Updated:
Piper Sandler & Co.
Piper Sandler traces its roots to 1895, when George Lane founded a commercial paper business in Minneapolis that evolved through decades of regional...
Piper Sandler & Co.
Piper Sandler traces its roots to 1895, when George Lane founded a commercial paper business in Minneapolis that evolved through decades of regional consolidation. The firm adopted the Piper Sandler name in 2020 after selling Piper Jaffray's asset management unit, simplifying to an advisory-led partnership. Chad Abraham, who became CEO in 2018, engineered that pivot and now chairs a business centered on mid-market investment banking, institutional equities, and fixed-income services, operating from over 60 US offices with cross-border reach through a London hub. Strategy centers on sector-focused advisory: M&A, equity and debt capital markets execution, and institutional brokerage for corporate clients and financial sponsors. The firm is a top-10 US bookrunner for middle-market public offerings and covers healthcare, energy, financial services, industrials, real estate, and technology. The restructuring and private capital advisory groups provide liability management and direct-placement capabilities. In 2024, Piper Sandler acted as co-manager on multiple healthcare IPOs and led a $125 million follow-on offering for a renewable energy developer (per Bloomberg, 2024). The firm also advises community and regional banks on M&A and capital raises, a niche it has dominated since the post-2008 consolidation wave. The firm employs over 1,700 people. Recent operational milestones include the February 2024 acquisition of Aviditi Advisors, an alternative investment placement agent, to build a private funds group. In September 2024, the firm completed its acquisition of DBO Partners, a technology-focused advisory boutique based in San Francisco, deepening its coverage of software and internet companies. Piper Sandler also operates Piper Sandler Finance, a broker-dealer subsidiary funding consumer and small-business loan portfolios. Piper Sandler's structural differentiator is its pure-play advisory profile — rare among US financial services firms of its scale. By exiting asset management, the firm avoids the allocation conflicts that complicate bulge-bracket banks and diversified regionals. All revenue derives from advice, capital raising, and trading, aligning partner compensation directly with deal outcomes and trading P&L rather than management fees.
General information
Firm type
Bank / Wealth / Trust
Year founded
1895
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Minneapolis
Corporate office
Minneapolis, MN, United States
Additional offices
New York · San Francisco · Chicago · Boston · Charlotte · Houston · Richmond · London
Principals
Chad Abraham
Chairman and Chief Executive Officer
Deb Schoneman
President
Sector focus
Frequently asked questions
What does Piper Sandler's acquisition of DBO Partners mean for its coverage model?
The September 2024 acquisition of DBO Partners builds a dedicated technology advisory practice within Piper Sandler, historically weighted toward financial services, energy, and healthcare. DBO's team focuses on software, internet, and fintech deals, and the combination aims to broaden the firm's M&A pipeline into sectors where valuations have been higher and sponsor activity concentrated.
How did Piper Sandler change structurally after the 2020 asset management sale?
In 2020, the firm sold its Piper Jaffray asset management unit, including the Advisory Research and PJC Capital Partners businesses, and simultaneously rebranded from Piper Jaffray to Piper Sandler. The transaction removed fee-based management revenue streams and created a pure advisory and institutional brokerage model.
Which sectors does Piper Sandler's investment banking group explicitly cover?
Piper Sandler organizes its advisory groups around financial institutions, healthcare, energy, industrials, real estate, technology, and consumer. Within financial institutions, the firm is a leading M&A and capital markets advisor to US community and regional banks.
Does Piper Sandler run proprietary investment funds or manage outside capital?
No. The firm exited fund management with the 2020 asset management sale. Its broker-dealer subsidiary, Piper Sandler Finance, funds loan portfolios, but the parent does not operate hedge funds, private equity vehicles, or retail asset management products.
Who runs day-to-day operations and investment banking at Piper Sandler?
Chad Abraham is Chairman and CEO, overseeing overall strategy. Deb Schoneman is President, managing firm-wide operations. The investment banking division is run by sector heads under the leadership of the co-heads of investment banking and capital markets, a structure that has been in place since the 2020 restructuring.
How does Piper Sandler's mid-market focus affect its deal profiles?
The firm is a leading underwriter and advisor for companies with enterprise values typically between $500 million and $5 billion. This positioning provides consistent flow in small- to mid-cap equity and debt raises, an area that bulge-bracket banks often bypass in favor of larger mandates.
What is Piper Sandler's institutional brokerage capable of executing?
The institutional equities and fixed-income groups provide sales, trading, and research across approximately 1,000 stocks. The firm makes markets in corporate bonds, municipal securities, and structured products, and offers portfolio strategy research to asset managers, hedge funds, and RIAs.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on asset managers?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: