Piper Jaffray Companies is an investment bank and asset management firm, serving the needs of corporations, private equity groups, public entities, non-profit entities and institutional investors in the United States and internationally. The Company provides a set of products and services, including equity and debt capital markets products, public finance services, financial advisory services, equity and fixed income institutional brokerage, equity and fixed income research, and asset management services. The Company markets the investment banking and institutional securities business under Piper Jaffray name. The Company’s asset management business is marketed under two names: ARI, which is derived from its subsidiary Advisory Research, Inc. and FAMCO, which is derived from its subsidiary, Fiduciary Asset Management, Inc. The Company’s operations consists four components: Investment Banking, Equity and Fixed Income Institutional Brokerage, Asset Management and Other Income.