Piper Jaffray Completes the Sale of the Midstream Energy Asset Management Business of Advisory Research, Inc.

Piper Jaffray Companies (NYSE: PJC) a leading investment bank and institutional securities firm, announced today it has completed its sale of the midstream energy asset management (MLP) business of Advisory Research Inc. to Tortoise Capital Advisors.

Combining the Tortoise and Advisory Research midstream energy investment teams, two of the longest tenured in the midstream energy space, creates a "best-in-class” organization with a comprehensive suite of solutions for clients. "Tortoise has built an excellent investment management platform focused on essential assets. The midstream energy infrastructure team will bring unique perspectives that will create an even stronger and deeper combined team,” commented Deb Schoneman, president of Piper Jaffray.

About Piper Jaffray
Piper Jaffray is a leading investment bank and institutional securities firm driven to help clients Realize the Power of Partnership®. Through a distinct combination of candid counsel, focused expertise and empowered employees, we deliver insight and impact to each and every relationship. Our proven advisory teams combine deep product and sector expertise with ready access to global capital. Founded in 1895, the firm is headquartered in Minneapolis with offices across the United States and in Hong Kong, Aberdeen and London. www.piperjaffray.com

About Tortoise
Tortoise invests in essential assets – those assets and services that are indispensable to the economy and society. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 15 years. Tortoise’s infrastructure expertise includes midstream energy, renewables and water. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.tortoiseadvisors.com.

Piper Jaffray Companies (NYSE: PJC) is a leading investment bank and institutional securities firm driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Jaffray & Co., member SIPC and FINRA; in Europe through Piper Jaffray Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Jaffray Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Asset management products and services are offered through five separate investment advisory affiliates.

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