Piper Jaffray announces sale of FAMCO business

March 8, 2013

Piper Jaffray announced that it has signed a definitive agreement to sell Fiduciary Asset Management, or FAMCO, a division within its asset management business. Wiley Angell, its chief executive officer, will acquire the business in a transaction valued at $4M. FAMCO had previously been classified as held for sale and reported in discontinued operations. The sale is subject to customary closing conditions, and expected to close during Q2.