Exhibit 99

		Piper Jaffray Companies, 800 Nicollet Mall, Minneapolis, MN 55402-7020
		CONTACT
		Jennifer A. Olson-Goude
		Investor and Media Relations
		Tel: 612 303-6277

FOR IMMEDIATE RELEASE

Piper Jaffray Companies Announces 2010 Fourth Quarter
and Full-Year Results

Record Fourth Quarter Revenues of $176.4 million

MINNEAPOLIS — Jan. 26, 2011 — Piper Jaffray Companies (NYSE: PJC) today announced net income of $9.4 million, or $0.49 per diluted common share, for the fourth quarter ended Dec. 31, 2010. These results were reduced by $0.48 per diluted common share, due to a $9.1 million after-tax charge ($9.5 million pre-tax), substantially all of which related to the previously-announced restructuring of the firm’s European operations. On a non-GAAP, core basis for the quarter, which excludes the restructuring charge, results were $0.97 per diluted common share. For the fourth quarter of 2009, Piper Jaffray recorded net income of $12.3 million, or $0.63 per diluted common share, and net income of $7.1 million, or $0.36 per diluted common share, for the third quarter of 2010. Fourth quarter 2010 net revenues were a record $176.4 million, compared to $132.9 million in the year-ago period, and $116.5 million for the third quarter of 2010.

For the year ended Dec. 31, 2010, net income was $24.4 million, or $1.23 per diluted common share, which included $10.2 million (after-tax) of restructuring charges and $4.0 million (after-tax) for the reversal of previously recognized expense related to performance-based restricted stock awards. In 2009, net income was $30.4 million, or $1.55 per diluted common share. Net revenues were $530.1 million for the twelve months ended Dec. 31, 2010, up 13 percent compared to last year, the highest since Piper Jaffray became a public company in 2003.

“We are very pleased with our strong fourth quarter results, reflecting solid performance in all of our businesses,” said Andrew S. Duff, chairman and chief executive officer. “In 2010, we took actions to improve our profitability and return on equity for the longer term. We

materially diversified our business mix with the addition of Advisory Research and the improved profitability of FAMCO. For 2010, asset management comprised 13 percent of total net revenues and 28 percent of operating income, up from 3 percent and a loss in 2009, respectively. Also, we completed a significant restructuring of our European operations. Europe will continue to be an important market for us in distributing U.S. and Asia securities and facilitating global M&A business, but we will no longer originate or distribute European securities.”

Duff added: “In 2011, we remain committed to further improving our productivity, profit margins and return on equity. We are optimistic about how our firm is positioned against an improving macroeconomic backdrop, yet are cautious about the potential for volatile periods in the capital markets in the year ahead.”

Fourth Quarter

Consolidated Expenses

For the fourth quarter, compensation and benefits expenses were $106.4 million compared to $79.8 million in the fourth quarter of 2009, and $66.1 million in the third quarter of 2010. Compensation and benefits expenses increased compared to both periods due to the improved performance during the quarter. Also, the third quarter of 2010 included a $6.6 million reversal of previously recognized compensation expense related to performance-based restricted stock grant awards that are no longer expected to be earned.

For the fourth quarter, compensation and benefits expenses as a percentage of net revenues were 60.3 percent, compared to 60.0 percent for the fourth quarter of 2009 and 56.7 for the third quarter of 2010, which was reduced by 5.6 percentage points due to the reversal of previously recognized compensation expense as described above.

Non-compensation expenses were $46.9 million, an increase of 37 percent compared to the fourth quarter of 2009, mainly due to the $9.5 million (pre-tax) restructuring charge and the addition of Advisory Research, which increased intangible amortization expense. Fourth

quarter non-compensation expenses increased 27 percent compared to the third quarter of 2010, mainly driven by the $9.5 million restructuring charge.

Fourth Quarter

Business Segment Results

The firm has two reportable business segments: Capital Markets and Asset Management. Consolidated net revenues and expenses are fully allocated to these two segments.

Capital Markets

Capital Markets generated pre-tax operating income of $16.0 million, which was reduced by $9.4 million (pre-tax) of restructuring charges, compared to $18.7 million in the fourth quarter of 2009, and $9.3 million in the third quarter of 2010. Net revenues of $151.0 million rose 18 percent and 52 percent, compared to the year-ago period and the third quarter of 2010, respectively.

•		Equity financing revenues of $42.1 million rose 15 percent and 112 percent, compared to the fourth quarter of 2009 and the third quarter of 2010, respectively, and were the highest since the fourth quarter of 2007. The number of completed transactions doubled compared to the sequential third quarter, and strong financing activity in the U.S. and Asia drove the improved performance.
•		Fixed income financing revenues were $19.9 million, down 24 percent from the very strong fourth quarter of 2009, and up 21 percent compared to the third quarter of 2010, mainly due to a higher number of completed public finance transactions.
•		Advisory services revenues of $34.6 million rose 215 percent and 68 percent, compared to the year-ago period and the third quarter of 2010, respectively, and were the highest since the fourth quarter of 2007. The improved performance resulted from a higher aggregate value of completed transactions and higher revenue per transaction.
•		Equity institutional brokerage revenues were $27.5 million, down 2 percent compared to the year-ago period, and up 13 percent compared to the third quarter of 2010, mainly driven by higher client activity in the U.S. and Asia.

•		Fixed income institutional brokerage revenues were $22.6 million, up 2 percent compared to the year-ago period, and up 12 percent compared to the third quarter of 2010. Municipal product revenues, which contribute a majority of fixed income institutional brokerage revenues, made a strong contribution to results, despite the challenging municipal market conditions during the fourth quarter.
•		In the fourth quarter, the firm recorded an $8.6 million charge related to the restructuring of its European operations. Going forward, Piper Jaffray will focus resources on two areas: the distribution of U.S. and Asia securities to European institutional investors, and merger and acquisition advisory services, which are aligned with the firm’s global sector focus areas. The firm exited the origination and distribution of European securities.
•		An additional $0.8 million (pre-tax) restructuring charge was recorded in the fourth quarter for a small number of headcount reductions.
•		Operating expenses for the quarter were $135.0 million, up 24 percent and 50 percent, compared to the fourth quarter of 2009 and the third quarter of 2010, respectively. The increased expenses were mainly due to higher compensation expenses and the restructuring charges. Segment pre-tax operating margin was 10.6 percent, which was reduced by 6.2 percentage points due to the restructuring charges, and compared to 14.6 percent and 9.3 percent in the year-ago period and the sequential third quarter, respectively.

The following is a recap of completed deal information for the fourth quarter of 2010:

	•		35 equity financings raising a total of $4.0 billion in capital.
	•		170 tax-exempt issues with a total par value of $2.7 billion.
	•		15 merger and acquisition transactions with an aggregate enterprise value of $3.5 billion. (The number of deals and the enterprise value include disclosed and undisclosed transactions.)

Asset Management

For the quarter ended Dec. 31, 2010, asset management generated pre-tax operating income of $7.1 million, compared to $0.3 million in the fourth quarter of 2009, and $4.3 million in

the third quarter of 2010. Net revenues of $25.3 million rose from $4.9 million in the year-ago period, primarily attributable to the acquisition of Advisory Research. Revenues rose 49 percent, or $8.3 million, compared to the third quarter of 2010, mainly driven by performance fees.

•		Performance fees, the majority of which are recorded in the fourth quarter if earned, were $7.6 million, compared to $0.7 million in the fourth quarter of 2009 and $0.7 million in the third quarter of 2010. Asset management has five strategies with performance-based fee arrangements; the largest contributors were the energy fund and microcap value fund.
•		Operating expenses for the quarter were $18.2 million, including $2.2 million of intangible amortization expense, compared to $4.6 million last year, mainly attributable to the addition of Advisory Research. Operating expenses rose 43 percent compared to the third quarter of 2010, mainly due to higher compensation expenses as a result of improved performance. Segment pre-tax operating margin was 28.1 percent compared to 6.3 percent in the year-ago period and 25.2 percent in the third quarter of 2010.
•		Assets under management (AUM) were $12.3 billion, compared to $6.9 billion a year ago and $12.8 billion in the third quarter of 2010. The increase compared to last year was mainly attributable to the acquisition of Advisory Research. The decrease compared to the third quarter of 2010 was driven by FAMCO client outflows offset in part by positive client inflows at Advisory Research, and market appreciation of client assets.

Other Matters

In the fourth quarter of 2010, $2.4 million, or 84,005 shares, of the firm’s common stock was repurchased pursuant to a share repurchase authorization. The average price per share repurchased was $28.62. The firm has $57.4 million remaining on a share repurchase authorization which expires on Sep. 30, 2012.

Full Year 2010

Consolidated Expenses

For the year ended Dec. 31, 2010, compensation and benefits expenses were $315.2 million, up 12 percent compared to $281.3 million in 2009. The increase was attributable to higher revenues, including ten months of Advisory Research revenues.

Non-compensation expenses were $157.2 million, up 20 percent compared to 2009, mainly due to restructuring charges related to the firm’s European operations and the addition of Advisory Research, including intangible amortization expense.

Full Year 2010

Business Segment Results

Capital Markets

For the year ended Dec. 31, 2010, Capital Markets generated pre-tax operating income of $41.6 million, compared to $59.3 million in 2009. The lower results were primarily due to higher restructuring charges and a lower contribution from fixed income institutional brokerage. Net revenues were $462.9 million, up 2 percent compared to the year-ago period. Equity financing and advisory services revenues substantially increased compared to the prior year, and were largely offset by decreased revenues in debt financings and institutional brokerage.

Operating expenses for the year were $421.3 million, up 7 percent compared to 2009, due to higher compensation expenses, and higher non-compensation expenses, driven by restructuring charges. For the year, segment pre-tax operating margin was 9.0 percent compared to 13.1 percent in 2009.

The following is a recap of completed deal information for the full year of 2010:

	•		96 equity financings raising a total of $11.9 billion in capital.
	•		567 tax-exempt issues with a total par value of $8.1 billion.

•

47 merger and acquisition transactions with an aggregate enterprise value of $11.3 billion. (The number of deals and the enterprise value include disclosed and undisclosed transactions.)

Asset Management

For the year ended Dec. 31, 2010, Asset Management generated pre-tax operating income of $16.1 million, compared to a loss of $2.8 million in 2009. Net revenues were $67.2 million compared to $14.9 million last year. The significant increase in revenues was driven by the acquisition of Advisory Research and performance fees.

Operating expenses for the year were $51.1 million, including $7.5 million of intangible amortization expense, compared to $17.7 million in 2009. Segment pre-tax operating margin was 24.0 percent compared to (18.5) percent last year.

Other Matters

For the full year, $47.6 million, or 1,517,587 shares, of the firm’s common stock was repurchased pursuant to a share repurchase authorization. The average price per share repurchased was $31.37.

Additional Shareholder Information

		As of Dec. 31, 2010				As of Sep. 30, 2010				As of Dec. 31, 2009
Number of employees:			1,031				1,082				1,039
Asset Management AUM:		$12.3 billion				$12.8 billion				$6.9 billion
Shareholders’ equity:		$813.3 million				$804.7 million				$778.6 million
Annualized Qtrly. Return on Avg. Adjusted Shareholders’ Equity1			5.4	%			4.0	%			7.3	%
Book value per share:		$	55.50			$	54.73			$	49.80
Tangible book value per share2:		$	29.42			$	28.97			$	38.50

		Average for the
		Three Months Ended				Three Months Ended				Three Months Ended
(Dollars in thousands)		Dec. 31, 2010				Sept. 30, 2010				Dec. 31, 2009
Shareholders’ equity		$	809,154			$	813,318			$	780,592
Deduct: goodwill attributable to PJC Inc. acquisition by USB			105,522				105,522				105,522
Adjusted shareholders’ equity		$	703,632			$	707,796			$	675,070

		As of				As of				As of
(Dollars in thousands)		Dec. 31, 2010				Sept. 30, 2010				Dec. 31, 2009
Shareholders’ equity		$	813,312			$	804,682			$	778,616
Deduct: goodwill and identifiable intangible assets			382,174				378,697				176,692
Tangible shareholders’ equity		$	431,138			$	425,985			$	601,924

Conference Call

Andrew S. Duff, chairman and chief executive officer, and Debbra L. Schoneman, chief financial officer, will host a conference call to discuss fourth quarter results on Wed., Jan. 26, at 9 a.m. ET (8 a.m. CT). The call can be accessed via live audio webcast available through the firm’s Web site at www.piperjaffray.com or by dialing (800) 732-5617, or (212) 231-2921 internationally, and referencing reservation #21506751. Callers should dial in at least 15 minutes early to receive instructions. A replay of the conference call will be available beginning at approximately 11 a.m. ET on Jan. 26 at the same Web address or by calling (800) 633-8284 and referencing reservation #21506751.

About Piper Jaffray

Piper Jaffray is a leading middle market investment bank and asset management firm serving clients in the U.S. and internationally. A proven advisory team combines deep industry, product and sector expertise with ready access to global capital. Founded in 1895,

the firm is headquartered in Minneapolis and has offices across the United States and in London and Hong Kong. www.piperjaffray.com

Cautionary Note Regarding Forward-Looking Statements

This press release and the conference call to discuss the contents of this press release contain forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are subject to significant risks and uncertainties that are difficult to predict. These forward-looking statements cover, among other things, statements made about general economic and market conditions (including the municipal market), anticipated financial results (including expectations regarding operating margins, earnings per share, return on equity, and productivity and revenue and expense levels), the environment and prospects for capital markets transactions, current deal pipelines, our five-year strategic and other growth priorities (including significant revenue growth for our corporate advisory and public finance businesses, investments in our Asia-based business, growth in our asset management business (and in the revenue yield thereof), and expansion of middle market, fixed income sales), the earnings per share and return on equity benefits from our European restructuring, our tax rates, or other similar matters. These statements involve inherent risks and uncertainties, both known and unknown, and important factors could cause actual results to differ materially from those anticipated or discussed in the forward-looking statements, including (1) market and economic conditions or developments may be unfavorable, including in specific sectors in which we operate (including the municipal market), and these conditions or developments, such as market fluctuations or volatility, may adversely affect our business, revenue levels and profitability, (2) the volume of anticipated investment banking transactions as reflected in our deal pipelines (and the net revenues we earn from such transactions) may differ from expected results if any transactions are delayed or not completed at all or if the terms of any transactions are modified, (3) we may not be able to compete successfully with other companies in the financial services industry, which may impact our ability to achieve our growth priorities and objectives, (4) our ability to manage expenses may be limited by the fixed nature of certain expenses as well as the impact from unanticipated expenses, (5) the business operations that we conduct outside of the United States, including in Asia, subject us to unique risks, (6) hiring of additional senior talent may not yield the benefits we anticipate or yield them within expected timeframes, and (7) the other factors described under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2009 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2009, and updated in our subsequent reports filed with the SEC (available at our Web site at www.piperjaffray.com and at the SEC Web site at www.sec.gov). Forward-looking statements speak only as of the date they are made, and readers are cautioned not to place undue reliance on them. We undertake no obligation to update them in light of new information or future events.

^© 2011 Piper Jaffray & Co., 800 Nicollet Mall, Suite 800, Minneapolis, Minnesota 55402-7020

###

Piper Jaffray Companies
Preliminary Unaudited Results of Operations

		Three Months Ended												Percent Inc/(Dec)								Twelve Months Ended
		Dec. 31,				Sept. 30,				Dec. 31,				4Q ’10				4Q ’10				Dec. 31,				Dec. 31,				Percent
(Amounts in thousands, except per share data)		2010				2010				2009				vs. 3Q ’10				vs. 4Q ’09				2010				2009				Inc/(Dec)
Revenues:
Investment banking		$	94,650			$	56,243			$	73,086				68.3	%			29.5	%		$	266,386			$	207,701				28.3	%
Institutional brokerage			46,343				40,432				45,662				14.6				1.5				167,954				221,117				(24.0	)
Interest			12,592				11,497				11,627				9.5				8.3				51,851				40,651				27.6
Asset management			24,988				16,812				4,864				48.6				413.7				66,827				14,681				355.2
Other income/(loss)			5,989				(368	)			3,940				N/M				52.0				12,043				2,731				341.0
Total revenues			184,562				124,616				139,179				48.1				32.6				565,061				486,881				16.1
Interest expense			8,190				8,153				6,230				0.5				31.5				34,987				18,091				93.4
Net revenues			176,372				116,463				132,949				51.4				32.7				530,074				468,790				13.1
Non-interest expenses:
Compensation and benefits			106,371				66,058				79,774				61.0				33.3				315,203				281,277				12.1
Occupancy and equipment			9,019				8,853				7,804				1.9				15.6				33,597				29,705				13.1
Communications			5,983				5,943				5,679				0.7				5.4				24,614				22,682				8.5
Floor brokerage and clearance			2,823				2,879				2,860				(1.9	)			(1.3	)			11,626				11,948				(2.7	)
Marketing and business development			6,435				5,863				5,607				9.8				14.8				23,715				18,969				25.0
Outside services			8,436				7,945				8,489				6.2				(0.6	)			32,120				29,657				8.3
Restructuring-related expenses			9,530				1,333				—				614.9				N/M				10,863				3,572				204.1
Other operating expenses			4,628				4,011				3,728				15.4				24.1				20,620				14,428				42.9
Total non-interest expenses			153,225				102,885				113,941				48.9				34.5				472,358				412,238				14.6
Income before income tax expense			23,147				13,578				19,008				70.5				21.8				57,716				56,552				2.1
Income tax expense			13,727				6,524				6,756				110.4				103.2				33,354				26,183				27.4
Net income			9,420				7,054				12,252				33.5				(23.1	)			24,362				30,369				(19.8	)
Net income allocated to restricted participating shares			(2,222	)			(1,639	)			(2,243	)			35.6				(0.9	)			(5,433	)			(5,481	)			(0.9	)
Net income applicable to common shareholders		$	7,198			$	5,415			$	10,009				32.9	%			(28.1	)%		$	18,929			$	24,888				(23.9	)%
Earnings per common share
Basic		$	0.49			$	0.36			$	0.63				36.6	%			(22.3	)%		$	1.23			$	1.56				(21.0	)%
Diluted		$	0.49			$	0.36			$	0.63				36.6	%			(21.9	)%		$	1.23			$	1.55				(20.8	)%
Weighted average number of common shares outstanding
Basic			14,635				15,035				15,803				(2.7	)%			(7.4	)%			15,348				15,952				(3.8	)%
Diluted			14,639				15,038				15,908				(2.7	)%			(8.0	)%			15,378				16,007				(3.9	)%

Piper Jaffray Companies
Preliminary Unaudited Segment Data

		Three Months Ended												Percent Inc/(Dec)								Twelve Months Ended
		Dec. 31,				Sept. 30,				Dec. 31,				4Q ’10				4Q ’10				Dec. 31,				Dec. 31,				Percent
(Dollars in thousands)		2010				2010				2009				vs. 3Q ’10				vs. 4Q ’09				2010				2009				Inc/(Dec)
Capital Markets
Investment banking
Financing
Equities		$	42,108			$	19,839			$	36,542				112.2	%			15.2	%		$	113,711			$	81,668				39.2	%
Debt			19,936				16,486				26,097				20.9				(23.6	)			65,958				79,104				(16.6	)
Advisory services			34,629				20,595				10,991				68.1				215.1				90,396				49,518				82.6
Total investment banking			96,673				56,920				73,630				69.8				31.3				270,065				210,290				28.4
Institutional sales and trading
Equities			27,486				24,292				28,004				13.1				(1.8	)			106,206				120,488				(11.9	)
Fixed income			22,565				20,159				22,104				11.9				2.1				79,833				117,176				(31.9	)
Total institutional sales and trading			50,051				44,451				50,108				12.6				(0.1	)			186,039				237,664				(21.7	)
Other income/(loss)			4,311				(1,956	)			4,278				N/M				0.8				6,763				5,922				14.2
Net revenues			151,035				99,415				128,016				51.9				18.0				462,867				453,876				2.0
Operating expenses			134,999				90,136				109,319				49.8				23.5				421,275				394,566				6.8
Segment pre-tax operating income		$	16,036			$	9,279			$	18,697				72.8	%			(14.2	)%		$	41,592			$	59,310				(29.9	)%
Segment pre-tax operating margin			10.6	%			9.3	%			14.6	%											9.0	%			13.1	%
Asset Management
Management and performance fees		$	24,988			$	16,812			$	4,864				48.6	%			413.7	%		$	66,827			$	14,681				355.2	%
Other income			349				236				69				47.9				405.8				380				233				63.1
Net revenues			25,337				17,048				4,933				48.6				413.6				67,207				14,914				350.6
Operating expenses			18,226				12,749				4,622				43.0				294.3	%			51,083				17,672				189.1	%
Segment pre-tax operating income/(loss)		$	7,111			$	4,299			$	311				65.4	%			N/M			$	16,124			$	(2,758	)			N/M
Segment pre-tax operating margin			28.1	%			25.2	%			6.3	%											24.0	%			N/M
Total
Net revenues		$	176,372			$	116,463			$	132,949				51.4	%			32.7	%		$	530,074			$	468,790				13.1	%
Operating expenses			153,225				102,885				113,941				48.9				34.5				472,358				412,238				14.6
Total segment pre-tax operating income		$	23,147			$	13,578			$	19,008				70.5	%			21.8	%		$	57,716			$	56,552				2.1	%
Pre-tax operating margin			13.1	%			11.7	%			14.3	%											10.9	%			12.1	%