Piper Jaffray Cos. said Monday that it will expand its asset management business by buying a privately held Chicago firm.
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The Minneapolis company said it expects to close its purchase of Advisory Research Inc. in the first quarter in a cash-and-stock deal valued at $218 million.
Piper Jaffray estimated that asset management would account for about 125 of revenue and 24% of pretax operating profit once the acquisition is completed.
Advisory Research has about $5.5 billion of assets under management, with a focus on equity strategies.
