Piper Jaffray, a global asset management firm and investment bank headquartered in Minneapolis, announced that it will acquire River Branch Holdings, an investment banking boutique specialized in the financial institutions sector. Terms of the deal were not disclosed.
 
“We are pleased to welcome this industry veteran to our firm,” Andrew Duff, CEO and chairman of Piper Jaffray, said in a statement. Duff cited the purchase as “an instrumental component” for its plans to compete more aggressively in the financial services sector.
 
The month prior, Piper Jaffray hired five managing directors to its financial institutions group (FIG). CEO and chairman of Chicago-based River Branch Holdings, David Olson, will serve as co-head of FIG.
 
“Piper Jaffray is a firm that shares our partnership-driven culture, and its capital markets capabilities will bolster our advisory product offerings,” Olson said. “Their commitment to the middle market and their sustained investment in the FIG space are highly attractive to us.”
 
The transaction is pending as it awaits regulatory approval. If customary closing conditions are met, the deal is expected to close in the third quarter of this year.