Robert W. Peterson Named Head of Private Client Services at Piper Jaffray
February 28 2005 - 3:15PM
PR Newswire (US)
Robert W. Peterson Named Head of Private Client Services at Piper
Jaffray MINNEAPOLIS, Feb. 28 /PRNewswire-FirstCall/ -- Piper
Jaffray Companies (NYSE:PJC) announced today that Robert W.
Peterson will head its Private Client Services business effective
April 1. Peterson, 37, replaces Paul D. Grangaard, who is leaving
Piper Jaffray after 19 years to pursue a unique opportunity at a
private equity firm in Minneapolis. Grangaard has led Private
Client Services since October 2001. "Paul managed an important
transition for our Private Client Services business," said Andrew
Duff, chairman and chief executive officer of Piper Jaffray. "The
strategy is set, the products and services are highly competitive,
and the management team is in place. Bob is the right leader to
take it from here. He has tremendous execution skills and
credibility due to his integrity, teamwork, and track record of
results." Peterson joined Piper Jaffray in 1993, was the head of
equity research from 2000 to 2003, and has been head of Investment
Research at Piper Jaffray since 2003. The Piper Jaffray equity
research group was ranked in the top 10 in the Wall Street Journal
Best on the Street 2004 Analyst Survey; ranked second by Greenwich
Associates among small- and mid-cap funds, and first for "most
creative ideas and themes"; and tied for seventh place overall in
the Forbes/StarMine survey on earnings estimates, stock picking and
overall analysis. Investment Research will be aligned with the
business units that are focused on the investor-client value
proposition. "Bob has taken significant steps during the past two
years to ensure the quality, integrity and independence of our
research, and these measures will continue," said Duff. "Although
the reporting lines will change, the safeguards we have established
to address potential conflicts of interest between research and
investment banking will remain intact." The Private Client Services
business at Piper Jaffray manages client assets of $51 billion. In
the second half of 2004, the unit began growing its ranks of
advisors, finishing the year at 860. Piper Jaffray maintains an
open architecture model, which allows the firm's financial advisors
to provide clients with best-in-class products and advisory
services that meet their unique needs. "As a member of the firm's
management committee, I have been deeply engaged in the Private
Client Services strategy," said Peterson. "I understand it, I
believe in it, and I am confident in our ability to execute it. We
have great people, a great platform for providing value to our
clients, and a distinctive employee value proposition to attract
talented, client-focused professionals to Piper Jaffray." About
Piper Jaffray Companies Piper Jaffray Companies (NYSE:PJC) is a
focused securities firm dedicated to delivering superior financial
advice, investment products and transaction execution within
selected sectors of the financial services marketplace. The company
operates through two primary revenue-generating segments: Capital
Markets and Private Client Services. Through its chief operating
subsidiary, Piper Jaffray & Co., the firm has served
corporations, government and non- profit entities, institutional
investors and the financial advisory needs of private individuals
since 1895. Headquartered in Minneapolis, Piper Jaffray has
approximately 3,000 employees in 105 offices in 23 states across
the country and in London. For more information about Piper
Jaffray, visit us online at http://www.piperjaffray.com/ . Since
1895. Member SIPC and NYSE. DATASOURCE: Piper Jaffray Companies
CONTACT: Media Relations, Susan Beatty of Piper Jaffray Companies,
+1-612-303-5680 Web site: http://www.piperjaffray.com/
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