Piper Sandler Companies is an American

independent investment bank Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated with ...

and

financial services Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companie ...

company, focused on mergers and acquisitions, financial restructuring, public offerings, public finance, institutional brokerage, investment management and securities research. Through its principal subsidiary, Piper Sandler & Co., the company targets corporations,

institutional investors An institutional investor is an entity which pools money to purchase securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, government-linked co ...

, and public entities. Based in Minneapolis, Minnesota, Piper Sandler has more than 55 offices. The company was founded in 1895. Piper Jaffray was named one of America's 50 Most Trustworthy Financial Companies by ''

Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also r ...

'' magazine in 2015 and 2017. Piper Jaffray was also named 2014 Investment Bank of the Year by ''

Mergers & Acquisitions Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...

'' Journal. On July 9, 2019, the company announced an agreement to buy fellow investment bank Sandler O'Neill, with the new combined entity to be called Piper Sandler Cos.

History

Piper Sandler traces its roots to 1895 when George Lane established George B. Lane, Commercial Paper and Collateral Loans & Co., a

commercial paper Commercial paper, in the global financial market, is an unsecured promissory note with a fixed maturity of rarely more than 270 days. In layperson terms, it is like an "IOU" but can be bought and sold because its buyers and sellers have some ...

brokerage, in

Minneapolis Minneapolis () is the largest city in Minnesota, United States, and the county seat of Hennepin County. The city is abundant in water, with list of lakes in Minneapolis, thirteen lakes, wetlands, the Mississippi River, creeks and waterfalls. ...

. 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 A stock market crash is a sudden dramatic decline of stock prices across a major cross-section of a stock market, resulting in a significant loss of paper wealth. Crashes are driven by panic selling and underlying economic factors. They often f ...

. 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 The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...

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 UBS Group AG is a multinational investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres as the largest Swis ...

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.

Operations

Piper Sandler operates principally through the following business segments:

Investment banking

Within its investment banking division, Piper Sandler provides advisory and financing services involving: * Mergers and acquisitions * Debt capital markets * Equity capital markets *

Private placements Private placement (or non-public offering) is a funding round of securities which are sold not through a public offering, but rather through a private offering, mostly to a small number of chosen investors. Generally, these investors include friend ...

* Capital advisory and restructuring * Corporate and venture services In 2013, Piper Sandler was recognized for the second year in a row as the top healthcare investment bank by Global Finance Magazine. In February 2016, Piper Sandler acquired

Houston Houston (; ) is the List of cities in Texas by population, most populous city in Texas, the Southern United States#Major cities, most populous city in the Southern United States, the List of United States cities by population, fourth-most pop ...

-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.

Public finance

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

Institutional brokerage

Piper Sandler serves institutional investors and corporate clients through the following segments: * Equity

sales and trading Sales and trading is one of the primary front-office divisions of major investment banks. The term is typically reserved for the trading activities done by sell-side investment banks who are primarily engaged in making markets for institutional cli ...

* Fixed income

* Equity research * Strategic analytics and balance sheet management

Asset management

Piper Sandler provides

investment management Investment management is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be instit ...

and advisory services to institutional clients in the areas of equity, fixed income, private equity funds,

master limited partnership In the United States, a master limited partnership (MLP) or publicly traded partnership (PTP) is a publicly traded entity taxed as a partnership. It combines the tax benefits of a partnership with the liquidity of publicly traded securities. To ...

and merchant banking. In 2010, the company acquired Advisory Research, Inc.,Advisory Research
Advisory Research Web Site. 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.

Diversity

Piper Sandler 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.

Regulator fines

In 2002, Piper Sandler was fined $25 million by state and federal regulators to settle charges that it provided biased

stock In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...

ratings as part of the

Global Analyst Research Settlements The Global Analyst Research Settlement was an enforcement agreement reached in the United States on April 28, 2003, between the United States Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (NASD), New York Stock Ex ...

. Other firms, such as

JP Morgan JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the w ...

, Goldman Sachs,

Merrill Lynch Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment banki ...

Deutsche Bank Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...

and

Morgan Stanley Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the f ...

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.Piper Jaffray Agrees to Settle Charges on Ratings of Stocks
- The New York Times.

Office locations

Aberdeen Aberdeen (; sco, Aiberdeen ; gd, Obar Dheathain ; la, Aberdonia) is a city in North East Scotland, and is the third most populous city in the country. Aberdeen is one of Scotland's 32 local government council areas (as Aberdeen City), ...

, Scotland * Albany, New York *

Albuquerque Albuquerque ( ; ), ; kee, Arawageeki; tow, Vakêêke; zun, Alo:ke:k'ya; apj, Gołgéeki'yé. abbreviated ABQ, is the most populous city in the U.S. state of New Mexico. Its nicknames, The Duke City and Burque, both reference its founding i ...

, New Mexico *

Alpharetta Alpharetta is a city in northern Fulton County, Georgia, United States, and is a part of the Atlanta metropolitan area. As of the 2020 US Census, Alpharetta's population was 65,818 The population in 2010 was 57,551. History In the 1830s, the C ...

, Georgia *

Atlanta Atlanta ( ) is the capital and most populous city of the U.S. state of Georgia. It is the seat of Fulton County, the most populous county in Georgia, but its territory falls in both Fulton and DeKalb counties. With a population of 498,71 ...

, Georgia * Austin, Texas *

Baltimore Baltimore ( , locally: or ) is the List of municipalities in Maryland, most populous city in the U.S. state of Maryland, fourth most populous city in the Mid-Atlantic (United States), Mid-Atlantic, and List of United States cities by popula ...

, Maryland * Barrington, Illinois *

Birmingham Birmingham ( ) is a city and metropolitan borough in the metropolitan county of West Midlands in England. It is the second-largest city in the United Kingdom with a population of 1.145 million in the city proper, 2.92 million in the We ...

, Alabama *

Boca Raton Boca Raton ( ; es, Boca Ratón, link=no, ) is a city in Palm Beach County, Florida, United States. It was first incorporated on August 2, 1924, as "Bocaratone," and then incorporated as "Boca Raton" in 1925. The population was 97,422 in the ...

, Florida *

Boise Boise (, , ) is the capital and most populous city of the U.S. state of Idaho and is the county seat of Ada County. On the Boise River in southwestern Idaho, it is east of the Oregon border and north of the Nevada border. The downtown ...

, Idaho *

Boston Boston (), officially the City of Boston, is the capital city, state capital and List of municipalities in Massachusetts, most populous city of the Commonwealth (U.S. state), Commonwealth of Massachusetts, as well as the cultural and financ ...

, Massachusetts *

Charleston Charleston most commonly refers to: * Charleston, South Carolina * Charleston, West Virginia, the state capital * Charleston (dance) Charleston may also refer to: Places Australia * Charleston, South Australia Canada * Charleston, Newfoun ...

, West Virginia *

Charlotte Charlotte ( ) is the List of municipalities in North Carolina, most populous city in the U.S. state of North Carolina. Located in the Piedmont (United States), Piedmont region, it is the county seat of Mecklenburg County, North Carolina, Meckl ...

, North Carolina *

Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = List of sovereign states, Count ...

, Illinois *

Cleveland Cleveland ( ), officially the City of Cleveland, is a city in the U.S. state of Ohio and the county seat of Cuyahoga County. Located in the northeastern part of the state, it is situated along the southern shore of Lake Erie, across the U ...

, Ohio *

Columbus Columbus is a Latinized version of the Italian surname "''Colombo''". It most commonly refers to: * Christopher Columbus (1451-1506), the Italian explorer * Columbus, Ohio, capital of the U.S. state of Ohio Columbus may also refer to: Places ...

, Ohio *

Dallas Dallas () is the List of municipalities in Texas, third largest city in Texas and the largest city in the Dallas–Fort Worth metroplex, the List of metropolitan statistical areas, fourth-largest metropolitan area in the United States at 7.5 ...

, Texas *

Denver Denver () is a consolidated city and county, the capital, and most populous city of the U.S. state of Colorado. Its population was 715,522 at the 2020 census, a 19.22% increase since 2010. It is the 19th-most populous city in the United ...

, Colorado *

Des Moines Des Moines () is the capital and the most populous city in the U.S. state of Iowa. It is also the county seat of Polk County. A small part of the city extends into Warren County. It was incorporated on September 22, 1851, as Fort Des Moine ...

, Iowa * El Segundo, California *

Hartford Hartford is the capital city of the U.S. state of Connecticut. It was the seat of Hartford County until Connecticut disbanded county government in 1960. It is the core city in the Greater Hartford metropolitan area. Census estimates since ...

, Connecticut *

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delta i ...

, Texas * Indianapolis, Indiana *

Jacksonville Jacksonville is a city located on the Atlantic coast of northeast Florida, the most populous city proper in the state and is the largest city by area in the contiguous United States as of 2020. It is the seat of Duval County, with which the c ...

, Florida *

Kansas City The Kansas City metropolitan area is a bi-state metropolitan area anchored by Kansas City, Missouri. Its 14 counties straddle the border between the U.S. states of Missouri (9 counties) and Kansas (5 counties). With and a population of more ...

, Missouri *

London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...

, England * Long Island, New York *

Los Angeles Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the wor ...

* Memphis, Tennessee *

Milwaukee Milwaukee ( ), officially the City of Milwaukee, is both the most populous and most densely populated city in the U.S. state of Wisconsin and the county seat of Milwaukee County, Wisconsin, Milwaukee County. With a population of 577,222 at th ...

, Wisconsin *

, Minnesota * Moody, Alabama *

Nashville Nashville is the capital city of the U.S. state of Tennessee and the seat of Davidson County. With a population of 689,447 at the 2020 U.S. census, Nashville is the most populous city in the state, 21st most-populous city in the U.S., and t ...

, Tennessee *

New York New York most commonly refers to: * New York City, the most populous city in the United States, located in the state of New York * New York (state), a state in the northeastern United States New York may also refer to: Film and television * '' ...

, New York *

Orange County Orange County most commonly refers to: *Orange County, California, part of the Los Angeles metropolitan area Orange County may also refer to: U.S. counties *Orange County, Florida, containing Orlando *Orange County, Indiana *Orange County, New ...

, California *

Philadelphia Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Sinc ...

, Pennsylvania * Phoenix, Arizona *

Pittsburgh Pittsburgh ( ) is a city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County, Pennsylvania, Allegheny County. It is the most populous city in both Allegheny County and Wester ...

, Pennsylvania *

Portland Portland most commonly refers to: * Portland, Oregon, the largest city in the state of Oregon, in the Pacific Northwest region of the United States * Portland, Maine, the largest city in the state of Maine, in the New England region of the northeas ...

, Oregon *

Sacramento ) , image_map = Sacramento County California Incorporated and Unincorporated areas Sacramento Highlighted.svg , mapsize = 250x200px , map_caption = Location within Sacramento ...

, California *

San Antonio ("Cradle of Freedom") , image_map = , mapsize = 220px , map_caption = Interactive map of San Antonio , subdivision_type = Country , subdivision_name = United States , subdivision_type1= State , subdivision_name1 = Texas , subdivision_t ...

, Texas *

San Francisco San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...

, California *

Seattle Seattle ( ) is a port, seaport city on the West Coast of the United States. It is the county seat, seat of King County, Washington, King County, Washington (state), Washington. With a 2020 population of 737,015, it is the largest city in bo ...

, Washington *

St. Louis St. Louis () is the second-largest city in Missouri, United States. It sits near the confluence of the Mississippi and the Missouri Rivers. In 2020, the city proper had a population of 301,578, while the bi-state metropolitan area, which e ...

, Missouri *

Washington, D.C. ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...

* Westport, Connecticut * Zurich, Switzerland File:345park.jpg, New York Office, 345 Park Ave. File:50 California.jpg, San Francisco Office, 50 California St. File:Hyatt Center.jpg, Chicago Office, Hyatt Center File:300 North LaSalle.jpg, Chicago Office, 300 North LaSalle File:88 Wood St, London.jpg, London Office, 88 Wood Street File:Bank of America Center (Houston).jpg, Houston Office, 700 Louisiana St. File:100 Federal Street Boston Massachusetts.jpg, Boston Office, 100 Federal Street File:Tabor Center.jpg, Denver Office, Tabor Center File:Charlotte Plaza looking up.jpg, Charlotte Office, Charlotte Hines Plaza File:Bank of America Plaza (Charlotte) cropped.jpg, Charlotte Office, Bank of America Plaza File:Two Logan Square.jpg, Philadelphia Office, Two Logan Square

References

External links

* The
Piper Jaffray Corporate Records
are available for research use at th
Minnesota Historical Society.
{{Authority control U.S. Bancorp Companies based in Minneapolis Companies listed on the New York Stock Exchange Investment banks in the United States American companies established in 1895 Financial services companies established in 1895 Banks established in 1895 1895 establishments in Minnesota 1980s initial public offerings

History

Operations

Investment banking

Public finance

Institutional brokerage

Asset management

Diversity

Regulator fines

Office locations

See also

References

External links