Piper Jaffray selling asset management business
Piper Jaffray is selling its Fiduciary Asset Management (FAMCO) subsidiary to FAMCO's CEO for $4 million.
Minneapolis-based Piper (NYSE: PJC) bought St. Louis-based FAMCO for about $51 million in cash in 2007[6], marking Piper's entry into the asset management business.
Now Piper says it's selling the division to FAMCO CEO Wiley Angell[7] because FAMCO is "no longer a strategic fit with the overall asset management business," the St. Louis Business Journal reported.
FAMCO had about $8.2 billion of assets under management when it was sold in 2007. It has about $3.7 billion under assets now, the companies said.
"Our resulting platform represents a more streamlined business and gives FAMCO the opportunity to operate independently," Piper CEO Andrew Duff[8] said in a statement.
The sale is expected to close in the second quarter.
>Click here[9] to read more about the sale.
Ed Stych reports on Twin Cities breaking business news for MSPBJ.com, manages online features, and writes the Fast 50 Diary features for the print edition.
References
- ^ Ed Stych (feeds.bizjournals.com)
- ^ This email address is being protected from spambots. You need JavaScript enabled to view it. (feeds.bizjournals.com)
- ^ Twitter (twitter.com)
- ^ Google+ (plus.google.com)
- ^ LinkedIn (www.linkedin.com)
- ^ bought St. Louis-based FAMCO for about $51 million in cash in 2007 (www.bizjournals.com)
- ^ Wiley Angell (feeds.bizjournals.com)
- ^ Andrew Duff (feeds.bizjournals.com)
- ^ Click here (www.bizjournals.com)