# Piper Sandler & Co.

> 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.

- CRD: 665
- Filed as: PIPER SANDLER & CO.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Minneapolis, MN
- Filing period: October 2026
- Form ADV filing dated: March 23, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/665
- AdvisorCensus page: https://advisorcensus.com/firm/piper-sandler-and-co-minneapolis-mn-665

## Quick answers

**How is Piper Sandler & Co. compensated?**
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.

**Where is Piper Sandler & Co. located?**
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).

**Is Piper Sandler & Co. registered with the SEC or a state?**
Piper Sandler & Co. is an SEC-registered investment advisory firm, registered since 2016. Status as filed: Approved. CRD 665.

**How much does Piper Sandler & Co. manage?**
Piper Sandler & Co. reports $1,284,404,458 in regulatory assets under management in its Form ADV filing dated March 23, 2026 (0% discretionary).

**How have Piper Sandler & Co.'s assets and staff changed since 2021?**
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.

**What types of clients does Piper Sandler & Co. serve?**
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).

**Does Piper Sandler & Co. report any disciplinary disclosures?**
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

**What changed in Piper Sandler & Co.'s recent Form ADV filings?**
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.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Commissions

### Regulatory assets under management (Item 5.F)
- Total: $1,284,404,458
- Discretionary: $0
- Non-discretionary: $1,284,404,458

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 16 | $0 |
| Investment companies | 1 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 2 | $1,284,404,458 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 1 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Other

### Firm details
- Registered since: 2016 (10 years)
- Employees: 1,402 total, 31 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CO, CT, FL, IL, KS, MN, NY, OR, TN, WI
- Disclosures (Item 11): Reports 4 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): 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?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): 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?
- 11.E(2): 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?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/665

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Chicago, IL
- Greenwich, CT
- Leawood, KS
- Melville, NY
- Memphis, TN
- Milwaukee, WI
- New York, NY
- Portland, OR
- West Palm Beach, FL

### Websites listed on Form ADV (Item 1.I)
- pipersandler.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,082,940,165 | 1,128 | July 6, 2021 |
| October 2022 | $3,295,578,000 | 1,253 | March 30, 2022 |
| October 2023 | $1,408,399,403 | 1,330 | March 28, 2023 |
| October 2024 | $1,580,517,015 | 1,335 | September 3, 2024 |
| October 2025 | $1,985,004,532 | 1,370 | July 14, 2025 |
| October 2026 | $1,284,404,458 | 1,402 | March 23, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- 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.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Piper Sandler & Co. (CRD 665): Form ADV filing data as of October 2026.