Piper Jaffray Cos is incorporated in Delaware. The Company is an investment bank and asset management firm, serving the needs of corporations, private equity groups, public entities, non-profit entities and institutional investors in the U.S. and internationally. The Company provides a set of products and services, including equity and debt capital markets products; public finance services; financial advisory services; equity and fixed income institutional brokerage; equity and fixed income research; and asset management services. The Company's operations consist mainly of four components: Investment Banking; Equity and Fixed Income Institutional Brokerage; Principal Investments and Alternative Asset Management Funds. Investment Banking: it raises capital through equity financings and provide advisory services, primarily relating to mergers and acquisitions, for its corporate clients. It operates in the following focus industries: business services, clean technologies, consumer and retail, healthcare, industrials, and technology, media and telecommunications, mainly focusing on middle-market clients. For the government and non-profit clients, it underwrites debt issuances and provide financial advisory and interest rate risk management services. Its public finance investment banking capabilities focus on state and local governments, cultural and social service non-profit entities, and the healthcare, education, senior living and hospitality sectors. The Equity and Fixed Income Institutional Brokerage offers both equity and fixed income advisory and trade execution services for institutional investors and government and non-profit entities. It also has equity sales and trading relationships with institutional investors in the United States and Europe that invest in its core sectors. The Principal Investments is engaged in merchant banking activities, which involve equity or debt investments in late stage private companies. Additionally it has investments in private equity and venture capital funds and other firm investments. The alternative asset management funds invest in municipal securities and merchant banking in order to invest its own capital and to seek capital from outside investors. The Company's asset management business provides investment products through separately managed accounts and open-end and closed-end funds. Advisory Research, Inc. ('ARI') manages domestic and international equity strategies for institutions, private clients and investment advisors. FAMCO MLP, a division of ARI, manages master limited partnerships ('MLPs') and energy infrastructure strategies. The Company operates in the United States. The Company is subject to regulation of many aspects of its business by U.S. federal and state regulatory agencies, self-regulatory organizations and by foreign governmental agencies, regulatory bodies and securities exchanges.