Piper Jaffray on Friday announced it was selling its Fiduciary Asset Management division to Wiley Angell, FAMCO co-founder and CEO, for $4 million.
FAMCO’s MLP strategy previously had been moved into Piper Jaffray’s primary money management business, Advisory Research, according to a news release on Piper Jaffray’s website. The remaining FAMCO business is being sold to Mr. Angell.
“The remaining FAMCO business was no longer a strategic fit with the overall asset management business,” according to the Piper Jaffray news release.
“We continue to focus efforts on growing our flagship asset management brand, Advisory Research, and taking steps that add value for shareholders,” Andrew Duff, Piper Jaffray chairman and CEO, said in the release. “Our resulting platform represents a more streamlined business and gives FAMCO the opportunity to operate independently.”
In the release, Mr. Angell said, “We have enjoyed our relationship with Piper Jaffray, and we are excited about returning to our roots as an independent company.”
The deal is expected to close in the second quarter.
FAMCO has $3.7 billion in assets under management for institutional clients, according to the release. Advisory Research has $9.2 billion in AUM, including the FAMCO MLP assets.
Calls to Mr. Angell and Mr. Duff seeking further comment were not returned.