MINNEAPOLIS--(BUSINESS WIRE)--Jul. 20, 2015--
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
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.
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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Source: Piper Jaffray Companies
Piper Jaffray Companies
Pamela Steensland, 612-303-8185