Advisory Research: Piper Jaffray sells Advisory Research unit, exits asset management

Piper Jaffray Cos. said Wednesday it is leaving the traditional asset management business, selling its Advisory Research Inc. unit in a pair of deals. The Minneapolis-based investment bank and financial-services company announced its plans to sell the midstream energy business of Advisory Research Inc. to Tortoise Capital Advisors of Leawood, Kan., and the remaining Advisory Research business to a group of current partners led by Matthew Swaim, managing director and executive committee chairman...