AdamAspes, head of equity sales for PiperJaffray Cos.'s financial institutions group, is leaving the firm.

A spokespersonfor Piper Jaffray did not respond to a request for comment. However, in an emailsent to co-workers and clients, Aspes said he is departing from Piper Jaffray onMay 16. In the email, Aspes noted that he is leaving the sell side, and sourcesfamiliar with the matter said Aspes is moving to the buy side.

"Iam looking for a new challenge," Aspes said in the email.

Aspesadded in the email that on June 1, Piper Jaffray senior research analyst MatthewKelley will join the equity sales team at the firm. Kelley is a veteran depositoryanalyst and currently covers Northeast banks for Piper Jaffray.

BeforePiper Jaffray, Kelley and Aspes worked together at Moors & Cabot Inc., and thenin 2006, they were part of a group that movedto Sterne Agee & Leach Inc.In 2015, Kelley, Aspes and other members of Sterne Agee's FIG team Piper Jaffray after Sterne Agee agreedto sell to , which didnot want to add the target's investment banking and equities business because ofoverlap concerns.

In theemail, Aspes thanked Piper Jaffray's senior management, equity research analystsand the sales and trading team for working with him on an orderly transition. Theemail notes that Jacob Morton and Adam Panzer, who also moved to Piper Jaffray fromSterne Agee, are remaining with the FIG equity sales team. Morton joined Piper Jaffrayas a managing director and sales trader, and Panzer joined Piper Jaffray as a principalin equity sales, according to a May 2015 news release.

"Whileit is tough to leave such great friends, I am comforted to know the Piper FIG salesteam and in turn Piper customers will be left in such capable hands," Aspessaid in the email.