MINNEAPOLIS — U.S. Bancorp Piper Jaffray said Tuesday that it had hired David W. MacLennan, the chief financial officer of Cargill Financial Services Corp., to lead the unit’s fixed-income division.

Mr. MacLennan, 41, joined Piper Jaffray, the wealth management and capital markets division of Minneapolis-based U.S. Bancorp, as a managing director. The job has been empty since Thomas Stanberry stepped down to become a senior investment banker in fixed income.

Mr. MacLennan will be responsible for integrating Piper Jaffray’s municipal bond-driven fixed-income business with that of U.S. Bank’s fixed-income business, now mostly made up of sales and trading of taxable securities.

He’ll also work on expanding the number of products handled through its sales and trading group to include more that use the company’s large balance sheet, such as swaps and derivatives. “We want to move from regional, public-finance-based business to a national business that’s focused on the agency and principal side,” he said.

Mr. MacLennan held the CFO position at Cargill Financial for three years and had been employed by its parent, Cargill Inc. of Minneapolis, for more than nine years. He reports to Andrew Duff, U.S. Bancorp Piper Jaffray’s president and chief executive officer and a vice chairman at U.S. Bank, U.S. Bancorp’s commercial and retail bank subsidiary.

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