Piper Jaffray Companies is a middle-market investment bank and institutional securities firm, serving the needs of middle-market corporations, private equity groups, public entities, nonprofit clients and institutional investors. The Company provides a set of products and services, including equity and debt capital markets products; public finance services; mergers and acquisitions advisory services; high-yield and structured products; institutional equity and fixed income sales and trading; equity research, and asset management services. The Company’s operations consist principally of four components: Investment Banking, Equity and Fixed Income Institutional Sales and Trading, Asset Management and Other Income.