Piper Jaffray Companies is an investment bank and asset management firm serving the needs of corporations, private equity groups, public entities, non-profit entities and institutional investors in the United States and internationally. The Company provides products and services including equity and debt capital markets products, public finance services, financial advisory services, equity and fixed income institutional brokerage, equity and fixed income research and asset management services. The Company operates through two reportable business segments, Capital Markets and Asset Management. The capital market segment operates through four components: Investment banking, Equity and Fixed Income Institutional Brokerage, Principal Investments and Alternative Asset Management Funds. The Company�s Asset Management segment includes traditional asset management business and seed investments in registered funds and private funds or partnerships.