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Deal snapshot: PIPER JAFFRAY TO SELL ADVISORY REASEARCH, EXIT TRADITIONAL ASSET MANAGEMENT BUSINESS.

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Vincent

MANews-(C)2009-2019

US-based investment bank Piper Jaffray Companies (NYSE: PJC) has sold Advisory Research, Inc. through two separate transactions which will result in the firm exiting its traditional asset management business, the company said.

It has signed a definitive agreement to sell the midstream energy business of Advisory Research, Inc. to Tortoise Capital Advisors. 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.

Country: USA

Sector: Banking/Financial Services

Target: Advisory Research, Inc

Buyer: Tortoise...

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