage, in
Minneapolis. Lane offered promissory notes to businesses, focusing
on Minnesota's growing grain elevator and milling industries.
1913 -
H.C. Piper Sr., grandfather of today's Vice Chairman, and C.P.
Jaffray establish their own commercial paper business called
Piper, Jaffray Co.
1914 - F.P. Hopwood and his son, Robert Gaddis Hopwood,
introduce Hopwood Investment Co. to Minneapolis, specializing
in mortgage loans, real estate and insurance.
1917 - George B. Lane & Co. merges with Piper, Jaffray
& Co. to form Lane, Piper & Jaffray, brokers of commercial
paper securities.
1929 -
The stock market crash hits the firm of Hopwood & Company
hard, while Lane, Piper & Jaffray, which hasn't yet traded
listed securities, is not directly affected by it. Strapped for
cash, Hopwood welcomes acquisition overtures. Piper Jaffray &
Hopwood is formed and the new firm gains a seat on the NYSE.
1971 -
On July 29, the firm becomes the first regional brokerage firm
to offer its own stock for public sales. Investors buy 300,000
shares of common stock.
1985 -
The company moves to a building bearing its own name and striking
silhouette on the Minneapolis landscape: The Piper Jaffray Tower.
1986 - Common stock of Piper Jaffray begins trading on
Nasdaq under the symbol PIPR.
1992 -
The name of the broker/dealer changes from Piper Jaffray &
Hopwood Incorporated to Piper Jaffray Inc.
1997 -
On December 15, 1997, Piper Jaffray is acquired by U.S. Bancorp
in a cash transaction valued at $730 million. The acquisition
closes May 1, 1998.
1999 - The company changes its name to U.S. Bancorp Piper
Jaffray to reflect its partnership with parent company U.S. Bancorp.
2000 -
In May, the headquarters for U.S. Bancorp Piper Jaffray moves
to a new tower-the U.S. Bancorp Center at 800 Nicollet Mall in
Minneapolis. The firm now has more than 100 retail offices in
20 Midwest, Mountain and Western states.
On October 4, 2000, Firstar Inc., based in Milwaukee,
announces that it will acquire U.S. Bancorp. The transaction
closes on February 27, 2001, giving way to the 8th largest financial
services organization with $160 billion in assets and branch
offices in 24 states in the Midwest and West. U.S. Bancorp becomes
the name of the new entity.
December 31, 2003,
Piper Jaffray became an independent, publicly held company following
its spin-off from U.S. Bancorp.
Aug. 14, 2006,
Piper Jaffray completes the sale of its Private Client Services
branch network to UBS Financial Services, allowing Piper Jaffray
to focus entirely on building the leading middle market investment
bank.
September 2007, Piper Jaffray completes the acquisition of Fiduciary Asset Management (FAMCO) in September to expand its asset management capabilities.
October 2007, Piper Jaffray completes the acquisition of Goldbond Capital Holdings Limited, a Hong Kong-based investment bank, allowing the firm to provide China-based companies with broader access to capital in Hong Kong, Europe and the United States.
2010 – In March, Piper Jaffray completes its purchase of Advisory Research, Inc., an asset management firm mainly focused in equity strategies, providing a stable complement to its more cyclical global capital markets business.
Benefits
Health and welfare benefits
- Medical, dental and vision benefits
for full-time and regular part-time employees
- Employees can cover either their spouse or other qualified
adult in addition to eligible dependent children
- Life insurance
- Long- and short-term disability
Pre-tax payroll deductions for:
- qualified health care expenses
- qualified child/dependent care expenses
- work-related mass transit expenses
- work-related parking expenses
Retirement plan
- 401(k) saving and investment
plan
- 401(k) company match
- Profit sharing
Work and life programs
- Paid time off
- Parental leave
- Holidays
- Tuition reimbursement
- Corporate wellness
- Adoption assistance
- Life Works: employee assistance program
- Discounts on Piper Jaffray financial products and services
- Mother's room for nursing mothers
Updated August 20, 2012
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