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Piper Jaffray exits traditional asset management business with sale

Piper Jaffray Cos. completed its sale of the remaining business of Advisory Research Inc. to a partner group led by Matthew Swaim, managing director and executive committee chairman at Advisory Research.

The deal resulted in Piper Jaffray exiting its traditional asset management business.

The sale of Advisory Research's midstream energy asset management business to Tortoise Capital Advisors L.L.C. was completed Sept. 20.