‘We intend to reinvest the capital from this sale in our core areas of expertise through both organic investments and corporate development activity in order to generate higher returns for our shareholders. Advisory Research currently represents approximately 5% of Piper Jaffray’s adjusted net revenue.’These transactions sharpen our focus with respect to core strengths,’ commented Chad Abraham, chief executive officer of Piper Jaffray. These two factors combined led to the decision to pursue a sale. During this same timeframe, Piper Jaffray significantly scaled its banking platforms to become a market leader in its areas of focus, creating enhanced financial performance and shareholder returns. Since that time, the asset management industry has continued to evolve in terms of product availability and distribution capabilities. Breese has focused on regional and community banks for more than. Piper Jaffray acquired Advisory Research in 2010. Prior to joining Stephens in 2019, Matt was a research analyst at Piper Jaffray Companies. We will continue to invest in premier investment talent, maintain our intense focus on client success and grow our niche investment strategies with like-minded clients.’
‘We are confident that Matt and his partners will continue to provide excellent stewardship of these client assets by providing exceptional investment results and client service to their client base.’Ĭommenting on the sale, ARI Executive Committee Chairman, Matthew Swaim said, ‘With our long-tenured, focused investment teams executing in areas of the market that require unique expertise, we are thrilled to return the ARI business to its legacy partnership roots. You work with great people from top schools and they give you a lot of responsibility early on in your analyst career which is exactly what you want coming out of undergrad. ‘Without significant investment, the business lacks the potential to scale to a level that will represent a meaningful part of Piper Jaffray’s overall business mix,’ said Schoneman. Piper Jaffray is an amazing middle market bank, I don't know what fools that are still in high school or from non-targets are saying about it. The remaining Advisory Research teams, based in Chicago, will continue to manage their existing products and client assets. Bringing together two of the longest tenured midstream energy teams will create an even stronger and deeper combined team.’ In addition, Tortoise will bring expanded distribution and product capabilities to enhance growth potential.’Ĭommenting on the sale, Tortoise Chief Executive Officer, Kevin Birzer said, ‘We are thrilled for the experienced Advisory Research energy infrastructure team to join Tortoise. ‘The Advisory Research energy infrastructure investment team will continue to bring their deep expertise and strong investment process to existing clients, while leveraging Tortoise’s knowledge in investing across the energy value chain. ‘Tortoise has built an excellent investment management platform focused on essential assets,’ commented Deb Schoneman, president of Piper Jaffray. Piper Jaffray expects to generate net cash proceeds from these two transactions of approximately $60-70 million, exclusive of potential earn-out proceeds. Piper Jaffray has also entered into a letter of intent to sell the remaining Advisory Research business to a partner group led by Matthew Swaim, managing director and executive committee chairman at Advisory Research. It has signed a definitive agreement to sell the midstream energy business of Advisory Research, Inc. through two separate transactions which will result in the firm exiting its traditional asset management business. Breese began his career in 2008 with Sterne Agee & Leach, Inc.Piper Jaffray Companies, a leading investment bank, today announced the sale of Advisory Research, Inc. 3 earnings estimator in 20 for the thrift and mortgage finance segment. 1 stock picker in 2015, as well as the No. Breese has focused on regional and community banks for more than a decade. Prior to joining Stephens in 2019, Matt was a research analyst at Piper Jaffray Companies. Matthew Breese is a managing director and research analyst covering the Northeast Regional Banks.
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