Piper Jaffray, a US-based asset management and investment banking firm, has posted an adjusted net income of $ 27.12m for the fourth quarter (Q4) of 2016, an increase of 29.3% compared to $21.15m in the previous year quarter.
For the quarter ended 31 December 2016, adjusted net revenues stood at $217.89m, a rise of 9.5 % from $195.1m in the year-ago quarter.
Adjusted pre-tax operating margin rose to 18.6% from 17.2% in the fourth quarter of 2015.
Asset Management
The company's asset management unit posted adjusted pre-tax operating income of $40.5m, compared to $33.5m in the corresponding quarter of 2015.
Piper Jaffray chairman and CEO Andrew Duff said: “This was a year of remarkable performances across the firm highlighted by record results in Advisory and Public Finance which combined to produce record revenues in the fourth quarter and full year 2016.
"Strong execution by our new Energy and Financial Institutions groups contributed to the exceptional 2016 results. The growth and diversification of our business has enabled us to initiate a quarterly dividend for the first time in our firm's history.”
