PIPER JAFFRAY COMPANIES (NYSE:PJC) Files An 8-K Material ImpairmentsItem 2.06. Material Impairments.
PIPER JAFFRAY COMPANIES (NYSE:PJC) Files An 8-K Material Impairments
On December 21, 2016, Piper Jaffray Companies (the “Company”) concluded that it will be required to record a noncash impairment charge to reduce the carrying value of the goodwill associated with the Company’s Asset Management segment. The Company reached this conclusion in connection with its annual impairment testing of goodwill. The Company’s Asset Management segment has experienced net outflows of assets under management during its fiscal year ending December 31, 2016. Company management believes that these net outflows are the result of an extended cycle of investors favoring passive investment vehicles over active management, combined with certain investment strategies having performance below their benchmarks. As a result of the decline in assets under management, management fees as well as the profitability of our Asset Management segment have declined since the end of the Company’s previous fiscal year. The Company estimates that the impairment charge will be in the range of $75 million to $95 million on a pre-tax basis. The impairment will not result in any current or future cash expenditures.
About PIPER JAFFRAY COMPANIES (NYSE:PJC)
Piper Jaffray Companies is an investment bank and asset management company, which serves the needs of corporations, private equity groups, public entities, non-profit entities and institutional investors in the United States and internationally. The Company provides products and services, including equity and debt capital markets products, financial advisory services, equity and fixed income institutional brokerage, equity and fixed income research, and asset management services. Its segments include Capital Markets and Asset Management. The Capital Markets segment provides investment banking and institutional sales, trading and research services for various equity and fixed income products. The Capital Markets segment also includes the alternative asset management funds and its principal investments. The Asset Management segment includes its traditional asset management business and its investments in registered funds and private funds or partnerships that it manages. PIPER JAFFRAY COMPANIES (NYSE:PJC) Recent Trading Information
PIPER JAFFRAY COMPANIES (NYSE:PJC) closed its last trading session 00.00 at 75.05 with 70,577 shares trading hands.
Piper Jaffray Companies is an investment bank and asset management company, which serves the needs of corporations, private equity groups, public entities, non-profit entities and institutional investors in the United States and internationally. The Company provides products and services, including equity and debt capital markets products, financial advisory services, equity and fixed income institutional brokerage, equity and fixed income research, and asset management services. Its segments include Capital Markets and Asset Management. The Capital Markets segment provides investment banking and institutional sales, trading and research services for various equity and fixed income products. The Capital Markets segment also includes the alternative asset management funds and its principal investments. The Asset Management segment includes its traditional asset management business and its investments in registered funds and private funds or partnerships that it manages. PIPER JAFFRAY COMPANIES (NYSE:PJC) Recent Trading Information
PIPER JAFFRAY COMPANIES (NYSE:PJC) closed its last trading session 00.00 at 75.05 with 70,577 shares trading hands.