Piper Jaffray, an investment bank and asset management firm, has agreed to acquire BMO Capital Markets GKST, the municipal bond sales, trading and origination business of BMO Financial Group.
Piper Jaffray expects the acquisition to add depth and breadth to its institutional sales, trading and underwriting platform.
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"It will also strengthen the firm’s strategy and analytics capabilities as it continues to build out its financial institutions franchise," Piper Jaffray said in a statement.
Piper Jaffray Companies chairman and CEO Andrew Duff said: "The fixed income business has been a longstanding and core focus for Piper Jaffray, and our commitment to sustainable growth led us to GKST.
"We are pleased to acquire another Chicago-based business after announcing the River Branch Holdings transaction last week."
Brad Winges, head of fixed income services and head of firm investments & trading at Piper Jaffray, said: "This acquisition represents a compelling strategic and cultural fit. GKST and Piper Jaffray have both cultivated a solid institutional business, rich history and client-centric, partnership culture.
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By GlobalData"Clients from both firms will benefit from broader product offerings and more robust analytical intelligence across a wider distribution network."
The deal, which is subject to regulatory approval, is expected to close in the fourth quarter of 2015. Terms of the deal were not revealed.
