Piper Jaffray Enters Definitive Agreement to Acquire BMO Capital Markets GKST, Bolstering Fixed Income Sales, Trading & Analy...
July 20 2015 - 9:00AM
Business Wire
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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© 2015 Piper Jaffray Companies, 800 Nicollet Mall, Suite 1000,
Minneapolis, Minnesota 55402-7036
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version on businesswire.com: http://www.businesswire.com/news/home/20150720005407/en/
Piper Jaffray CompaniesPamela Steensland,
612-303-8185pamela.k.steensland@pjc.com
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