{
  "crd_number": 665,
  "slug": "piper-sandler-and-co-minneapolis-mn-665",
  "primary_business_name": "PIPER SANDLER & CO.",
  "legal_name": "PIPER SANDLER & CO.",
  "dbas": [],
  "city": "Minneapolis",
  "state": "MN",
  "country": "United States",
  "cbsa_code": "33460",
  "metro": {
    "cbsa_code": "33460",
    "common_name": "Minneapolis",
    "msa_name": "Minneapolis-St. Paul-Bloomington, MN-WI",
    "path": "/advisors/mn/minneapolis"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2016-08-04",
  "years_registered": 10,
  "period": "2026-10-01",
  "filing_date": "2026-03-23",
  "carried_forward": false,
  "raum_total": 1284404458.0,
  "raum_discretionary": 0.0,
  "raum_non_discretionary": 1284404458.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 1402,
  "advisory_employees": 31,
  "client_count_bucket": null,
  "clients_by_type": {
    "other": {
      "raum": 0.0,
      "count": 0
    },
    "charitable": {
      "raum": 0.0,
      "count": 0
    },
    "individuals": {
      "raum": 0.0,
      "count": 0
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 16
    },
    "state_municipal": {
      "raum": 1284404458.0,
      "count": 2
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": 0
    },
    "investment_companies": {
      "raum": 0.0,
      "count": 1
    },
    "pension_profit_sharing": {
      "raum": 0.0,
      "count": 0
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 0.0,
      "count": 0
    },
    "pooled_investment_vehicles": {
      "raum": 0.0,
      "count": 0
    },
    "corporations_other_businesses": {
      "raum": 0.0,
      "count": 1
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "commissions",
    "fixed",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "other",
    "portfolio_management_businesses_institutional",
    "portfolio_management_investment_companies"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 4,
  "states_registered": [
    "CO",
    "CT",
    "FL",
    "IL",
    "KS",
    "MN",
    "NY",
    "OR",
    "TN",
    "WI"
  ],
  "websites": [
    "https://pipersandler.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/665",
  "disclosure_items": [
    {
      "item": "11.C(2)",
      "question": "Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?"
    },
    {
      "item": "11.C(4)",
      "question": "Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?"
    },
    {
      "item": "11.C(5)",
      "question": "Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?"
    },
    {
      "item": "11.E(2)",
      "question": "Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?"
    }
  ],
  "city_as_filed": "MINNEAPOLIS",
  "url": "https://advisorcensus.com/firm/piper-sandler-and-co-minneapolis-mn-665",
  "display_name": "Piper Sandler & Co.",
  "summary": "Piper Sandler & Co. is an SEC-registered investment advisory firm in Minneapolis, MN, registered since 2016, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 23, 2026.",
  "citation": "AdvisorCensus. Piper Sandler & Co. (CRD 665): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Fixed fees (other than subscription fees)",
    "Commissions"
  ],
  "advisory_activity_labels": [
    "Portfolio management for investment companies (and business development companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients",
    "Other"
  ],
  "quick_answers": [
    {
      "q": "How is Piper Sandler & Co. compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Piper Sandler & Co. reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); commissions. The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Where is Piper Sandler & Co. located?",
      "a": "Piper Sandler & Co.'s principal office is in Minneapolis, MN, according to its Form ADV; the April 2026 filing also lists 9 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Piper Sandler & Co. registered with the SEC or a state?",
      "a": "Piper Sandler & Co. is an SEC-registered investment advisory firm, registered since 2016. Status as filed: Approved. CRD 665."
    },
    {
      "q": "How much does Piper Sandler & Co. manage?",
      "a": "Piper Sandler & Co. reports $1,284,404,458 in regulatory assets under management in its Form ADV filing dated March 23, 2026 (0% discretionary)."
    },
    {
      "q": "How have Piper Sandler & Co.'s assets and staff changed since 2021?",
      "a": "In the Form ADV data for Piper Sandler & Co.: Regulatory assets under management: $2,082,940,165 in the October 2021 data and $1,284,404,458 in the October 2026 data, down 38%. Total employees: 1,128 in October 2021 and 1,402 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Piper Sandler & Co. serve?",
      "a": "By number of clients on Form ADV Item 5.D: banking or thrift institutions (16); state or municipal government entities (including government pension plans) (2); investment companies (1)."
    },
    {
      "q": "Does Piper Sandler & Co. report any disciplinary disclosures?",
      "a": "Reports 4 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order), and 11.E(2) (self-regulatory organization's finding of a rule violation). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/665"
    },
    {
      "q": "What changed in Piper Sandler & Co.'s recent Form ADV filings?",
      "a": "In the April 2026 filing data: Employees performing advisory functions went from 21 to 31. Regulatory assets under management went from $1,985,004,532 to $1,284,404,458 (-35%). Added an office in Melville, NY. Registered or notice-filed in FL."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 2082940165.0,
      "total_employees": 1128,
      "filing_date": "2021-07-06"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 3295578000.0,
      "total_employees": 1253,
      "filing_date": "2022-03-30"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 1408399403.0,
      "total_employees": 1330,
      "filing_date": "2023-03-28"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 1580517015.0,
      "total_employees": 1335,
      "filing_date": "2024-09-03"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 1985004532.0,
      "total_employees": 1370,
      "filing_date": "2025-07-14"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 1284404458.0,
      "total_employees": 1402,
      "filing_date": "2026-03-23"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 21 to 31.",
        "Regulatory assets under management went from $1,985,004,532 to $1,284,404,458 (-35%).",
        "Added an office in Melville, NY.",
        "Registered or notice-filed in FL."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/piper-sandler-and-co-minneapolis-mn-665.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 16,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 1,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 2,
      "fewer_than_5": false,
      "raum": 1284404458.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 1,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    }
  ],
  "disclosure_line": "Reports 4 disclosure items on Form ADV Item 11.",
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/665",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}