Piper Sandler Companies
Piper Sandler Companies is an American multinational 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 Sandler & Co., the company targets corporations, institutional investors, and public entities.

Founded in 1895 and headquartered in Minneapolis, Minnesota, Piper Sandler has more than 60 offices spanning across five countries.

History
Piper Sandler's roots can be traced back 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 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 Jaffray & Hopwood became the first regional brokerage firm to offer its own stock for public sales, becoming a publicly held corporation. Later, in 1986, Piper's common stock began trading on the NASDAQ under the ticker symbol PIPR.

In 1992, the name of the broker-dealer changed from Piper Jaffray & Hopwood Incorporated to Piper Jaffray Inc.

In 1998, 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 the purchase of leading financial services investment bank Sandler O'Neill for $485M; the new combined firm is named Piper Sandler Companies. 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
 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.

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.

Acquisition history 
2004: Piper Jaffray acquired Vie Securities, LLC.

2007: Piper Jaffray acquires FAMCO, acquires Hong Kong-based investment bank Goldbond Capital Holdings Limited

2010: Piper Jaffray acquires Advisory Research, Inc.

2013: Piper Jaffray acquires Seattle-Northwest Securities Corporation, acquires Edgeview Partners, L.P.

2015: Piper Jaffray acquires River Branch Holdings

2016: Piper Jaffray acquires Simmons & Company International

2019: Piper Jaffray acquires Weeden & Co., L.P.

2020: Piper Jaffray acquires Sandler O'Neill + Partners, becoming Piper Sandler Companies. Piper Sandler acquires The Valence Group, acquires TRS Advisors

2022: Piper Sandler acquires Cornerstone Macro, acquires Stamford partners LLC, acquires DBO Partners

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, 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.

Office locations

  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

See also

References

External links

 The  Piper Jaffray Corporate Records are available for research use at the Minnesota Historical Society.

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