On March 8, 2013, asset manager Piper Jaffray (NYSE: PJC) announced that it had agreed to sell a division of its asset management business, Fiduciary Asset Management, to its chief executive officer for $4 million.
On March 8, 2013, Piper Jaffray (NYSE: PJC) announced that it had entered into a definitive agreement to sell Fiduciary Asset Management LLC (FAMCO), a division of its asset management business, to FAMCO’s chief executive officer Wiley Angell for $4 million. Last year Piper Jaffray transitioned its FAMCO MLP business from FAMCO to Advisory Research, its flagship asset management subsidiary. The remaining FAMCO business will operate independently. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2013. Piper Jaffray is a Minneapolis-based national and international investment bank and asset management firm. FAMCO is a St. Louis, Missouri-based institutional asset management firm with approximately $3.7 billion in assets under management.
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