Piper Jaffray Agrees to Acquire BMO’s GKST
- Piper Jaffray is to acquire Bank of Montreal’s municipal bond business, bolstering its fixed-income sales, trading and analytics platform.
US investment bank and asset management firm, Piper Jaffray Companies (NYSE: PJC), today announced that it has reached a definitive agreement with the Bank of Montreal (BMO) to acquire BMO Capital Markets GKST Inc. (GKST), BMO’s wholly-owned municipal bond dealer.
Headquartered in Minneapolis, Piper Jaffray is a full-service investment bank and asset management firm focused on mergers and acquisitions, financial restructuring, public offerings, public finance, institutional brokerage, investment management and securities research.
Not only can Piper Jaffray expect to gain from GKST’s core brokerage business, which provides debt securities, but it also hopes to benefit from GKST’s strategic Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term, municipal research, institutional trading, and public finance offerings. As such, Piper Jaffray intends to expand its strategy and analytics capabilities to develop its financial institutions franchise with the Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of GKST.
Commenting on the deal, Piper Jaffray Companies’ Chairman and CEO, Andrew Duff, said: “The fixed income business has been a longstanding and core focus for Piper Jaffray, and our commitment to sustainable growth led us to GKST.”
“This acquisition represents a compelling strategic and cultural fit. GKST and Piper Jaffray have both cultivated a solid institutional business, rich history and client-centric, partnership culture,” said Brad Winges, Head of Fixed Income Services and Head of Firm Investments & Trading at Piper Jaffray. “Clients from both firms will benefit from broader product offerings and more robust analytical intelligence across a wider distribution network.”
The transaction is subject to regulatory approval and customary closing conditions, with expected closure in Q4 2015.
The news comes as new bond sales are accelerating in the $3.6 trillion municipal market. States and cities have issued $231 billion of debt this year, up more than 50 percent from the same period in 2014 and the fastest pace since at least 2003, according to data compiled by Bloomberg.
US investment bank and asset management firm, Piper Jaffray Companies (NYSE: PJC), today announced that it has reached a definitive agreement with the Bank of Montreal (BMO) to acquire BMO Capital Markets GKST Inc. (GKST), BMO’s wholly-owned municipal bond dealer.
Headquartered in Minneapolis, Piper Jaffray is a full-service investment bank and asset management firm focused on mergers and acquisitions, financial restructuring, public offerings, public finance, institutional brokerage, investment management and securities research.
Not only can Piper Jaffray expect to gain from GKST’s core brokerage business, which provides debt securities, but it also hopes to benefit from GKST’s strategic Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term, municipal research, institutional trading, and public finance offerings. As such, Piper Jaffray intends to expand its strategy and analytics capabilities to develop its financial institutions franchise with the Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of GKST.
Commenting on the deal, Piper Jaffray Companies’ Chairman and CEO, Andrew Duff, said: “The fixed income business has been a longstanding and core focus for Piper Jaffray, and our commitment to sustainable growth led us to GKST.”
“This acquisition represents a compelling strategic and cultural fit. GKST and Piper Jaffray have both cultivated a solid institutional business, rich history and client-centric, partnership culture,” said Brad Winges, Head of Fixed Income Services and Head of Firm Investments & Trading at Piper Jaffray. “Clients from both firms will benefit from broader product offerings and more robust analytical intelligence across a wider distribution network.”
The transaction is subject to regulatory approval and customary closing conditions, with expected closure in Q4 2015.
The news comes as new bond sales are accelerating in the $3.6 trillion municipal market. States and cities have issued $231 billion of debt this year, up more than 50 percent from the same period in 2014 and the fastest pace since at least 2003, according to data compiled by Bloomberg.