MINNEAPOLIS
--(BUSINESS WIRE)--Jul. 20, 2015--
Piper
Jaffray Companies
(NYSE: PJC), a leading investment bank and asset
management firm, today announced that it has reached a definitive
agreement with
BMO Financial Group
to acquire
BMO Capital Markets GKST
Inc.
, BMO’s municipal bond sales, trading and origination business.
The acquisition will add depth and breadth to the
Piper Jaffray
institutional sales, trading and underwriting platform. It will also
strengthen the firm’s strategy and analytics capabilities as it
continues to build out its financial institutions franchise.
“The fixed income business has been a longstanding and core focus for
Piper Jaffray
, and our commitment to sustainable growth led us to GKST,”
said
Piper Jaffray Companies
chairman and CEO
Andrew
Duff
. “We are pleased to acquire another
Chicago
-based business
after announcing the
River Branch Holdings
transaction last week.”
“This acquisition represents a compelling strategic and cultural fit.
GKST and
Piper Jaffray
have both cultivated a solid institutional
business, rich history and client-centric, partnership culture,” said
Brad
Winges
, head of fixed income services and head of firm investments &
trading at
Piper Jaffray
. “Clients from both firms will benefit from
broader product offerings and more robust analytical intelligence across
a wider distribution network.”
“We believe that
Piper Jaffray
is well-positioned to make the necessary
investments to provide optimal service to our GKST clients and the
greatest opportunities for our people,” said
Luke Seabrook
, global head,
trading products,
BMO Capital Markets
. “This transaction will enable BMO
to focus its resources on growing our core U.S. businesses, including
our institutional fixed income business, and strengthening relationships
with our institutional clients. We look forward to working with
Piper
Jaffray
in the coming months to help ensure a smooth and seamless
transition.”
The transaction is subject to regulatory approval and customary closing
conditions and expected to close in the fourth quarter of calendar year
2015. Terms of the transaction were not disclosed.
About
Piper Jaffray
Piper Jaffray Companies
(NYSE: PJC) is an investment bank and asset
management firm headquartered in
Minneapolis
with offices across the
U.S. and in
London
,
Hong Kong
* and
Zurich
. Securities brokerage and
investment banking services are offered in
the United States
through
Piper Jaffray & Co.
, member
NYSE
and
SIPC
, and in
Europe
through
Piper
Jaffray Ltd.
, authorized and regulated by the
Financial Conduct
Authority
. Asset management products and services are offered through
three separate investment advisory affiliates registered with the
U.S.
Securities and Exchange Commission
:
Advisory Research Inc.
,
Piper
Jaffray Investment Management LLC
and
PJC Capital Partners LLC
.
About
BMO Capital Markets
and
BMO Financial Group
BMO Capital Markets
is a leading, full-service North American financial
services provider. With approximately 2,300 employees operating in 29
locations, including 16 in
North America
,
BMO Capital Markets
offers
corporate, institutional and government clients access to a complete
range of investment and corporate banking products and services.
BMO
Capital Markets
is a member of
BMO Financial Group
(NYSE:BMO)(TSX:BMO),
one of the largest diversified financial services providers in
North
America
, with total assets of CDN
$633 billion
as of
April 30, 2015
, and
more than 47,000 employees.
Advisors
Faegre Baker Daniels
acted as legal advisor for
Piper Jaffray
.
Berkshire
Capital
and
BMO Capital Markets
acted as financial advisors to BMO, and
Mayer Brown LLP
acted as its legal advisor.
* License pending
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Piper Jaffray
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© 2015
Piper Jaffray Companies
, 800 Nicollet Mall, Suite 1000,
Minneapolis, Minnesota
55402-7036
View source version on businesswire.com:
http://www.businesswire.com/news/home/20150720005407/en/
Source:
Piper Jaffray Companies
Piper Jaffray Companies
Pamela Steensland, 612-303-8185
pamela.k.steensland@pjc.com
