Piper Jaffray Cos. is building its investment-banking operation by hiring dealmakers from Sterne Agee Group, the firm that was acquired last week by Stifel Financial Corp.
Piper, founded in 1895, hired Bob Hutchinson to lead a group dedicated to financial clients including insurers, the Minneapolis-based company said in a statement Tuesday. Daryle DiLascia is joining to oversee capital markets for the same industry.
“We are excited to expand our investment banking group,” Chad Abraham, global co-head of Piper Jaffray investment banking and capital markets, said in the statement. “With financial institutions being an important economic sector, it is a core focus for the firm.”
Stifel Chief Executive Officer Ron Kruszewski bought Sterne Agee to focus on businesses such as wealth management and bond trading. He struck a deal to sell Sterne Agee’s equities business to CRT Capital Group LLC.
Piper also hired former Sterne Agee senior managing director Michael Barry and managing directors Pete Majar and Jim Murray, the firm said. They will work with Hutchinson.
Hutchinson received an MBA from Ohio State University’s Fisher College of Business and a bachelor’s from Boston College. DiLascia got his MBA from Boston College and bachelor’s from Syracuse University.
Piper CEO Andrew Duff has been boosting capital markets operations. The firm last month announced the hiring of four equity sales and trading professionals and eight research analysts dedicated to the financial-institutions group.