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Piper Jaffray to record noncash impairment charge


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Piper Jaffray to record noncash impairment charge

Piper Jaffray Cos. said it will record a pretax noncash impairment charge in the range of $75 million to $95 million to decrease the carrying value of goodwill associated with its asset management segment.

The company believes the fiscal year 2016 net outflows in its asset management segment are due to an extended cycle of investors favoring passive investment vehicles over active management as well as certain investment strategies performing below their benchmarks. As a result, Piper Jaffray's management fees and the profitability of its asset management segment have decreased since the end of its prior fiscal year.

The impairment won't result in current or future cash expenditures.