Exhibit 99

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

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

Piper Jaffray Companies Announces 2010 Second Quarter Results

MINNEAPOLIS –July 21, 2010 – Piper Jaffray Companies (NYSE: PJC) today announced net income of $7.4 million, or $0.36 per diluted common share, for the second quarter ended June 30, 2010, compared to net income of $11.6 million, or $0.59 per diluted common share, for the second quarter of 2009 and net income of $0.5 million, or $0.03 per diluted common share, for the first quarter of 2010. Second quarter 2010 net revenues were $127.7 million, compared to $132.3 million in the year-ago period, and $109.6 million for the first quarter of 2010.

For the six months ending June 30, 2010, net income was $7.9 million, or $0.39 per diluted common share, compared to $8.9 million and $0.45 per diluted common share in 2009. Net revenues were $237.2 million for the six months, up 10 percent compared to the prior year.

“We had mixed performance for the quarter. We generated solid investment banking results attributable to equity financing and advisory fee revenues. These results were partially offset, however, by significantly lower fixed income revenues driven by very challenging trading conditions in the second quarter.” said Andrew S. Duff, chairman and chief executive officer. “Our backlogs continue to be healthy across equity, public finance, and M&A. We need constructive capital markets to realize the revenue potential in these backlogs.”

Consolidated Expenses

For the second quarter, compensation and benefits expenses were $77.7 million, down 2 percent compared to the year-ago period. Compensation and benefits expenses were up 19 percent compared to the first quarter of 2010, driven by higher revenues, profitability, and

the addition of Advisory Research. For the second quarter, compensation as a percentage of net revenues was 60.9 percent, compared to 60.0 percent in the year-ago period and 59.4 percent in the first quarter of 2010.

Non-compensation expenses were $38.1 million, up 11 percent compared to the second quarter of 2009 and up 8 percent compared to the first quarter of 2010. The increases compared to both periods primarily resulted from a full quarter of expenses related to Advisory Research, including intangible amortization, costs associated with headcount reductions at FAMCO, and an increase in travel and entertainment expenses.

Business Segment Results

Beginning with the second quarter of 2010, financial results are also provided for two 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 $8.9 million, compared to $19.8 million in the second quarter of 2009, and $7.4 million in the first quarter of 2010. Net revenues were $112.0 million, compared to $128.9 million in the year-ago period and $100.4 million in the first quarter of 2010.

•		Equity financing revenues were $34.8 million, an increase of 49 percent compared to the second quarter of 2009, and double the revenues reported in the first quarter of 2010. The improved performance was driven by a higher number of completed transactions and higher average revenue per transaction.
•		Fixed income financing revenues were $14.4 million, down 29 percent compared to the same period last year, and down 5 percent compared to the first quarter of 2010. The lower revenues resulted from fewer completed transactions and lower average revenues per transaction.
•		Advisory services revenues were $23.2 million, up 19 percent and 94 percent, compared to the year-ago period and the first quarter of 2010, respectively. The improvement mainly resulted from a higher aggregate value of completed transactions.

•		Equity institutional brokerage revenues were $27.5 million, down 10 percent compared to the prior year’s second quarter, mainly driven by lower client volumes in U.S. equity securities. Equity institutional brokerage revenues increased 2 percent compared to the first quarter of 2010.
•		Fixed income institutional brokerage revenues were $9.7 million, down 72 percent compared to the year-ago period, and down 64 percent compared to the first quarter of 2010. The lower revenues were primarily driven by continued low client activity in municipal products and reduced trading performance across products, including municipal strategic trading and taxable securities.
•		Operating expenses for the quarter were $103.1 million, down 5 percent compared to the second quarter in 2009. Operating expenses increased 11 percent compared to the first quarter of 2010, mainly due to higher compensation expenses.

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

•		28 equity financings raising a total of $3.5 billion in capital.
•		121 tax-exempt issues with a total par value of $1.6 billion.
•		11 merger and acquisition transactions with an aggregate enterprise value of $4.6 billion. (The number of deals and the enterprise value include disclosed and undisclosed transactions.)

Asset Management

For the quarter ended June 30, 2010, asset management generated pre-tax operating income of $3.0 million, compared to a loss of $1.4 million in the second quarter of 2009, and operating income of $1.7 million in the first quarter of 2010. Net revenues were $15.7 million, compared to $3.4 million in the year-ago period and $9.2 million in the first quarter of 2010. The increased revenues were primarily attributable to a full quarter of results for Advisory Research.

•

Operating expenses for the quarter were $12.7 million, compared to $4.8 million in the prior-year period and $7.4 million in the first quarter of 2010. The increases were mainly attributable to a full quarter of Advisory Research expenses.

•

Assets under management (AUM) were $11.8 billion, compared to $5.9 billion a year ago. The increase was attributable to the acquisition of Advisory Research. AUM was down $1.0 billion compared to the first quarter of 2010, which reflected the decline in equity prices during the quarter. Net asset client flows were essentially flat compared to the end of the sequential first quarter.

Other Matters

In the second quarter of 2010, $30.0 million, or 893,050 shares, of the company’s common stock was repurchased pursuant to a share repurchase authorization. The average price per share repurchased was $33.57. The remainder of the share repurchase authorization expired as of June 30, 2010.

Additional Shareholder Information

		As of June 30, 2010				As of Mar. 31, 2010				As of June 30, 2009
Number of employees:			1,083				1,092				1,001
Asset Management AUM:		$11.8 billion				$12.8 billion				$5.9 billion
Shareholders’ equity:		$817.0 million				$838.4 million				$778.1 million
Annualized Qtrly. Return on Avg. Adjusted Shareholders’ Equity1			4.0	%			0.3	%			7.0	%
Book value per share:		$	53.71			$	52.25			$	48.30
Tangible book value per share2:		$	28.67			$	28.38			$	37.51

		Average for the
		Three Months Ended				Three Months Ended				Three Months Ended
(Dollars in thousands)		June 30, 2010				Mar. 31, 2010				June 30, 2009
Shareholders’ equity		$	836,210			$	800,059			$	769,825
Deduct: goodwill attributable to PJC Inc. acquisition by USB			105,522				105,522				105,522
Adjusted shareholders’ equity		$	730,688			$	694,537			$	664,303

		As of				As of				As of
(Dollars in thousands)		June 30, 2010				Mar. 31, 2010				June 30, 2009
Shareholders’ equity		$	817,025			$	838,423			$	778,109
Deduct: goodwill and identifiable intangible assets			380,880				383,084				173,731
Tangible shareholders’ equity		$	436,145			$	455,339			$	604,378

Conference Call

Andrew S. Duff, chairman and chief executive officer, and Debbra L. Schoneman, chief financial officer, will host a conference call to discuss second quarter results on Wednesday, July 21, 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) 768-8804, or (212) 231-2903 internationally, and referencing reservation #21475255. 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 21 at the same Web address or by calling (800) 633-8284 and referencing reservation #21475255.

About Piper Jaffray

Piper Jaffray Companies (NYSE: PJC) is a leading, international investment bank and institutional securities firm, serving the needs of corporations, private equity groups, public entities, nonprofit clients and institutional investors. Founded in 1895, Piper Jaffray provides a broad set of products and services, including equity and debt capital markets products; public finance services; financial advisory services; equity and fixed-income institutional brokerage; equity research and fixed income analytics; and asset management services. Piper Jaffray headquarters are located in Minneapolis, Minnesota, with offices across the U.S. and in London and Hong Kong. Piper Jaffray & Co. is the firm’s principal operating subsidiary. (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 continued market volatility), anticipated financial results (including expectations regarding revenue and expense levels, operating margin, the compensation ratio, return on shareholders’ equity, and non-compensation expenses), the environment and prospects for capital markets transactions and institutional brokerage activity (including fixed income sales and trading activity and the municipal sector within fixed income), our current deal pipelines, expected hiring activity, liquidity and capital resources, share repurchase plans 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, and these conditions or developments (including market fluctuations or volatility) may adversely affect the environment for capital markets transactions and activity and 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, (4) our hiring of additional senior talent may not yield the benefits we anticipate or yield them within expected timeframes, (5) our ability to manage expenses, including our quarterly run rate for non-compensation expenses, may be limited by the fixed nature of certain expenses as well as the impact from unanticipated expenses, (6) an inability to access capital readily or on terms favorable to us could impair our ability to fund operations and could jeopardize our financial condition, (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.

© 2010 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)								Six Months Ended
		Jun. 30,				Mar. 31,				Jun. 30,				2Q '10				2Q '10				Jun. 30,				Jun. 30,				Percent
(Amounts in thousands, except per share data)		2010				2010				2009				vs. 1Q '10				vs. 2Q '09				2010				2009				Inc/(Dec)
Revenues:
Investment banking		$	71,745			$	43,748			$	62,150				64.0	%			15.4	%		$	115,493			$	86,500				33.5	%
Institutional brokerage			32,084				49,095				60,852				(34.6	)			(47.3	)			81,179				115,879				(29.9	)
Interest			12,648				11,120				8,973				13.7				41.0				23,768				16,261				46.2
Asset management			15,873				9,154				3,240				73.4				389.9				25,027				6,249				300.5
Other income/(loss)			3,495				2,927				(950	)			19.4				N/M				6,422				(4,549	)			N/M
Total revenues			135,845				116,044				134,265				17.1				1.2				251,889				220,340				14.3
Interest expense			8,192				6,458				1,975				26.9				314.8				14,650				4,168				251.5
Net revenues			127,653				109,586				132,290				16.5				(3.5	)			237,239				216,172				9.7
Non-interest expenses:
Compensation and benefits			77,678				65,096				79,377				19.3				(2.1	)			142,774				129,701				10.1
Occupancy and equipment			8,056				7,669				7,680				5.0				4.9				15,725				14,198				10.8
Communications			6,199				6,489				5,430				(4.5	)			14.2				12,688				11,529				10.1
Floor brokerage and clearance			3,307				2,617				3,232				26.4				2.3				5,924				6,114				(3.1	)
Marketing and business development			6,095				5,322				3,419				14.5				78.3				11,417				7,864				45.2
Outside services			7,735				8,004				7,415				(3.4	)			4.3				15,739				14,934				5.4
Restructuring-related expenses			—				—				3,572				N/M				(100.0	)			—				3,572				(100.0	)
Other operating expenses			6,747				5,234				3,747				28.9				80.1				11,981				6,298				90.2
Total non-interest expenses			115,817				100,431				113,872				15.3				1.7				216,248				194,210				11.3
Income before income tax expense			11,836				9,155				18,418				29.3				(35.7	)			20,991				21,962				(4.4	)
Income tax expense			4,458				8,645				6,842				(48.4	)%			(34.8	)			13,103				13,111				(0.1	)
Net income			7,378				510				11,576				N/M				(36.3	)			7,888				8,851				(10.9	)
Net income allocated to restricted participating shares			(1,666	)			(101	)			(2,101	)			N/M				(20.7	)			(1,675	)			(1,582	)			5.9
Net income applicable to common shareholders		$	5,712			$	409			$	9,475				N/M				(39.7	)%		$	6,213			$	7,269				(14.5	)%
Earnings per common share
Basic		$	0.36			$	0.03			$	0.59				N/M				(38.9	)%		$	0.39			$	0.45				(13.9	)%
Diluted		$	0.36			$	0.03			$	0.59				N/M				(39.0	)%		$	0.39			$	0.45				(14.2	)%
Weighted average number of common shares outstanding
Basic			15,901				15,837				16,104				0.4	%			(1.3	)%			15,869				15,987				(0.7	)%
Diluted			15,925				15,924				16,117				0.0	%			(1.2	)%			15,925				15,995				(0.4	)%

N/M — Not meaningful

Piper Jaffray Companies
Preliminary Unaudited Segment Data

		Three Months Ended												Percent Inc/(Dec)								Six Months Ended
		Jun. 30,				Mar. 31,				Jun. 30,				2Q '10				2Q '10				Jun. 30,				Jun. 30,				Percent
(Dollars in thousands)		2010				2010				2009				vs. 1Q '10				vs. 2Q '09				2010				2009				Inc/(Dec)
Capital Markets
Investment banking
Financing
Equities		$	34,776			$	16,988			$	23,294				104.7	%			49.3	%		$	51,764			$	27,357				89.2	%
Debt			14,355				15,181				20,126				(5.4	)			(28.7	)			29,536				32,514				(9.2	)
Advisory services			23,197				11,975				19,574				93.7				18.5				35,172				28,389				23.9
Total investment banking			72,328				44,144				62,994				63.8				14.8				116,472				88,260				32.0
Institutional sales and trading
Equities			27,501				26,927				30,384				2.1				(9.5	)			54,428				61,046				(10.8	)
Fixed income			9,733				27,376				35,166				(64.4	)			(72.3	)			37,109				62,971				(41.1	)
Total institutional sales and trading			37,234				54,303				65,550				(31.4	)			(43.2	)			91,537				124,017				(26.2	)
Other income/(loss)			2,423				1,985				344				22.1				604.4				4,408				(2,310	)			N/M
Net revenues			111,985				100,432				128,888				11.5				(13.1	)			212,417				209,967				1.2
Operating expenses			103,114				93,026				109,041				10.8				(5.4	)			196,140				185,453				5.8
Segment pre-tax operating income		$	8,871			$	7,406			$	19,847				19.8	%			(55.3	)%		$	16,277			$	24,514				(33.6	)%
Segment pre-tax operating margin			7.9	%			7.4	%			15.4	%											7.7	%			11.7	%
Asset Management
Management and performance fees		$	15,873			$	9,154			$	3,240				73.4	%			389.9	%		$	25,027			$	6,249				300.5	%
Other income/(loss)			(205	)			—				162				N/M				N/M				(205	)			(44	)			365.9
Net revenues			15,668				9,154				3,402				71.2				360.6				24,822				6,205				300.0
Operating expenses			12,703				7,405				4,831				71.5				162.9	%			20,108				8,757				129.6	%
Segment pre-tax operating income/(loss)		$	2,965			$	1,749			$	(1,429	)			69.5	%			N/M			$	4,714			$	(2,552	)			N/M
Segment pre-tax operating margin			18.9	%			19.1	%			N/M												19.0	%			N/M
Total
Net revenues		$	127,653			$	109,586			$	132,290				16.5	%			(3.5	)%		$	237,239			$	216,172				9.7	%
Operating expenses			115,817				100,431				113,872				15.3				1.7				216,248				194,210				11.3
Total segment pre-tax operating income		$	11,836			$	9,155			$	18,418				29.3	%			(35.7	)%		$	20,991			$	21,962				(4.4	)%
Pre-tax operating margin			9.3	%			8.4	%			13.9	%											8.8	%			10.2	%

N/M — Not meaningful