Piper Jaffray Spinning Out Subsidiary

Piper Jaffray (NYSE: PJC) is spinning out its private capital subsidiary, Piper Jaffray Private Capital, as an independent company operating under the name North Sky Capital. The change is expected to become effective on December 1st. North Sky will be led by Piper Jaffray managing director Scott Barrington and will continue to manage PJPC's funds, which consist of about $700 million in commitments.