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.
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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.
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By GlobalData"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.”
