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BRIEF-Piper Jaffray to record charge associated with asset management segment
December 22, 2016 / 10:05 PM / 10 months ago

BRIEF-Piper Jaffray to record charge associated with asset management segment

Dec 22 (Reuters) - Piper Jaffray Companies :

* Piper Jaffray Companies- estimates that impairment charge will be in range of $75 million to $95 million on a pre-tax basis- SEC filing

* Piper Jaffray -asset management segment experienced net outflows of assets under management during its fiscal year ending December 31, 2016

* Piper Jaffray -believes net outflows are result of an extended cycle of investors favoring passive investment vehicles over active management

* Piper Jaffray -on Dec 21, concluded required to record noncash impairment charge to reduce carrying value of goodwill associated with asset management segment

* Piper Jaffray Companies - impairment will not result in any current or future cash expenditures Source text: (bit.ly/2i03svF) Further company coverage:

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