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

2012 Third Quarter Results

MINNEAPOLIS – Oct. 17, 2012 – Piper Jaffray Companies (NYSE: PJC) today announced that for the quarter ended Sept. 30, 2012, net income from continuing operations was $13.5 million, or $0.72 per diluted common share. These results compared to $3.8 million, or $0.22 per diluted common share, in the year-ago period and $11.3 million, or $0.58 per diluted common share, in the second quarter of 2012. For the third quarter of 2012, net revenues from continuing operations were $133.0 million, compared to $95.9 million in the third quarter of 2011 and $104.5 million in the second quarter of 2012.

The firm announced on July 25^th that it would exit the Hong Kong capital markets business and further disclosed on Aug. 24^th that the exit would be effected through a shutdown of the business. The results from this business are reported as discontinued operations for all periods presented.

“In the third quarter, our continuing operations performed well and we are pleased with our results,” said Andrew S. Duff, chairman and chief executive officer. “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.”

For the quarter ended Sept. 30, 2012, net income, including continuing and discontinued operations, was $19.7 million, or $1.11 per diluted common share, an improvement from a net loss of $3.6 million, or $0.23 per diluted common share, for the quarter ended Sept. 30, 2011, and up from $6.9 million, or $0.37 per diluted common share, in the second quarter of 2012.

For the first nine months of 2012, net income, including continuing and discontinued operations, was $29.4 million, or $1.60 per diluted common share, up from $14.3 million, or $0.74 per diluted common share, in the first nine months of last year.

Third Quarter Results from Continuing Operations

Consolidated Expenses

For the third quarter of 2012, compensation and benefits expenses were $78.7 million, up 30% and 24% compared to the third quarter of 2011 and the second quarter of 2012, respectively, due to improved financial results.

For the third quarter of 2012, compensation and benefits expenses were 59.2% of net revenues, down from 63.1% and 60.6% for the third quarter of 2011 and second quarter of 2012, respectively. The improvement was mainly driven by the significant financial contribution from fixed income strategic trading in the current quarter.

Non-compensation expenses were $31.5 million, in line with the firm’s current quarterly goal, and compared to $30.2 million in the year-ago period and $35.7 million (including a $3.6 million restructuring charge) in the second quarter of 2012.

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. The firm’s Hong Kong capital markets business is presented as discontinued operations for all periods presented.

Capital Markets

For the quarter, Capital Markets generated pre-tax operating income of $20.6 million, a significant increase compared to $3.7 million in the year-ago period and $1.8 million in the second quarter of 2012.

Net revenues were $115.2 million, up 42% and 32% compared to the year-ago period and the second quarter of 2012, respectively.

Asset Management

For the quarter ended Sept. 30, 2012, asset management generated pre-tax operating income of $2.1 million, up 50% compared to the third quarter of 2011 and down 43% compared to the second quarter of 2012. Net revenues were $17.7 million, up 23% and 5% compared to the third quarter of 2011 and the second quarter of 2012, respectively. Increased revenues were primarily driven by higher management fees and gains on firm investments.

Third Quarter Results from Discontinued Operations

Discontinued operations include the operating results of the Hong Kong capital markets business, which the firm has shut down.

For the quarter ended Sept. 30, 2012, net income from discontinued operations was $6.8 million, or $0.38 per diluted common share, compared to a net loss of $7.1 million in the third quarter of 2011, or $0.45 per diluted share, and a net loss of $3.9 million, or $0.21 per diluted share, in the second quarter of 2012.

The firm will realize net cash proceeds of approximately $19 million, net of restructuring charges, which is above the top end of the firm’s range disclosed in the second quarter. Substantially all items related to the shut down of the Hong Kong business have been recorded in the third quarter.

Additional Shareholder Information*

Conference Call

Andrew S. Duff, chairman and chief executive officer, and Debbra L. Schoneman, chief financial officer, will hold a conference call to review the financial results Wed., Oct. 17 at 9 a.m. ET (8 a.m. CT). The earnings release will be available on or after Oct. 17 at the firm’s Web site at www.piperjaffray.com. The call can be accessed via webcast or by dialing (888)810-0209 or (706)902-1361 (international) and referencing reservation #96211043. Callers should dial in at least 15 minutes prior to the call time. A replay of the conference call will be available beginning at approximately 11 a.m. ET Oct. 17 at the same Web address or by calling (855)859-2056 and referencing reservation #96211043.

About Piper Jaffray

Piper Jaffray is an 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 capital. Founded in 1895, the firm is headquartered in Minneapolis and has offices across the United States and in London 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, the environment and prospects for capital markets transactions (including corporate advisory transactions), anticipated financial results from strategic trading activities within fixed income institutional brokerage (including results from non-agency mortgaged-backed securities), the closure of our Hong Kong capital markets business, anticipated financial results generally (including expectations regarding our compensation ratio, revenue levels, operating margins, earnings per share, and return on equity), current deal pipelines (or backlogs), our strategic priorities (including growth in public finance, asset management, and corporate advisory), 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, 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) revenue from strategic trading activities comprise a meaningful portion of our fixed income institutional brokerage revenue, and results from these activities may be volatile and vary significantly on a quarterly and annual basis, (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 closure of our Hong Kong capital markets business could cause us to incur unforseen expenses and have disruptive effects on our business, (6) 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, (7) our stock price may fluctuate as a result of several factors, including but not limited to, changes in our revenues and operating results, and (8) 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, 2011 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, 2011, 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.

© 2012 Piper Jaffray Companies, 800 Nicollet Mall, Minneapolis, Minnesota 55402-7020

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Piper Jaffray Companies

Preliminary Unaudited Results of Operations

N/M — Not meaningful

Piper Jaffray Companies

Preliminary Unaudited Segment Data from Continuing Operations

N/M — Not meaningful

Segment pre-tax operating income and segment pre-tax operating margin exclude the results of discontinued operations. 

Piper Jaffray Companies

Preliminary Data from Discontinued Operations