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 company, focused on

mergers and 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 ...

, 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, 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'' 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 Sandler O'Neill + Partners, L.P., (Sandler O'Neill) was a full-service investment banking firm and broker-dealer specializing in the financial services sector. It was headquartered in New York City, and had offices in Boston, Chicago, San Francis ...

, 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. 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 under the ticker symbol PIPR. In 1997, the firm was acquired by

U.S. Bancorp U.S. Bancorp (stylized as us bancorp) is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution i ...

, 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 Swi ...

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

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 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 ...

Debt capital markets A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold, in contrast to a money market where short-term debt is bought and sold. Capital markets channel the wealth of savers t ...

Equity capital markets Equity capital is raised in many ways; the major types of equity capital are unlisted equity, listed equity and hybrids. Equity capital market practices traditionally advise on a full range of equity, debt equity-linked, hybrid, asset-backed, cre ...

* Private placements * 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-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 * Fixed income sales and trading * Equity research * Strategic analytics and balance sheet management

Asset management

Piper Sandler 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.,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 ratings as part of the Global Analyst Research Settlements. Other firms, such as

JP Morgan JPMorgan Chase & Co. is an American Multinational corporation, multinational Investment banking, investment bank and financial services holding company headquartered in City of New York, New York City and Delaware General Corporation Law, inco ...

, Goldman Sachs, Merrill Lynch,

, 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.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), and ...

, 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 in ...

, 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 Ch ...

, 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 498,715 ...

, Georgia *

Austin Austin is the capital city of the U.S. state of Texas, as well as the seat and largest city of Travis County, with portions extending into Hays and Williamson counties. Incorporated on December 27, 1839, it is the 11th-most-populous city i ...

, Texas *

Baltimore Baltimore ( , locally: or ) is the most populous city in the U.S. state of Maryland, fourth most populous city in the Mid-Atlantic, and the 30th most populous city in the United States with a population of 585,708 in 2020. Baltimore was ...

, 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 West ...

, 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 area' ...

, Idaho *

Boston Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- most p ...

, Massachusetts * Charleston, West Virginia *

Charlotte Charlotte ( ) is the most populous city in the U.S. state of North Carolina. Located in the Piedmont region, it is the county seat of Mecklenburg County. The population was 874,579 at the 2020 census, making Charlotte the 16th-most populo ...

, North Carolina * Chicago, Illinois * Cleveland, 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, Texas * Denver, Colorado * Des Moines, Iowa * El Segundo, California * Hartford, Connecticut * Hong Kong * Houston, Texas *

Indianapolis Indianapolis (), colloquially known as Indy, is the state capital and most populous city of the U.S. state of Indiana and the seat of Marion County. According to the U.S. Census Bureau, the consolidated population of Indianapolis and Marion ...

, 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 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, California * Philadelphia, Pennsylvania * Phoenix, Arizona * Pittsburgh, Pennsylvania * Portland, Oregon *

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

, California * San Antonio, Texas * San Francisco, California * Seattle, Washington * St. Louis, 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, Na ...

* 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