A news release said the deal also includes future cash consideration based on financial performance.
According to the announcement, Piper Jaffray plans to enhance the business through additional product offerings and distribution capability and an expanded client base. The transaction is expected to close in the third quarter of 2007 and is subject to customary regulatory approvals and client consents.
FAMCO, established in 1994, has approximately $9 billion in assets under management. The company serves its clients through separately managed accounts and closed end funds and offers an array of investment products including traditional, quantitative and hedged equity, master limited partnerships, and fixed income.
The current management team, Charles Walbrandt, Joseph Gallagher, Wiley Angell, Jim Cunnane, Jr. and Mo Riad, will continue to manage the business.
FAMCO has approximately 50 employees and its headquarters will remain in St. Louis, Missouri, according to the announcement.
More information on FAMCO can be found at http://www.famco.com/index.htm.
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