Exhibit 99

F O R   I M M E D I A T E   R E L E A S E

Piper Jaffray Companies Announces 2011 Second Quarter Results

MINNEAPOLIS – July 20, 2011 – Piper Jaffray Companies (NYSE: PJC) today announced net income of $10.7 million, or $0.55 per diluted common share, for the quarter ended June 30, 2011. For the second quarter of 2010, Piper Jaffray recorded net income of $7.4 million, or $0.36 per diluted common share. For the first quarter of 2011, net income was $7.2 million, or $0.38 per diluted common share. Net revenues for the second quarter of 2011 were $135.9 million, compared to $127.7 million in the year-ago period, and $124.8 million for the first quarter of 2011.

For the six months ending June 30, 2011, net income was $17.9 million, or $0.93 per diluted common share, compared to $7.9 million, or $0.39 per diluted common share in 2010. Net revenues were $260.7 million for the six months, up 10 percent compared to the prior year, mainly due to higher asset management revenues.

“We are pleased with our improved revenues and profitability despite challenging market conditions that persisted during the second quarter,” said Andrew S. Duff, chairman and chief executive officer. “Stronger asset management and investment banking revenues more than offset lower institutional brokerage revenues.”

Second Quarter

Consolidated Expenses

For the second quarter of 2011, compensation and benefits expenses were $83.4 million, up from $77.7 million and $75.5 million in the second quarter of 2010 and the first quarter of 2011, respectively. The increases were primarily driven by improved performance. For the

second quarter of 2011, compensation and benefits expenses as a percentage of net revenues were 61.3 percent, compared to 60.9 percent for the second quarter of 2010 and 60.5 for the first quarter of 2011.

Non-compensation expenses were $35.4 million, a decrease of 7 percent and 6 percent, compared to the second quarter of 2010 and the first quarter of 2011, respectively.

Second 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 $12.2 million, up 39 percent and 68 percent compared to the year-ago period and first quarter of 2011, respectively. The improved performance was mainly attributable to higher net revenues, which were $115.5 million and rose 3 percent and 8 percent, respectively.

compared to the first quarter of 2011, due to more completed transactions and higher revenue per transaction.

The following is a recap of completed deal information for the second quarter of 2011:

Asset Management

For the quarter ended June 30, 2011, asset management generated pre-tax operating income of $4.9 million, compared to $3.0 million in the second quarter of 2010, and $4.3 million in the first quarter of 2011. Net revenues of $20.4 million rose 30 percent and 12 percent compared to the year-ago period and the first quarter of 2011, respectively. The increases were mainly driven by performance fees.

Additional Shareholder Information

¹Adjusted common shareholders’ equity equals total common shareholders’ equity, including goodwill associated with acquisitions, less goodwill resulting from the 1998 acquisition of our predecessor company, Piper Jaffray Companies Inc., by U.S. Bancorp. Annualized return on average adjusted common shareholders’ equity is computed by dividing annualized net income by average monthly adjusted common shareholders’ equity. Management believes that annualized return on adjusted common shareholders’ equity is a meaningful measure of performance because it reflects equity deployed in our businesses after our spin off from U.S. Bancorp on December 31, 2003. The following table sets forth a reconciliation of common shareholders’ equity to adjusted common shareholders’ equity. Common shareholders’ equity is the most directly comparable GAAP financial measure to adjusted common shareholders’ equity.

²Tangible shareholders’ equity equals total shareholders’ equity less all goodwill and identifiable intangible assets. Tangible book value per share is computed by dividing tangible shareholders’ equity by common shares outstanding. Management believes that tangible book value per share is a more meaningful measure of our book value per share. Shareholders’ equity is the most directly comparable GAAP financial measure to tangible shareholders’ equity. The following is a reconciliation of shareholders’ equity to tangible shareholders’ equity:

Conference Call

Andrew S. Duff, chairman and chief executive officer, and Debbra L. Schoneman, chief financial officer, will host a conference call to discuss first quarter results on Wed., July 20, at 9 a.m. ET (8 a.m. CT). To view a copy of the earnings release on or after July 20, please visit www.piperjaffray.com. The call can be accessed via live audio webcast available through the firm’s Web site at www.piperjaffray.com or by dialing (800)899-2086 and referencing reservation #21529044. 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 July 20 at the same Web address or by calling (800) 633-8284 and referencing reservation #21529044.

About Piper Jaffray

Piper Jaffray is a leading middle-market investment bank and asset management firm serving clients in the U.S. and internationally. Proven advisory teams combine 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, Hong Kong and Zurich. 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 (or backlogs), our five-year strategic 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 the revenue yield thereof, and expansion of middle market, fixed income sales), 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, 2010 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, 2010, 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

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Piper Jaffray Companies

Preliminary Unaudited Results of Operations

(1) Net income applicable to Piper Jaffray Companies is the total net income earned by the Company. Piper Jaffray Companies calculates earnings per common share using the two-class method, which requires the allocation of consolidated net income between common shareholders and participating security holders, which in the case of Piper Jaffray Companies, represents unvested restricted stock with dividend rights.

N/M - Not meaningful

Piper Jaffray Companies

Preliminary Unaudited Segment Data