Piper Jaffray, a US-based asset management and investment banking firm, has posted an adjusted net income from continuing operations of $16.9m in the third quarter of 2014, compared to $11.6m a year ago.
Adjusted net revenues from continuing operations were $155.9m, compared to $125m in the third quarter of 2013. While, advisory services revenues were $66.3m.
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Adjusted pre-tax operating margin was 17.3% in the third quarter, compared to 13.9% in the year ago quarter.
Assets under management were $12.2bn at September 30, 2014, compared to $10.6 billion in the year-ago period.
Asset Management
For the quarter ended September 30, 2014, asset management generated adjusted pre-tax operating income of $7.1m, compared to $7.7m in the third quarter of 2013.
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By GlobalDataNet revenues were $20m, up 11% compared to the third quarter of 2013. The increase compared to the year-ago period was due to higher management fees from increased assets under management (AUM) driven by net market appreciation.
