Magazine article American Banker

Piper Jaffray Plans to Expand N.Y. Trading Desk

Magazine article American Banker

Piper Jaffray Plans to Expand N.Y. Trading Desk

Article excerpt

U.S. Bancorp Piper Jaffray has established a seven-member New York equities sales and trading office, which it says will double in size in the coming months.

The Minneapolis-based investment banking arm of U.S. Bancorp already has an investment banking and fixed-income presence in New York.

In an interview Wednesday, Antonio Cecin, the head of equity trading at Piper Jaffray, said it wanted to be physically closer to some of its clients, many of whom are based in the Big Apple.

"We can bring more value to the table by having more face-to-face time with our clients," Mr. Cecin said.

The New York trading office opened last week in the Chrysler Building in midtown Manhattan. The building already housed some of U.S. Bancorp's analysts, bankers, and fixed-income employees.

Mr. Cecin said that Piper Jaffray plans to hire another eight professionals over the next several months.

The timing of the move works for a number of reasons, he said. "Our core nondeal business (research-driven institutional sales commissions) has continued to grow consistently in the face of a bear market environment."

But Piper Jaffray is following the lead of other commercial bank-owned investment banking units, like Banc of America Securities, in picking up talent from Wall Street's recent layoffs.

The state of the market has "caused several high-quality people to be available, and we wanted to seize on that opportunity to hire some of those people," Mr. …

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