Piper Sandler Companies (NYSE: PIPR) is an American multinational independent investment bank and financial services company, 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.
|Traded as||NYSE: PIPR|
S&P 600 Component
|Headquarters||Minneapolis, Minnesota, United States|
|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
Piper Jaffray was named one of America's 50 Most Trustworthy Financial Companies by Forbes magazine in 2015 and 2017. Piper Jaffray was also named 2014 Investment Bank of the Year by Mergers & Acquisitions Journal.
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.
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 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. The business had approximately 800 brokers at that time.
On July 9, 2019, Piper Jaffray announced they were purchasing fellow investment bank Sandler O'Neill for $485M. The new combined entity was going to be named Piper Sandler Cos, and Piper Jaffray CEO Chad Abraham would continue to lead the combined company.
Piper Jaffray operates principally through the following business segments:
Within its investment banking division, Piper Jaffray provides advisory and financing services involving:
- Mergers and acquisitions
- Debt capital markets
- Equity capital markets
- Private placements
- Capital advisory and restructuring
- Corporate and venture services
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.
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.)
Piper Jaffray serves institutional investors and corporate clients through the following segments:
- Equity sales and trading
- Fixed income sales and trading
- Equity research
- Strategic analytics and balance sheet 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., 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.
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.
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.
- Aberdeen, Scotland
- Albany, New York
- Albuquerque, New Mexico
- Alpharetta, Georgia
- Atlanta, Georgia
- Austin, Texas
- Baltimore, Maryland
- Barrington, Illinois
- Birmingham, Alabama
- Boca Raton, Florida
- Boise, Idaho
- Boston, Massachusetts
- Charleston, West Virginia
- Charlotte, North Carolina
- Chicago, Illinois
- Cleveland, Ohio
- Columbus, Ohio
- Dallas, Texas
- Denver, Colorado
- Des Moines, Iowa
- El Segundo, California
- Hartford, Connecticut
- Hong Kong
- Houston, Texas
- Indianapolis, Indiana
- Jacksonville, Florida
- Kansas City, Missouri
- London, England
- Long Island, New York
- Los Angeles
- Memphis, Tennessee
- Milwaukee, Wisconsin
- Minneapolis, Minnesota
- Moody, Alabama
- Nashville, Tennessee
- New York, New York
- Orange County, California
- Philadelphia, Pennsylvania
- Phoenix, Arizona
- Pittsburgh, Pennsylvania
- Portland, Oregon
- Sacramento, California
- San Antonio, Texas
- San Francisco, California
- Seattle, Washington
- St. Louis, Missouri
- Washington, D.C.
- Westport, Connecticut
- Zurich, Switzerland
- "Locations". Piper Jaffray. Retrieved 1 February 2016.
- "Forbes". Forbes. Retrieved 1 August 2015.
- "M&A Mid-Market Awards". Retrieved 15 March 2015.
- "Piper Jaffray to Buy Sandler O'Neill for $485 Million". wsj.com. 9 July 2019. Retrieved 9 July 2019.(subscription required)
- "Piper Jaffray Companies Inc.: An Inventory of Its Records". Minnesota Historical Society.
- Piper Jaffray Completes Spin-Off From U.S. Bancorp
- UBS to Buy Wealth Management Unit of Piper Jaffray
- "Global Finance - World's Best Investment Banks 2012". Retrieved 17 February 2012.
- "Global Finance - World's Best Investment Banks 2013". Retrieved 22 February 2013.
- "Wall Street Journal: Piper Jaffray to Acquire Simmons for Energy Dealmaking Push". Retrieved 15 November 2015.
- "Thomson Financial". Retrieved 31 December 2015.
- Advisory Research, Advisory Research Web Site.
- "2020 Women on Boards".
- Piper Jaffray Agrees to Settle Charges on Ratings of Stocks - The New York Times.
- The Piper Jaffray Corporate Records are available for research use at the Minnesota Historical Society.
- Business data for Piper Sandler: