Advisory Research announced it is lifting out the investment team of Cupps Capital Management.
Advisory Research, a wholly owned subsidiary of Piper Jaffray Cos., said in a news release the combination will bring the Cupps Capital team's growth stock investing expertise to Advisory Research's multimanager offerings.
It is unclear whether Chicago-based Cupps will continue to operate after what the news release said will be a transition to Advisory Research at the beginning of the fourth quarter. Financial terms were not disclosed.
Advisory Research had $8 billion in AUM as of June 30, while Cupps Capital had $598 million as of March 31, according to eVestment.
At Cupps, the five-person investment team is led by Chief Investment Officer Drew Cupps, who founded the firm in 2000, according to the firm's website.
Mr. Cupps and Tom Smith, director of investor relations at Piper Jaffray, did not return phone calls seeking additional information.
In the release, Mr. Cupps cited Advisory Research's broader distribution capabilities as a reason for the move.