Piper Jaffray Completes Acquisition of Vie Securities, LLC
23 November 2004 - 12:35AM
PR Newswire (US)
Piper Jaffray Completes Acquisition of Vie Securities, LLC
MINNEAPOLIS, Nov. 22 /PRNewswire-FirstCall/ -- Piper Jaffray
Companies announced today that it has completed its acquisition of
Vie Securities, LLC, a leading provider of algorithm-based,
electronic execution services. Piper Jaffray will offer its
institutional equity clients the advantage of Vie's market-leading
technology and price predictive modeling through a distinct group
within the firm's Equity Trading department. "We are pleased to
complete the Vie acquisition," said Andrew Duff, chairman and CEO
of Piper Jaffray Companies. "This new capability will allow us to
offer our institutional clients a full suite of trading products
and meet increased demand for intelligent automated, cost-effective
execution services." The acquisition includes proprietary
algorithms, direct market access systems, licensed trading
technology, and 26 employees based in New York, who will transition
to the New York office of Piper Jaffray next year. Dean Stamos, CEO
of Vie Securities before the acquisition, will continue to lead the
business, reporting to Mark Donahoe, head of Equity Trading at
Piper Jaffray. Piper Jaffray will offer its new proprietary
algorithm-based trading capability as part of its broader,
client-focused equity trading platform. In order to maintain
confidentiality of all client trading data, the electronic trading
execution service will be operated independently from the firm's
traditional market-making activities. 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. Investment Research, an independent group
reporting to the CEO, supports clients of both segments. 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 111 offices in 23 states
across the country and in London. For more information about Piper
Jaffray, visit us online at http://www.piperjaffray.com/ .
Forward-Looking Statements This press release contains
forward-looking statements. Statements that are not historical or
current facts, including statements about beliefs and expectations,
are forward-looking statements. These forward-looking statements
cover, among other things, the future prospects of Piper Jaffray
Companies, including the effect of the acquisition of Vie
Securities, LLC, on Piper Jaffray's earnings. Forward-looking
statements involve inherent risks and uncertainties, and important
factors could cause actual results to differ materially from those
anticipated, including the following: (1) costs or difficulties
relating to the integration of the Vie Securities and Piper Jaffray
businesses may be greater than expected, (2) Piper Jaffray may be
unable to achieve benefits relating to the acquisition as fully as
expected or within the expected time frame, and revenues may be
lower than expected, (3) developments in market and economic
conditions have in the past adversely affected, and may in the
future adversely affect, Piper Jaffray's business and
profitability, (4) Piper Jaffray may not be able to compete
successfully with other companies in the financial services
industry, (5) Piper Jaffray's technology systems are critical
components of its operations and the failure of those systems may
disrupt its business, cause financial loss and constrain its
growth, and (6) other factors identified in the document entitled
"Risk Factors" filed as Exhibit 99.1 to Piper Jaffray's Quarterly
Report on Form 10-Q for the quarter ended September 30, 2004, and
in its subsequent reports filed with the SEC. These reports are
available at Piper Jaffray's Web site at
http://www.piperjaffray.com/ and at the SEC's Web site at
http://www.sec.gov/ . Forward-looking statements speak only as of
the date they are made, and Piper Jaffray undertakes no obligation
to update them in light of new information or future events. Since
1895. Member SIPC and NYSE. DATASOURCE: Piper Jaffray Companies
CONTACT: Susan Beatty, Media Relations, Piper Jaffray Companies,
+1-612-303-5680 Web site: http://www.piperjaffray.com/
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