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Piper Jaffray's Q3 revenue surges 39%

Piper Jaffray Cos. reported its net revenue grew to $133 million, compared to $95.9 million in the third quarter last year, the Business Journal reports. The Minneapolis-based investment bank and asset manager says its mortgage-backed securities trading strategy "drove the majority of the improvement."
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Piper Jaffray Cos. reported its net revenue grew to $133 million, compared to $95.9 million in the third quarter last year, the Business Journal reports. The Minneapolis-based investment bank and asset management firm says its mortgage-backed securities trading strategy "drove the majority of the improvement."

"Our performance reflects robust fixed income institutional brokerage revenues -- particularly strategic trading, our decision to exit the Hong Kong capital markets business, additional cost reductions taking effect, and solid market share in public finance and public equity offerings," said Andrew S. Duff, chairman and chief executive officer, in a news release.

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