Piper Jaffray to acquire FAMCO

Piper Jaffray Companies today said it has agreed to acquire Fiduciary Asset Management LLC, a St. Louis-based investment manager, for $66 million.
The deal will allow Piper Jaffray, a Minneapolis-based investment bank, to enter the asset management business.
Piper plans to build the business with additional product offerings, distribution capability and an expanded client base.
The transaction is expected to close in the third quarter pending regulatory and client approvals.
Putnam Lovell NBF, a New York-based investment bank, advised Piper Jaffray on the deal.
Established in 1994, Fiduciary Asset Management, or FAMCO, has about $9 billion in managed assets.
The company offers separately managed accounts and closed end funds.
It also offers other investment products including traditional, quantitative and hedged equity, master limited partnerships and fixed income.
The current management team will continue to run the business.
Charles Walbrandt, FAMCO’s chief executive officer, will continue to lead the team, reporting to Andrew Duff, Piper Jaffray’s chairman and chief executive.
FAMCO has about 50 employees and its headquarters will remain in St. Louis.