FAMCO Strengthens Fixed Income Platform with the Addition of Ben Armstrong as Senior Vice President, Fixed Income Portfolio Manager

Business Wire, April 21, 2008

ST. LOUIS -- Piper Jaffray today announced Ben Armstrong has joined Fiduciary Asset Management, LLC (FAMCO) as senior vice president, fixed income portfolio manager. In his new role, Armstrong will be responsible for managing fixed income portfolios and growing the fixed income platform for FAMCO. He will also help to build additional corporate cash management capabilities for FAMCO and Piper Jaffray clients.

With more than 20 years of investment management experience, Armstrong joins Piper Jaffray from William Blair & Company, LLC, where he managed mutual funds and institutional fixed income portfolios. He previously held positions at Lehman Brothers, Inc. and Continental Bank where he also worked with fixed income products and institutional investors.

"Ben's strong experience in portfolio construction, strategy and risk management will strengthen our fixed income team and allow us to continue providing diversified, actively-managed portfolios for our clients," said Wiley Angell, executive managing director of FAMCO.

Armstrong is a CFA charter holder. He earned a bachelor's degree in economics from Grinnell College and a Master of Business Administration degree from the Kellogg School of Management at Northwestern University. He will report to Angell and work out of the FAMCO St. Louis office.

FAMCO, a wholly owned subsidiary of Piper Jaffray Companies, offers an array of traditional and alternative strategies for institutional investors, as well as private wealth clients.

About Piper Jaffray

Piper Jaffray Companies is a leading, international middle market investment bank and institutional securities firm, serving the needs of middle market corporations, private equity groups, public entities, nonprofit clients and institutional investors. Founded in 1895, Piper Jaffray provides a comprehensive set of products and services, including equity and debt capital markets products; public finance services; mergers and acquisitions advisory services; high-yield and structured products; institutional equity and fixed-income sales and trading; and equity and high-yield research. With headquarters in Minneapolis, Piper Jaffray has 25 offices across the United States and international locations in London, Hong Kong and Shanghai. Piper Jaffray & Co. is the firm's principal operating subsidiary. (NYSE: PJC) (www.piperjaffray.com)

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