Piper Sandler Companies (PIPR) 10-Q 5 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 27, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	PJC
Entity Registrant Name	Piper Jaffray Companies
Entity Central Index Key	1,230,245
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		15,102,958

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 14,097	$ 15,867
Cash and cash equivalents segregated for regulatory purposes	32,027	25,011
Receivables:
Customers	39,655	9,658
Brokers, dealers and clearing organizations	166,611	161,009
Securities purchased under agreements to resell	183,142	308,165
Financial instruments and other inventory positions owned	412,309	507,794
Financial instruments and other inventory positions owned and pledged as collateral	1,023,469	1,108,567
Total financial instruments and other inventory positions owned	1,435,778	1,616,361
Fixed assets (net of accumulated depreciation and amortization of $49,573 and $47,327, respectively)	19,285	18,171
Goodwill	211,878	211,878
Intangible assets (net of accumulated amortization of $44,687 and $41,141, respectively)	27,112	30,658
Investments	166,040	126,840
Other assets	114,771	100,299
Total assets	2,410,396	2,623,917
Liabilities and Shareholders’ Equity
Short-term financing	500,413	377,767
Variable rate senior notes	125,000	125,000
Payables:
Customers	31,388	13,328
Brokers, dealers and clearing organizations	95,584	25,564
Securities sold under agreements to repurchase	68,136	102,646
Financial instruments and other inventory positions sold, but not yet purchased	460,046	738,124
Accrued compensation	135,318	228,877
Other liabilities and accrued expenses	40,851	43,151
Total liabilities	1,456,736	1,654,457
Shareholders’ equity:
Common stock, $0.01 par value: Shares authorized: 100,000,000 at June 30, 2015 and December 31, 2014; Shares issued: 19,510,858 at June 30, 2015 and 19,523,371 at December 31, 2014; Shares outstanding: 13,904,124 at June 30, 2015 and 15,265,420 at December 31, 2014	195	195
Additional paid-in capital	751,692	735,415
Retained earnings	261,036	227,065
Less common stock held in treasury, at cost: 5,606,734 shares at June 30, 2015 and 4,257,951 shares at December 31, 2014	(223,691)	(143,140)
Accumulated other comprehensive income	403	377
Total common shareholders’ equity	789,635	819,912
Noncontrolling interests	164,025	149,548
Total shareholders’ equity	953,660	969,460
Total liabilities and shareholders’ equity	$ 2,410,396	$ 2,623,917

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Accumulated depreciation and amortization on fixed assets	$ 49,573	$ 47,327
Accumulated amortization on intangible assets	$ 44,687	$ 41,141
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	19,510,858	19,523,371
Common stock, shares outstanding	13,904,124	15,265,420
Common stock held in treasury, shares	5,606,734	4,257,951

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Investment banking	$ 106,069	$ 103,813	$ 193,146	$ 192,287
Institutional brokerage	36,661	34,528	72,697	78,562
Asset management	19,257	22,266	39,779	43,225
Interest	11,422	12,448	23,627	26,107
Investment income/(loss)	(3,299)	2,921	9,292	9,689
Total revenues	170,110	175,976	338,541	349,870
Interest expense	6,044	5,945	12,604	11,706
Net revenues	164,066	170,031	325,937	338,164
Non-interest expenses:
Compensation and benefits	103,554	103,076	199,411	203,565
Outside services	8,885	9,914	17,069	18,682
Occupancy and equipment	6,983	7,061	13,766	13,839
Communications	5,088	5,432	11,416	11,387
Marketing and business development	7,239	6,709	14,221	12,960
Trade execution and clearance	1,977	1,788	3,974	3,622
Intangible asset amortization expense	1,773	2,318	3,546	4,636
Other operating expenses	2,708	3,316	5,383	6,343
Total non-interest expenses	138,207	139,614	268,786	275,034
Income before income tax expense	25,859	30,417	57,151	63,130
Income tax expense	9,542	10,049	19,032	19,876
Net income	16,317	20,368	38,119	43,254
Net income/(loss) applicable to noncontrolling interests	(682)	2,155	4,148	7,293
Net income applicable to Piper Jaffray Companies	16,999	18,213	33,971	35,961
Net income applicable to Piper Jaffray Companies’ common shareholders	$ 15,699	$ 16,717	$ 31,513	$ 32,806
Earnings per common share
Basic	$ 1.08	$ 1.12	$ 2.12	$ 2.22
Diluted	$ 1.08	$ 1.11	$ 2.11	$ 2.21
Weighted average number of common shares outstanding
Basic	14,487	14,958	14,888	14,786
Diluted	14,513	15,013	14,920	14,836

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 16,317	$ 20,368	$ 38,119	$ 43,254
Other comprehensive income, net of tax:
Foreign currency translation adjustment	501	205	26	256
Comprehensive income	16,818	20,573	38,145	43,510
Comprehensive income/(loss) applicable to noncontrolling interests	(682)	2,155	4,148	7,293
Comprehensive income applicable to Piper Jaffray Companies	$ 17,500	$ 18,418	$ 33,997	$ 36,217

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating Activities:
Net income	$ 38,119	$ 43,254
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization of fixed assets	2,440	2,748
Deferred income taxes	5,041	3,698
Stock-based and deferred compensation	22,733	13,889
Amortization of intangible assets	3,546	4,636
Amortization of forgivable loans	2,663	2,614
Decrease/(increase) in operating assets:
Cash and cash equivalents segregated for regulatory purposes	(7,016)	(1,008)
Receivables:
Customers	(29,997)	(53,203)
Brokers, dealers and clearing organizations	(5,602)	(31,377)
Securities purchased under agreements to resell	125,023	11,552
Net financial instruments and other inventory positions owned	(97,495)	(99,590)
Investments	(39,200)	(4,346)
Other assets	(23,546)	(3,605)
Payables:
Customers	18,060	12,390
Brokers, dealers and clearing organizations	70,020	212,816
Accrued compensation	(82,669)	(14,722)
Other liabilities and accrued expenses	(2,315)	(1,085)
Net cash provided by/(used in) operating activities	(195)	98,661
Investing Activities:
Repayment of note receivable	1,500	0
Purchases of fixed assets, net	(3,544)	(2,250)
Net cash used in investing activities	(2,044)	(2,250)
Financing Activities:
Increase/(decrease) in short-term financing	122,646	(152,310)
Issuance of variable rate senior notes	0	50,000
Repayment of variable rate senior notes	0	(50,000)
Increase/(decrease) in securities sold under agreements to repurchase	(34,510)	7,418
Increase/(decrease) in noncontrolling interests	10,329	(12,780)
Repurchase of common stock	(105,335)	(8,806)
Excess tax benefit from stock-based compensation	5,723	262
Proceeds from stock option exercises	1,722	1,322
Net cash provided by/(used in) financing activities	575	(164,894)
Currency adjustment:
Effect of exchange rate changes on cash	(106)	21
Net decrease in cash and cash equivalents	(1,770)	(68,462)
Cash and cash equivalents at beginning of period	15,867	123,683
Cash and cash equivalents at end of period	14,097	55,221
Supplemental disclosure of cash flow information –
Interest	13,907	11,749
Income taxes	21,907	22,573
Non-cash financing activities –
103,598 shares for the six months ended June 30, 2014	0	4,156
550,650 shares and 402,074 shares for the six months ended June 30, 2015 and 2014, respectively	$ 30,429	$ 16,131

Consolidated Statements of Cas7

Consolidated Statements of Cash Flows (Parenthetical) - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Cash Flows [Abstract]
Number of common stock issued for retirement plan obligations	0	103,598
Number of restricted common stock issued for annual equity award	550,650	402,074

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Piper Jaffray Companies is the parent company of Piper Jaffray & Co. ("Piper Jaffray"), a securities broker dealer and investment banking firm; Piper Jaffray Ltd., a firm providing securities brokerage and mergers and acquisitions services in Europe headquartered in London, England; Advisory Research, Inc. ("ARI"), which provides asset management services to separately managed accounts, closed-end and open-end funds and partnerships; Piper Jaffray Investment Group Inc., which consists of entities providing alternative asset management services; Piper Jaffray Financial Products Inc., Piper Jaffray Financial Products II Inc. and Piper Jaffray Financial Products III Inc., entities that facilitate derivative transactions; and other immaterial subsidiaries. Piper Jaffray Companies and its subsidiaries (collectively, the "Company") operate in two reporting segments: Capital Markets and Asset Management. A summary of the activities of each of the Company’s business segments is as follows: Capital Markets The Capital Markets segment provides institutional sales, trading and research services and investment banking services. Institutional sales, trading and research services focus on the trading of equity and fixed income products with institutions, government and non-profit entities. Revenues are generated through commissions and sales credits earned on equity and fixed income institutional sales activities, net interest revenues on trading securities held in inventory, and profits and losses from trading these securities. Investment banking services include management of and participation in underwritings, merger and acquisition services and public finance activities. Revenues are generated through the receipt of advisory and financing fees. Also, the Company generates revenue through strategic trading and investing activities, which focus on proprietary investments in a variety of securities, including municipal bonds, mortgage-backed securities, and equity securities, and merchant banking activities involving equity or debt investments in late stage private companies. As certain of these efforts have matured and an investment process has been developed, the Company has created alternative asset management funds in merchant banking and municipal securities in order to invest firm capital as well as to seek capital from outside investors. The Company receives management and performance fees for managing these funds. Asset Management The Asset Management segment provides traditional asset management services with product offerings in equity securities and master limited partnerships to institutions and individuals. Revenues are generated in the form of management and performance fees. Revenues are also generated through investments in the partnerships and funds that the Company manages. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and the rules and regulations of the Securities and Exchange Commission ("SEC"). Pursuant to this guidance, certain information and disclosures have been omitted that are included within complete annual financial statements. Except as disclosed herein, there have been no material changes in the information reported in the financial statements and related disclosures in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. The consolidated financial statements include the accounts of Piper Jaffray Companies, its wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest. Noncontrolling interests represent equity interests in consolidated entities that are not attributable, either directly or indirectly, to Piper Jaffray Companies. Noncontrolling interests include the minority equity holders’ proportionate share of the equity in a municipal bond fund, merchant banking fund and private equity investment vehicles. All material intercompany balances have been eliminated. Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates and assumptions are based on the best information available, actual results could differ from those estimates.

Accounting Policies and Pronoun

Accounting Policies and Pronouncements	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Accounting Policies and Pronouncements	Accounting Policies and Pronouncements Summary of Significant Accounting Policies Refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2014 for a full description of the Company's significant accounting policies. Future Adoption of New Applicable Accounting Standards Revenue Recognition In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," ("ASU 2014-09") which supersedes current revenue recognition guidance, including most industry-specific guidance. ASU 2014-09 requires a company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services, and also requires additional disclosures regarding the nature, amount, timing and uncertainty of revenue that is recognized. The guidance, as stated in ASU 2014-09, is effective for annual and interim periods beginning after December 15, 2016. In July 2015, the FASB confirmed a deferral of the effective date by one year, with early adoption on the original effective date permitted. The Company is evaluating the impact of the new guidance on its consolidated financial statements. Consolidation In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis" ("ASU 2015-02"). ASU 2015-02 makes several modifications to the consolidation guidance for variable interest entities ("VIEs") and general partners' investments in limited partnerships, as well as modifications to the evaluation of whether limited partnerships are VIEs or voting interest entities. It is effective for annual and interim periods beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of the amended guidance on its consolidated financial statements.

Financial Instruments and Other

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased	6 Months Ended
	Jun. 30, 2015
Securities Owned and Sold, Not yet Purchased [Abstract]
Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, Not Yet Purchased	Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased Financial instruments and other inventory positions owned and financial instruments and other inventory positions sold, but not yet purchased were as follows: June 30, December 31, (Dollars in thousands) 2015 2014 Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 49,776 $ 50,365 Convertible securities 148,342 156,685 Fixed income securities 71,183 48,651 Municipal securities: Taxable securities 165,775 312,753 Tax-exempt securities 555,095 559,704 Short-term securities 37,778 68,717 Mortgage-backed securities 129,399 125,065 U.S. government agency securities 223,545 244,046 U.S. government securities 16,542 2,549 Derivative contracts 38,343 47,826 Total financial instruments and other inventory positions owned 1,435,778 1,616,361 Less noncontrolling interests (1) (242,015 ) (267,742 ) $ 1,193,763 $ 1,348,619 Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 144,063 $ 154,589 Fixed income securities 30,098 21,460 U.S. government agency securities 18,680 27,735 U.S. government securities 261,359 523,527 Derivative contracts 5,846 10,813 Total financial instruments and other inventory positions sold, but not yet purchased 460,046 738,124 Less noncontrolling interests (2) (37,088 ) (98,669 ) $ 422,958 $ 639,455 (1) Noncontrolling interests attributable to third party ownership in a consolidated municipal bond fund consist of $62.5 million and $123.3 million of taxable municipal securities, $175.3 million and $139.5 million of tax-exempt municipal securities, and $4.2 million and $4.9 million of derivative contracts as of June 30, 2015 and December 31, 2014 , respectively. (2) Noncontrolling interests attributable to third party ownership in a consolidated municipal bond fund consist of $36.6 million and $97.6 million of U.S. government securities, and $0.5 million and $1.1 million of derivative contracts as of June 30, 2015 and December 31, 2014 , respectively. At June 30, 2015 and December 31, 2014 , financial instruments and other inventory positions owned in the amount of $1.0 billion and $1.1 billion , respectively, had been pledged as collateral for short-term financings and repurchase agreements. Financial instruments and other inventory positions sold, but not yet purchased represent obligations of the Company to deliver the specified security at the contracted price, thereby creating a liability to purchase the security in the market at prevailing prices. The Company is obligated to acquire the securities sold short at prevailing market prices, which may exceed the amount reflected on the consolidated statements of financial condition. The Company economically hedges changes in the market value of its financial instruments and other inventory positions owned using inventory positions sold, but not yet purchased, interest rate derivatives, credit default swap index contracts, treasury futures and exchange traded options. Derivative Contract Financial Instruments The Company uses interest rate swaps, interest rate locks, credit default swap index contracts, treasury futures and option contracts to facilitate customer transactions and as a means to manage risk in certain inventory positions. The following describes the Company’s derivatives by the type of transaction or security the instruments are economically hedging. Customer matched-book derivatives: The Company enters into interest rate derivative contracts in a principal capacity as a dealer to satisfy the financial needs of its customers. The Company simultaneously enters into an interest rate derivative contract with a third party for the same notional amount to hedge the interest rate and credit risk of the initial client interest rate derivative contract. In certain limited instances, the Company has only hedged interest rate risk with a third party, and retains uncollateralized credit risk as described below. The instruments use interest rates based upon either the London Interbank Offer Rate (“LIBOR”) index or the Securities Industry and Financial Markets Association (“SIFMA”) index. Trading securities derivatives: The Company enters into interest rate derivative contracts to hedge interest rate and market value risks associated with its fixed income securities. The instruments use interest rates based upon either the Municipal Market Data (“MMD”) index, LIBOR or the SIFMA index. The Company also enters into credit default swap index contracts to hedge credit risk associated with its taxable fixed income securities and option contracts to hedge market value risk associated with its convertible securities. Derivatives are reported on a net basis by counterparty (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) when a legal right of offset exists and on a net basis by cross product when applicable provisions are stated in master netting agreements. Cash collateral received or paid is netted on a counterparty basis, provided a legal right of offset exists. The total absolute notional contract amount, representing the absolute value of the sum of gross long and short derivative contracts, provides an indication of the volume of the Company's derivative activity and does not represent gains and losses. The following table presents the gross fair market value and the total absolute notional contract amount of the Company's outstanding derivative instruments, prior to counterparty netting, by asset or liability position: June 30, 2015 December 31, 2014 (Dollars in thousands) Derivative Derivative Notional Derivative Derivative Notional Derivative Category Assets (1) Liabilities (2) Amount Assets (1) Liabilities (2) Amount Interest rate Customer matched-book $ 395,676 $ 374,169 $ 4,703,823 $ 447,987 $ 425,227 $ 4,860,302 Trading securities 5,309 601 407,850 140 8,242 297,250 Credit default swap index Trading securities 5,561 3,588 146,181 5,808 5,188 267,796 Equity option Trading securities 84 206 15,411 76 189 19,380 $ 406,630 $ 378,564 $ 5,273,265 $ 454,011 $ 438,846 $ 5,444,728 (1) The gross fair market value of derivative assets are included within financial instruments and other inventory positions owned on the consolidated statements of financial condition. (2) The gross fair market value of derivative liabilities are included within financial instruments and other inventory positions sold, but not yet purchased on the consolidated statements of financial condition. The Company’s derivative contracts do not qualify for hedge accounting, therefore, unrealized gains and losses are recorded on the consolidated statements of operations. The gains and losses on the related economically hedged inventory positions are not disclosed below as they are not in qualifying hedging relationships. The following table presents the Company’s unrealized gains/(losses) on derivative instruments: Three Months Ended Six Months Ended (Dollars in thousands) June 30, June 30, Derivative Category Operations Category 2015 2014 2015 2014 Interest rate derivative contract Investment banking $ (479 ) $ (844 ) $ (999 ) $ (1,369 ) Interest rate derivative contract Institutional brokerage 11,877 (4,798 ) 12,556 (4,266 ) Credit default swap index contract Institutional brokerage 8,038 (1,668 ) 12,645 (2,922 ) Equity option derivative contract Institutional brokerage 18 (698 ) 53 419 $ 19,454 $ (8,008 ) $ 24,255 $ (8,138 ) Credit risk associated with the Company’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. Credit exposure associated with the Company’s derivatives is driven by uncollateralized market movements in the fair value of the contracts with counterparties and is monitored regularly by the Company’s financial risk committee. The Company considers counterparty credit risk in determining derivative contract fair value. The majority of the Company’s derivative contracts are substantially collateralized by its counterparties, who are major financial institutions. The Company has a limited number of counterparties who are not required to post collateral. Based on market movements, the uncollateralized amounts representing the fair value of the derivative contract can become material, exposing the Company to the credit risk of these counterparties. As of June 30, 2015 , the Company had $23.1 million of uncollateralized credit exposure with these counterparties (notional contract amount of $188.1 million ), including $15.0 million of uncollateralized credit exposure with one counterparty.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Based on the nature of the Company’s business and its role as a “dealer” in the securities industry or as a manager of alternative asset management funds, the fair values of its financial instruments are determined internally. The Company’s processes are designed to ensure that the fair values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, unobservable inputs are developed based on an evaluation of all relevant empirical market data, including prices evidenced by market transactions, interest rates, credit spreads, volatilities and correlations and other security-specific information. Valuation adjustments related to illiquidity or counterparty credit risk are also considered. In estimating fair value, the Company may utilize information provided by third party pricing vendors to corroborate internally-developed fair value estimates. The Company employs specific control processes to determine the reasonableness of the fair value of its financial instruments. The Company’s processes are designed to ensure that the internally-estimated fair values are accurately recorded and that the data inputs and the valuation techniques used are appropriate, consistently applied, and that the assumptions are reasonable and consistent with the objective of determining fair value. Individuals outside of the trading departments perform independent pricing verification reviews as of each reporting date. The Company has established parameters which set forth when the fair value of securities are independently verified. The selection parameters are generally based upon the type of security, the level of estimation risk of a security, the materiality of the security to the Company’s financial statements, changes in fair value from period to period, and other specific facts and circumstances of the Company’s securities portfolio. In evaluating the initial internally-estimated fair values made by the Company’s traders, the nature and complexity of securities involved (e.g., term, coupon, collateral, and other key drivers of value), level of market activity for securities, and availability of market data are considered. The independent price verification procedures include, but are not limited to, analysis of trade data (both internal and external where available), corroboration to the valuation of positions with similar characteristics, risks and components, or comparison to an alternative pricing source, such as a discounted cash flow model. The Company’s valuation committee, comprised of members of senior management and risk management, provides oversight and overall responsibility for the internal control processes and procedures related to fair value measurements. The following is a description of the valuation techniques used to measure fair value. Cash Equivalents Cash equivalents include highly liquid investments with original maturities of 90 days or less. Actively traded money market funds are measured at their net asset value and classified as Level I. Financial Instruments and Other Inventory Positions Owned The Company records financial instruments and other inventory positions owned and financial instruments and other inventory positions sold, but not yet purchased at fair value on the consolidated statements of financial condition with unrealized gains and losses reflected on the consolidated statements of operations. Equity securities – Exchange traded equity securities are valued based on quoted prices from the exchange for identical assets or liabilities as of the period-end date. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level I. Non-exchange traded equity securities (principally hybrid preferred securities) are measured primarily using broker quotations, prices observed for recently executed market transactions and internally-developed fair value estimates based on observable inputs and are categorized within Level II of the fair value hierarchy. Convertible securities – Convertible securities are valued based on observable trades, when available. Accordingly, these convertible securities are categorized as Level II. Corporate fixed income securities – Fixed income securities include corporate bonds which are valued based on recently executed market transactions of comparable size, internally-developed fair value estimates based on observable inputs, or broker quotations. Accordingly, these corporate bonds are categorized as Level II. Taxable municipal securities – Taxable municipal securities are valued using recently executed observable trades or market price quotations and therefore are generally categorized as Level II. Tax-exempt municipal securities – Tax-exempt municipal securities are valued using recently executed observable trades or market price quotations and therefore are generally categorized as Level II. Certain illiquid tax-exempt municipal securities are valued using market data for comparable securities (maturity and sector) and management judgment to infer an appropriate current yield or other model-based valuation techniques deemed appropriate by management based on the specific nature of the individual security and are therefore categorized as Level III. Short-term municipal securities – Short-term municipal securities include auction rate securities, variable rate demand notes, and other short-term municipal securities. Variable rate demand notes and other short-term municipal securities are valued using recently executed observable trades or market price quotations and therefore are generally categorized as Level II. Auction rate securities with limited liquidity are categorized as Level III and are valued using discounted cash flow models with unobservable inputs such as the Company’s expected recovery rate on the securities. Mortgage-backed securities – Mortgage-backed securities are valued using observable trades, when available. Certain mortgage-backed securities are valued using models where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data. These mortgage-backed securities are categorized as Level II. Other mortgage-backed securities, which are principally collateralized by residential mortgages, have experienced low volumes of executed transactions resulting in less observable transaction data. Certain mortgage-backed securities collateralized by residential mortgages are valued using cash flow models that utilize unobservable inputs including credit default rates, prepayment rates, loss severity and valuation yields. As judgment is used to determine the range of these inputs, these mortgage-backed securities are categorized as Level III. U.S. government agency securities – U.S. government agency securities include agency debt bonds and mortgage bonds. Agency debt bonds are valued by using either direct price quotes or price quotes for comparable bond securities and are categorized as Level II. Mortgage bonds include bonds secured by mortgages, mortgage pass-through securities, agency collateralized mortgage-obligation (“CMO”) securities and agency interest-only securities. Mortgage pass-through securities, CMO securities and interest-only securities are valued using recently executed observable trades or other observable inputs, such as prepayment speeds and therefore are generally categorized as Level II. Mortgage bonds are valued using observable market inputs, such as market yields ranging from 120 - 450 basis points (“bps”) on spreads over U.S. treasury securities, or models based upon prepayment expectations ranging from 4% - 20% conditional prepayment rate (“CPR”). These securities are categorized as Level II. U.S. government securities – U.S. government securities include highly liquid U.S. treasury securities which are generally valued using quoted market prices and therefore categorized as Level I. The Company does not transact in securities of countries other than the U.S. government. Derivatives – Derivative contracts include interest rate swaps, interest rate locks, credit default swap index contracts, treasury futures and option contracts. These instruments derive their value from underlying assets, reference rates, indices or a combination of these factors. The Company's equity option derivative contracts are valued based on quoted prices from the exchange for identical assets or liabilities as of the period-end date. To the extent these contracts are actively traded and valuation adjustments are not applied, they are categorized as Level I. The Company’s credit default swap index contracts are valued using market price quotations and are classified as Level II. The majority of the Company’s interest rate derivative contracts, including both interest rate swaps and interest rate locks, are valued using market standard pricing models based on the net present value of estimated future cash flows. The valuation models used do not involve material subjectivity as the methodologies do not entail significant judgment and the pricing inputs are market observable, including contractual terms, yield curves and measures of volatility. These instruments are classified as Level II within the fair value hierarchy. Certain interest rate locks transact in less active markets and were valued using valuation models that included the previously mentioned observable inputs and certain unobservable inputs that required significant judgment, such as the premium over the MMD curve. These instruments are classified as Level III. Investments The Company’s investments valued at fair value include equity investments in private companies and partnerships, investments in public companies, investments in registered mutual funds, warrants of public and private companies and private company debt. Exchange traded direct equity investments in public companies and registered mutual funds are valued based on quoted prices on active markets and classified as Level I. Company-owned warrants, which have a cashless exercise option, are valued based upon the Black-Scholes option-pricing model and certain unobservable inputs. The Company applies a liquidity discount to the value of its warrants in public and private companies. For warrants in private companies, valuation adjustments, based upon management’s judgment, are made to account for differences between the measured security and the stock volatility factors of comparable companies. Company-owned warrants are reported as Level III assets. Investments in private companies are valued based on an assessment of each underlying security, considering rounds of financing, third party transactions and market-based information, including comparable company transactions, trading multiples (e.g., multiples of revenue and earnings before interest, taxes, depreciation and amortization ("EBITDA")) and changes in market outlook, among other factors. These securities are generally categorized as Level III. Fair Value Option – The fair value option permits the irrevocable fair value option election on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The fair value option was elected for certain merchant banking and other investments at inception to reflect economic events in earnings on a timely basis. Merchant banking and other equity investments of $18.9 million and $18.4 million , included within investments on the consolidated statements of financial condition, are accounted for at fair value and are classified as Level III assets at June 30, 2015 and December 31, 2014 , respectively. The realized and unrealized gains from fair value changes included in earnings as a result of electing to apply the fair value option to certain financial assets were $0.5 million and $1.0 million for the six months ended June 30, 2015 and 2014 , respectively. The following table summarizes quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s Level III financial instruments as of June 30, 2015 : Valuation Weighted Technique Unobservable Input Range Average Assets: Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities Discounted cash flow Debt service coverage ratio (2) 5 - 60% 19.4% Short-term securities Discounted cash flow Expected recovery rate (% of par) (2) 66 - 94% 91.0% Mortgage-backed securities: Collateralized by residential mortgages Discounted cash flow Credit default rates (3) 0 - 62% 5.5% Prepayment rates (4) 3 - 21% 6.2% Loss severity (3) 10 - 100% 67.7% Valuation yields (3) 5 - 8% 5.5% Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve (1) 2 - 36 bps 8.0 bps Investments at fair value: Warrants in public and private companies Black-Scholes option pricing model Liquidity discount rates (1) 30 - 40% 38.9% Warrants in private companies Black-Scholes option pricing model Stock volatility factors of comparable companies (2) 29 - 59% 38.6% Equity securities in private companies Market approach Revenue multiple (2) 2 - 6 times 4.7 times EBITDA multiple (2) 9 - 12 times 10.0 times Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve (1) 5 - 29 bps 15.7 bps Sensitivity of the fair value to changes in unobservable inputs: (1) Significant increase/(decrease) in the unobservable input in isolation would result in a significantly lower/(higher) fair value measurement. (2) Significant increase/(decrease) in the unobservable input in isolation would result in a significantly higher/(lower) fair value measurement. (3) Significant changes in any of these inputs in isolation could result in a significantly different fair value. Generally, a change in the assumption used for credit default rates is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally inverse change in the assumption for valuation yields. (4) The potential impact of changes in prepayment rates on fair value is dependent on other security-specific factors, such as the par value and structure. Changes in the prepayment rates may result in directionally similar or directionally inverse changes in fair value depending on whether the security trades at a premium or discount to the par value. The following table summarizes the valuation of the Company’s financial instruments by pricing observability levels defined in FASB Accounting Standards Codification Topic 820, "Fair Value Measurement" ("ASC 820") as of June 30, 2015 : Counterparty and Cash Collateral (Dollars in thousands) Level I Level II Level III Netting (1) Total Assets: Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 41,494 $ 8,282 $ — $ — $ 49,776 Convertible securities — 148,342 — — 148,342 Fixed income securities — 71,183 — — 71,183 Municipal securities: Taxable securities — 165,775 — — 165,775 Tax-exempt securities — 553,909 1,186 — 555,095 Short-term securities — 37,058 720 — 37,778 Mortgage-backed securities — — 129,399 — 129,399 U.S. government agency securities — 223,545 — — 223,545 U.S. government securities 16,542 — — — 16,542 Derivative contracts 84 401,237 5,309 (368,287 ) 38,343 Total financial instruments and other inventory positions owned: 58,120 1,609,331 136,614 (368,287 ) 1,435,778 Cash equivalents 1,240 — — — 1,240 Investments at fair value 45,261 — 94,196 — 139,457 Total assets $ 104,621 $ 1,609,331 $ 230,810 $ (368,287 ) $ 1,576,475 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 144,063 $ — $ — $ — $ 144,063 Fixed income securities — 30,098 — — 30,098 U.S. government agency securities — 18,680 — — 18,680 U.S. government securities 261,359 — — — 261,359 Derivative contracts 206 377,923 435 (372,718 ) 5,846 Total financial instruments and other inventory positions sold, but not yet purchased: $ 405,628 $ 426,701 $ 435 $ (372,718 ) $ 460,046 (1) Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties. The following table summarizes the valuation of the Company’s financial instruments by pricing observability levels defined in ASC 820 as of December 31, 2014 : Counterparty and Cash Collateral (Dollars in thousands) Level I Level II Level III Netting (1) Total Assets: Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 39,191 $ 11,174 $ — $ — $ 50,365 Convertible securities — 156,685 — — 156,685 Fixed income securities — 48,651 — — 48,651 Municipal securities: Taxable securities — 312,753 — — 312,753 Tax-exempt securities — 558,518 1,186 — 559,704 Short-term securities — 67,997 720 — 68,717 Mortgage-backed securities — 316 124,749 — 125,065 U.S. government agency securities — 244,046 — — 244,046 U.S. government securities 2,549 — — — 2,549 Derivative contracts 76 453,795 140 (406,185 ) 47,826 Total financial instruments and other inventory positions owned: 41,816 1,853,935 126,795 (406,185 ) 1,616,361 Cash equivalents 1,562 — — — 1,562 Investments at fair value 20,704 — 74,165 — 94,869 Total assets $ 64,082 $ 1,853,935 $ 200,960 $ (406,185 ) $ 1,712,792 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 153,254 $ 1,335 $ — $ — $ 154,589 Fixed income securities — 21,460 — — 21,460 U.S. government agency securities — 27,735 — — 27,735 U.S. government securities 523,527 — — — 523,527 Derivative contracts 189 430,835 7,822 (428,033 ) 10,813 Total financial instruments and other inventory positions sold, but not yet purchased: $ 676,970 $ 481,365 $ 7,822 $ (428,033 ) $ 738,124 (1) Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties. The Company’s Level III assets were $230.8 million and $201.0 million , or 14.6 percent and 11.7 percent of financial instruments measured at fair value at June 30, 2015 and December 31, 2014 , respectively. The value of transfers between levels are recognized at the beginning of the reporting period. There were no significant transfers between Level I, Level II or Level III for the six months ended June 30, 2015 . The following tables summarize the changes in fair value associated with Level III financial instruments held at the beginning or end of the periods presented: Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at March 31, Transfers Transfers gains/ gains/ June 30, June 30, (Dollars in thousands) 2015 Purchases Sales in out (losses) (1) (losses) (1) 2015 2015 (1) Assets: Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities $ 1,176 $ — $ — $ — $ — $ — $ 10 $ 1,186 $ 10 Short-term securities 720 — — — — — — 720 — Mortgage-backed securities 147,877 99,944 (120,354 ) — — 1,464 468 129,399 468 Derivative contracts 1,222 — (2,947 ) — — 2,947 4,087 5,309 5,062 Total financial instruments and other inventory positions owned: 150,995 99,944 (123,301 ) — — 4,411 4,565 136,614 5,540 Investments at fair value 87,468 7,900 — — — — (1,172 ) 94,196 (1,172 ) Total assets $ 238,463 $ 107,844 $ (123,301 ) $ — $ — $ 4,411 $ 3,393 $ 230,810 $ 4,368 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 8,226 $ (4,839 ) $ 535 $ — $ — $ 4,304 $ (7,791 ) $ 435 $ 435 Total financial instruments and other inventory positions sold, but not yet purchased: $ 8,226 $ (4,839 ) $ 535 $ — $ — $ 4,304 $ (7,791 ) $ 435 $ 435 (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income/(loss) on the consolidated statements of operations. Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at March 31, Transfers Transfers gains/ gains/ June 30, June 30, (Dollars in thousands) 2014 Purchases Sales in out (losses) (1) (losses) (1) 2014 2014 (1) Assets: Financial instruments and other inventory positions owned: Corporate securities: Fixed income securities $ 100 $ — $ (100 ) $ — $ — $ — $ — $ — $ — Municipal securities: Tax-exempt securities 1,433 — — — — — (127 ) 1,306 (127 ) Short-term securities 656 — (25 ) — — 6 95 732 95 Mortgage-backed securities 107,399 119,064 (101,878 ) — — 4,678 (137 ) 129,126 691 Derivative contracts 64 — — — — — 563 627 578 Total financial instruments and other inventory positions owned: 109,652 119,064 (102,003 ) — — 4,684 394 131,791 1,237 Investments at fair value 60,954 — (2,358 ) — — 2,358 (2,387 ) 58,567 (2,387 ) Total assets $ 170,606 $ 119,064 $ (104,361 ) $ — $ — $ 7,042 $ (1,993 ) $ 190,358 $ (1,150 ) Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 5,479 $ (8,343 ) $ — $ — $ — $ 8,343 $ 5,367 $ 10,846 $ 8,232 Total financial instruments and other inventory positions sold, but not yet purchased: $ 5,479 $ (8,343 ) $ — $ — $ — $ 8,343 $ 5,367 $ 10,846 $ 8,232 (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income/(loss) on the consolidated statements of operations. Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers Transfers gains/ gains/ June 30, June 30, (Dollars in thousands) 2014 Purchases Sales in out (losses) (1) (losses) (1) 2015 2015 (1) Assets: Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities $ 1,186 $ — $ — $ — $ — $ — $ — $ 1,186 $ — Short-term securities 720 — — — — — — 720 — Mortgage-backed securities 124,749 219,769 (219,301 ) — — 3,954 228 129,399 1,113 Derivative contracts 140 520 (2,947 ) — — 2,427 5,169 5,309 5,309 Total financial instruments and other inventory positions owned: 126,795 220,289 (222,248 ) — — 6,381 5,397 136,614 6,422 Investments at fair value 74,165 7,900 (182 ) — — 182 12,131 94,196 12,131 Total assets $ 200,960 $ 228,189 $ (222,430 ) $ — $ — $ 6,563 $ 17,528 $ 230,810 $ 18,553 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 7,822 $ (10,653 ) $ 535 $ — $ — $ 10,118 $ (7,387 ) $ 435 $ 435 Total financial instruments and other inventory positions sold, but not yet purchased: $ 7,822 $ (10,653 ) $ 535 $ — $ — $ 10,118 $ (7,387 ) $ 435 $ 435 (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income/(loss) on the consolidated statements of operations. Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers Transfers gains/ gains/ June 30, June 30, (Dollars in thousands) 2013 Purchases Sales in out (losses) (1) (losses) (1) 2014 2014 (1) Assets: Financial instruments and other inventory positions owned: Corporate securities: Fixed income securities $ 100 $ — $ (100 ) $ — $ — $ — $ — $ — $ — Municipal securities: Tax-exempt securities 1,433 — — — — — (127 ) 1,306 (127 ) Short-term securities 656 — (25 ) — — 6 95 732 95 Mortgage-backed securities 119,799 151,790 (150,621 ) — — 9,184 (1,026 ) 129,126 888 Derivative contracts 691 2,614 — — — (2,614 ) (64 ) 627 627 Total financial instruments and other inventory positions owned: 122,679 154,404 (150,746 ) — — 6,576 (1,122 ) 131,791 1,483 Investments at fair value 49,240 10,000 (2,358 ) — — 2,358 (673 ) 58,567 (673 ) Total assets $ 171,919 $ 164,404 $ (153,104 ) $ — $ — $ 8,934 $ (1,795 ) $ 190,358 $ 810 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 6,643 $ (16,751 ) $ — $ — $ — $ 16,751 $ 4,203 $ 10,846 $ 10,846 Total financial instruments and other inventory positions sold, but not yet purchased: $ 6,643 $ (16,751 ) $ — $ — $ — $ 16,751 $ 4,203 $ 10,846 $ 10,846 (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income/(loss) on the consolidated statements of operations. The carrying values of the Company’s cash, securities either purchased or sold under agreements to resell, receivables and payables either from or to customers and brokers, dealers and clearing organizations and short-term financings approximate fair value due to their liquid or short-term nature.

Receivables from and Payables t

Receivables from and Payables to Brokers, Dealers and Clearing Organizations	6 Months Ended
	Jun. 30, 2015
Brokers and Dealers [Abstract]
Receivables from and Payables to Brokers, Dealers and Clearing Organizations	Receivables from and Payables to Brokers, Dealers and Clearing Organizations Amounts receivable from brokers, dealers and clearing organizations included: June 30, December 31, (Dollars in thousands) 2015 2014 Receivable arising from unsettled securities transactions $ 43,809 $ 52,571 Deposits paid for securities borrowed 46,087 57,572 Receivable from clearing organizations 8,061 4,933 Deposits with clearing organizations 50,694 33,799 Securities failed to deliver 600 1,753 Other 17,360 10,381 $ 166,611 $ 161,009 Amounts payable to brokers, dealers and clearing organizations included: June 30, December 31, (Dollars in thousands) 2015 2014 Payable arising from unsettled securities transactions $ 89,224 $ 11,048 Payable to clearing organizations 10 5,185 Securities failed to receive 1,541 2,430 Other 4,809 6,901 $ 95,584 $ 25,564 Deposits paid for securities borrowed approximate the market value of the securities. Securities failed to deliver and receive represent the contract value of securities that have not been delivered or received by the Company on settlement date.

Collateralized Securities Trans

Collateralized Securities Transactions	6 Months Ended
	Jun. 30, 2015
Disclosure of Repurchase Agreements [Abstract]
Collateralized Securities Transactions	Collateralized Securities Transactions The Company’s financing and customer securities activities involve the Company using securities as collateral. In the event that the counterparty does not meet its contractual obligation to return securities used as collateral (e.g., pursuant to the terms of a repurchase agreement), or customers do not deposit additional securities or cash for margin when required, the Company may be exposed to the risk of reacquiring the securities or selling the securities at unfavorable market prices in order to satisfy its obligations to its customers or counterparties. The Company seeks to control this risk by monitoring the market value of securities pledged or used as collateral on a daily basis and requiring adjustments in the event of excess market exposure. The Company also uses unaffiliated third party custodians to administer the underlying collateral for the majority of its short-term financing to mitigate risk. In a reverse repurchase agreement the Company purchases financial instruments from a seller, typically in exchange for cash, and agrees to resell the same or substantially the same financial instruments to the seller at a stated price plus accrued interest in the future. In a repurchase agreement, the Company sells financial instruments to a buyer, typically for cash, and agrees to repurchase the same or substantially the same financial instruments from the buyer at a stated price plus accrued interest at a future date. Even though repurchase and reverse repurchase agreements involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold at maturity of the agreement. In a securities borrowed transaction, the Company borrows securities from a counterparty in exchange for cash. When the Company returns the securities, the counterparty returns the cash. Interest is generally paid periodically over the life of the transaction. In the normal course of business, the Company obtains securities purchased under agreements to resell, securities borrowed and margin agreements on terms that permit it to repledge or resell the securities to others, typically pursuant to repurchase agreements. The Company obtained securities with a fair value of approximately $235.7 million and $369.7 million at June 30, 2015 and December 31, 2014 , respectively, of which $214.9 million and $338.8 million , respectively, had been pledged or otherwise transferred to satisfy its commitments under financial instruments and other inventory positions sold, but not yet purchased. The following is a summary of the Company’s securities sold under agreements to repurchase ("Repurchase Liabilities"), the fair market value of collateral pledged and the interest rate charged by the Company’s counterparty, which is based on LIBOR plus an applicable margin, as of June 30, 2015 : Repurchase Fair Market (Dollars in thousands) Liabilities Value Interest Rate Term up to 30 day maturities: Mortgage-backed securities $ 24,882 $ 35,762 1.94 - 2.13% Term of 30 to 90 day maturities: Mortgage-backed securities 5,985 7,525 2.13% On demand maturities: U.S. government agency securities 22,757 24,571 0.50 - 0.70% U.S. government securities 14,512 14,499 0.25% $ 68,136 $ 82,357 Reverse repurchase agreements, repurchase agreements and securities borrowed and loaned are reported on a net basis by counterparty when a legal right of offset exists. There were no gross amounts offset on the consolidated statements of financial condition for reverse repurchase agreements, securities borrowed or repurchase agreements at June 30, 2015 and December 31, 2014 , respectively, as a legal right of offset did not exist. The Company had no outstanding securities lending arrangements as of June 30, 2015 or December 31, 2014 . See Note 3 for information related to the Company's offsetting of derivative contracts.

Investments

Investments	6 Months Ended
	Jun. 30, 2015
Investments, All Other Investments [Abstract]
Investments	Investments The Company’s proprietary investments include investments in private companies and partnerships, registered mutual funds, warrants of public and private companies and private company debt. Investments included: June 30, December 31, (Dollars in thousands) 2015 2014 Investments at fair value $ 139,457 $ 94,869 Investments at cost 4,522 8,214 Investments accounted for under the equity method 22,061 23,757 Total investments 166,040 126,840 Less investments attributable to noncontrolling interests (1) (36,271 ) (32,563 ) $ 129,769 $ 94,277 (1) Noncontrolling interests are attributable to third party ownership in a consolidated merchant banking fund and private equity investment vehicles. Management regularly reviews the Company’s investments in private company debt and has concluded that no valuation allowance is needed as it is probable that all contractual principal and interest will be collected. At June 30, 2015 , investments carried on a cost basis had an estimated fair market value of $11.1 million . Because valuation estimates were based upon management’s judgment, investments carried at cost would be categorized as Level III assets in the fair value hierarchy, if they were carried at fair value. Investments accounted for under the equity method include general and limited partnership interests. The carrying value of these investments is based on the investment vehicle’s net asset value. The net assets of investment partnerships consist of investments in both marketable and non-marketable securities. The underlying investments held by such partnerships are valued based on the estimated fair value determined by management in our capacity as general partner or investor and, in the case of investments in unaffiliated investment partnerships, are based on financial statements prepared by the unaffiliated general partners.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets included: June 30, December 31, (Dollars in thousands) 2015 2014 Net deferred income tax assets $ 40,810 $ 45,851 Fee receivables 28,589 23,959 Accrued interest receivables 7,293 10,061 Forgivable loans, net 11,802 8,366 Income tax receivables 11,500 — Prepaid expenses 6,686 6,067 Other 8,091 5,995 Total other assets $ 114,771 $ 100,299

Short-Term Financing

Short-Term Financing	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Short-Term Financing	Short-Term Financing The following is a summary of short-term financing and the weighted average interest rate on borrowings: Outstanding Balance Weighted Average Interest Rate June 30, December 31, June 30, December 31, (Dollars in thousands) 2015 2014 2015 2014 Commercial paper (secured) $ 275,898 $ 238,013 1.61% 1.48% Prime broker arrangement 224,515 127,754 0.92% 0.91% Bank lines (secured) — 12,000 N/A 1.50% Total short-term financing $ 500,413 $ 377,767 The Company issues secured commercial paper to fund a portion of its securities inventory. The commercial paper notes (“CP Notes”) can be issued with maturities of 27 days to 270 days from the date of issuance. The CP Notes are issued under three separate programs, CP Series A, CP Series II A and CP Series III A, and are secured by different inventory classes. As of June 30, 2015 , the weighted average maturity of CP Series A, CP Series II A and CP Series III A was 65 days , 175 days and 7 days , respectively. The CP Notes are interest bearing or sold at a discount to par with an interest rate based on LIBOR plus an applicable margin. CP Series III A includes a covenant that requires the Company’s U.S. broker dealer subsidiary to maintain excess net capital of $120 million . The Company has established an arrangement to obtain financing with a prime broker related to its municipal bond funds. Financing under this arrangement is secured by certain securities, primarily municipal securities, and collateral limitations could reduce the amount of funding available under this arrangement. The prime broker financing activities are recorded net of receivables from trading activity. The funding is at the discretion of the prime broker subject to a notice period. The Company has committed short-term bank line financing available on a secured basis and uncommitted short-term bank line financing available on both a secured and unsecured basis. The Company uses these credit facilities in the ordinary course of business to fund a portion of its daily operations and the amount borrowed under these credit facilities varies daily based on the Company’s funding needs. The Company’s committed short-term bank line financing at June 30, 2015 consisted of a one -year $250 million committed revolving credit facility with U.S. Bank, N.A., which was renewed in December 2014. Advances under this facility are secured by certain marketable securities. The facility includes a covenant that requires the Company’s U.S. broker dealer subsidiary to maintain minimum net capital of $120 million , and the unpaid principal amount of all advances under this facility will be due on December 18, 2015 . The Company pays a nonrefundable commitment fee on the unused portion of the facility on a quarterly basis. At June 30, 2015 , the Company had no advances against this line of credit. The Company’s uncommitted secured lines at June 30, 2015 totaled $185 million with two banks and are dependent on having appropriate collateral, as determined by the bank agreement, to secure an advance under the line. The availability of the Company’s uncommitted lines are subject to approval by the individual banks each time an advance is requested and may be denied. At June 30, 2015 , the Company had no advances against these lines of credit.

Variable Rate Senior Notes

Variable Rate Senior Notes	6 Months Ended
	Jun. 30, 2015
Senior Notes
Debt Instrument [Line Items]
Variable Rate Senior Notes	Variable Rate Senior Notes On November 30, 2012 , the Company entered into a note purchase agreement under which the Company issued unsecured variable rate senior notes ("Notes") in the amount of $125 million . The initial holders of the Notes are certain entities advised by Pacific Investment Management Company LLC ("PIMCO"). The Notes consist of two classes, Class A Notes and Class B Notes, with principal amounts of $50 million and $75 million , respectively. On June 2, 2014 , the Company entered into an amended and restated note purchase agreement ("Amended Note Purchase Agreement") under which the Company issued $50 million of new Class A Notes upon repayment in full of the 2012 Class A Notes. The Class A Notes bear interest at a rate equal to three -month LIBOR plus 3.00 percent and mature on May 31, 2017 . The Class B Notes remain outstanding, bear interest at a rate equal to three -month LIBOR plus 4.50 percent and mature on November 30, 2015 . Interest on the Notes is adjustable and payable quarterly. The unpaid principal amounts are due in full on the respective maturity dates and may not be prepaid by the Company. The Amended Note Purchase Agreement includes customary events of default, including failure to pay principal when due or failure to pay interest within five business days of when due, any representation or warranty in the Amended Note Purchase Agreement proving untrue in any material respect when made by the Company, failure to comply with the covenants in the Amended Note Purchase Agreement, failure to pay or another event of default under other material indebtedness in an amount exceeding $10 million , bankruptcy or insolvency of the Company or any of its subsidiaries or a change in control of the Company. If there is any event of default under the Amended Note Purchase Agreement, the noteholders may declare the entire principal and any accrued interest on the Notes to be due and payable and exercise other customary remedies. The Amended Note Purchase Agreement includes covenants that, among other things, require the Company to maintain a minimum consolidated tangible net worth and regulatory net capital, limit the Company's leverage ratio and require the Company to maintain a minimum ratio of operating cash flow to fixed charges. With respect to the net capital covenant, the Company's U.S. broker dealer subsidiary is required to maintain minimum net capital of $120 million . At June 30, 2015 , the Company was in compliance with all covenants. The Notes are recorded at amortized cost. As of June 30, 2015 , the carrying value of the Notes approximated fair value.

Legal Contingencies

Legal Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Legal Contingencies	Legal Contingencies The Company has been named as a defendant in various legal actions, including complaints and litigation and arbitration claims, arising from its business activities. Such actions include claims related to securities brokerage and investment banking activities, and certain class actions that primarily allege violations of securities laws and seek unspecified damages, which could be substantial. Also, the Company is involved from time to time in investigations and proceedings by governmental agencies and self-regulatory organizations (“SROs”) which could result in adverse judgments, settlement, penalties, fines or other relief. The Company has established reserves for potential losses that are probable and reasonably estimable that may result from pending and potential legal actions, investigations and regulatory proceedings. In many cases, however, it is inherently difficult to determine whether any loss is probable or even possible or to estimate the amount or range of any potential loss, particularly where proceedings may be in relatively early stages or where plaintiffs are seeking substantial or indeterminate damages. Matters frequently need to be more developed before a loss or range of loss can reasonably be estimated. Given uncertainties regarding the timing, scope, volume and outcome of pending and potential legal actions, investigations and regulatory proceedings and other factors, the amounts of reserves and ranges of reasonably possible losses are difficult to determine and of necessity subject to future revision. Subject to the foregoing, management of the Company believes, based on currently available information, after consultation with outside legal counsel and taking into account its established reserves, that pending legal actions, investigations and regulatory proceedings will be resolved with no material adverse effect on the consolidated statements of financial condition, results of operations or cash flows of the Company. However, if during any period a potential adverse contingency should become probable or resolved for an amount in excess of the established reserves, the results of operations and cash flows in that period and the financial condition as of the end of that period could be materially adversely affected. In addition, there can be no assurance that material losses will not be incurred from claims that have not yet been brought to the Company’s attention or are not yet determined to be reasonably possible. Several class action complaints were brought on behalf of a purported class of state, local and municipal government entities in connection with the bidding or sale of municipal guaranteed investment contracts and municipal derivatives directly from one of the defendants or through a broker, from January 1, 1992, to the present. The complaints, which have been consolidated into a single nationwide class action entitled In re Municipal Derivatives Antitrust Litigation , MDL No. 1950 (Master Docket No. 08-2516), allege antitrust violations and are pending in the U.S. District Court for the Southern District of New York under the multi-district litigation rules. The consolidated complaint seeks unspecified treble damages under the Sherman Act. Several California municipalities also brought separate class action complaints in California federal court, and approximately eighteen California municipalities and two New York municipalities filed individual lawsuits that are not as part of class actions, all of which have since been transferred to the Southern District of New York and consolidated for pretrial purposes. All three sets of complaints assert similar claims under federal (and for the California and New York plaintiffs, state) antitrust claims. No loss contingency has been reflected in the Company's consolidated financial statements as this contingency is neither probable nor reasonably estimable at this time. Management is currently unable to estimate a range of reasonably possible loss for these matters because alleged damages have not been specified, the proceedings remain in the early stages, and there are significant factual issues to be resolved.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Share Repurchases Effective October 1, 2014, the Company’s board of directors authorized the repurchase of up to $100.0 million in common shares through September 30, 2016 . During the six months ended June 30, 2015 , the Company repurchased 1,804,886 shares of the Company's common stock at an average price of $51.06 per share for an aggregate purchase price of $92.1 million related to this authorization. The Company has $7.9 million remaining under this authorization. The Company also purchases shares of common stock from restricted stock award recipients upon the award vesting as recipients sell shares to meet their employment tax obligations. The Company purchased 249,156 shares or $13.2 million of the Company’s common stock for this purpose during the six months ended June 30, 2015 . Issuance of Shares The Company issues common shares out of treasury stock as a result of employee restricted share vesting and exercise transactions as discussed in Note 13 . During the six months ended June 30, 2015 and 2014 , the Company issued 442,165 shares and 521,504 shares, respectively, related to these obligations. During the six months ended June 30, 2014 , the Company also issued 103,598 common shares out of treasury stock in fulfillment of $4.2 million in obligations under the Piper Jaffray Companies Retirement Plan (the "Retirement Plan"). Noncontrolling Interests The consolidated financial statements include the accounts of Piper Jaffray Companies, its wholly owned subsidiaries and other entities in which the Company has a controlling financial interest. Noncontrolling interests represent equity interests in consolidated entities that are not attributable, either directly or indirectly, to Piper Jaffray Companies. Noncontrolling interests include the minority equity holders’ proportionate share of the equity in a municipal bond fund of $127.8 million , a merchant banking fund of $27.1 million and private equity investment vehicles aggregating $9.1 million as of June 30, 2015 . As of December 31, 2014 , noncontrolling interests included the minority equity holders’ proportionate share of the equity in a municipal bond fund of $117.0 million , a merchant banking fund of $24.7 million and private equity investment vehicles aggregating $7.8 million . Ownership interests in entities held by parties other than the Company’s common shareholders are presented as noncontrolling interests within shareholders’ equity, separate from the Company’s own equity. Revenues, expenses and net income or loss are reported on the consolidated statements of operations on a consolidated basis, which includes amounts attributable to both the Company’s common shareholders and noncontrolling interests. Net income or loss is then allocated between the Company and noncontrolling interests based upon their relative ownership interests. Net income applicable to noncontrolling interests is deducted from consolidated net income to determine net income applicable to the Company. There was no other comprehensive income or loss attributed to noncontrolling interests for the six months ended June 30, 2015 and 2014 , respectively. Common Common Total Shares Shareholders’ Noncontrolling Shareholders’ (Amounts in thousands, except share amounts) Outstanding Equity Interests Equity Balance at December 31, 2014 15,265,420 $ 819,912 $ 149,548 $ 969,460 Net income — 33,971 4,148 38,119 Amortization/issuance of restricted stock — 33,546 — 33,546 Issuance of treasury shares for options exercised 46,670 1,722 — 1,722 Issuance of treasury shares for restricted stock vestings 644,651 — — — Repurchase of common stock through share repurchase program (1,804,886 ) (92,156 ) — (92,156 ) Repurchase of common stock for employee tax withholding (249,156 ) (13,179 ) — (13,179 ) Excess tax benefit from stock-based compensation — 5,723 — 5,723 Shares reserved/issued for director compensation 1,425 70 — 70 Other comprehensive income — 26 — 26 Fund capital contributions, net — — 10,329 10,329 Balance at June 30, 2015 13,904,124 $ 789,635 $ 164,025 $ 953,660

Compensation Plans

Compensation Plans	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation Plans	Compensation Plans Stock-Based Compensation Plans The Company maintains one stock-based compensation plan, the Piper Jaffray Companies Amended and Restated 2003 Annual and Long-Term Incentive Plan (the “Incentive Plan”). The Company’s equity awards are recognized on the consolidated statements of operations at grant date fair value over the service period of the award, net of estimated forfeitures. The following table provides a summary of the Company’s outstanding Incentive Plan equity awards (in shares or units) as of June 30, 2015 : Restricted Stock Annual grants 943,599 Sign-on grants 292,316 1,235,915 Restricted Stock Units Market condition leadership grants 356,242 Stock Options 161,202 Incentive Plan The Incentive Plan permits the grant of equity awards, including restricted stock, restricted stock units and non-qualified stock options, to the Company’s employees and directors for up to 8.2 million shares of common stock ( 1.7 million shares remained available for future issuance under the Incentive Plan as of June 30, 2015 ). The Company believes that such awards help align the interests of employees and directors with those of shareholders and serve as an employee retention tool. The Incentive Plan provides for accelerated vesting of awards if there is a severance event, a change in control of the Company (as defined in the Incentive Plan), in the event of a participant’s death, and at the discretion of the compensation committee of the Company’s board of directors. Restricted Stock Awards Restricted stock grants are valued at the market price of the Company’s common stock on the date of grant and are amortized over the related requisite service period. The Company grants shares of restricted stock to current employees as part of year-end compensation (“Annual Grants”) and as a retention tool. Employees may also receive restricted stock upon initial hiring or as a retention award (“Sign-on Grants”). The Company’s Annual Grants are made each year in February. Annual Grants vest ratably over three years in equal installments. The Annual Grants provide for continued vesting after termination of employment, so long as the employee does not violate certain post-termination restrictions set forth in the award agreement or any agreements entered into upon termination. The Company determined the service inception date precedes the grant date for the Annual Grants, and that the post-termination restrictions do not meet the criteria for an in-substance service condition, as defined by FASB Accounting Standards Codification Topic 718, "Compensation – Stock Compensation" ("ASC 718"). Accordingly, restricted stock granted as part of the Annual Grants is expensed in the one -year period in which those awards are deemed to be earned, which is generally the calendar year preceding the February grant date. For example, the Company recognized compensation expense during fiscal 2014 for its February 2015 Annual Grant. If an equity award related to the Annual Grants is forfeited as a result of violating the post-termination restrictions, the lower of the fair value of the award at grant date or the fair value of the award at the date of forfeiture is recorded within the consolidated statements of operations as a reversal of compensation expense. Sign-on Grants are used as a recruiting tool for new employees and are issued to current employees as a retention tool. These awards have both cliff and ratable vesting terms, and the employees must fulfill service requirements in exchange for rights to the awards. Compensation expense is amortized on a straight-line basis from the grant date over the requisite service period, generally two to five years. Employees forfeit unvested shares upon termination of employment and a reversal of compensation expense is recorded. Annually, the Company grants stock to its non-employee directors. The stock-based compensation paid to non-employee directors is fully expensed on the grant date and included within outside services expense on the consolidated statements of operations. Restricted Stock Units The Company grants restricted stock units to its leadership team (“Leadership Grants”). The units will vest and convert to shares of common stock at the end of each 36 -month performance period only if the Company's stock performance satisfies predetermined market conditions over the performance period. Under the terms of the grants, the number of units that will vest and convert to shares will be based on the Company's stock performance achieving specified market conditions during each performance period as described below. Compensation expense is amortized on a straight-line basis over the three -year requisite service period based on the fair value of the award on the grant date. The market condition must be met for the awards to vest and compensation cost will be recognized regardless if the market condition is satisfied. Employees forfeit unvested share units upon termination of employment with a corresponding reversal of compensation expense. Up to 50 percent of the award can be earned based on the Company’s total shareholder return relative to members of a predetermined peer group and up to 50 percent of the award can be earned based on the Company’s total shareholder return. The fair value of the awards on the grant date was determined using a Monte Carlo simulation with the following assumptions: Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2015 0.90% 29.8% 2014 0.82% 41.3% 2013 0.40% 44.0% Because a portion of the award vesting depends on the Company’s total shareholder return relative to a peer group, the valuation modeled the performance of the peer group as well as the correlation between the Company and the peer group. The expected stock price volatility assumptions were determined using historical volatility as correlation coefficients can only be developed through historical volatility. The risk-free interest rates were determined based on three -year U.S. Treasury bond yields. Stock Options The Company previously granted options to purchase Piper Jaffray Companies common stock to employees and non-employee directors in fiscal years 2004 through 2008. Employee and director options were expensed by the Company on a straight-line basis over the required service period, based on the estimated fair value of the award on the date of grant using a Black-Scholes option-pricing model. As described above pertaining to the Company’s Annual Grants of restricted shares, stock options granted to employees were expensed in the calendar year preceding the annual February grant date. For example, the Company recognized compensation expense during fiscal 2007 for its February 2008 option grant. The maximum term of the stock options granted to employees and directors is ten years. The Company has not granted stock options since 2008. Inducement Plan In 2010, the Company established the 2010 Employment Inducement Award Plan ("Inducement Plan") in conjunction with the acquisition of ARI. The Company granted $7.0 million in restricted stock ( 158,801 shares) under the Inducement Plan to ARI employees upon closing of the transaction. These shares vested ratably over five years in equal annual installments ending on March 1, 2015. The Company terminated the Inducement Plan in March 2015. Stock-Based Compensation Activity The Company recorded total compensation expense of $8.3 million and $8.1 million for the three months ended June 30, 2015 and 2014 , respectively, and $22.2 million and $13.3 million for the six months ended June 30, 2015 and 2014 , respectively, related to employee restricted stock and restricted stock unit awards. Total compensation cost includes year-end compensation for Annual Grants and the amortization of Sign-on and Leadership Grants, less forfeitures of $0.2 million and $0.3 million for the three months and six months ended June 30, 2015 , respectively. Forfeitures were immaterial for the six months ended June 30, 2014. The tax benefit related to stock-based compensation costs totaled $3.2 million and $3.1 million for the three months ended June 30, 2015 and 2014 , respectively, and $8.7 million and $5.2 million for the six months ended June 30, 2015 and 2014 , respectively. The following table summarizes the changes in the Company’s unvested restricted stock under the Incentive Plan and Inducement Plan: Unvested Weighted Average Restricted Stock Grant Date (in Shares) Fair Value December 31, 2014 1,095,305 $ 36.51 Granted 636,684 54.31 Vested (486,287 ) 34.46 Canceled (9,787 ) 38.03 June 30, 2015 1,235,915 $ 45.34 The following table summarizes the changes in the Company’s unvested restricted stock units under the Incentive Plan: Unvested Weighted Average Restricted Grant Date Stock Units Fair Value December 31, 2014 405,826 $ 17.99 Granted 123,687 21.83 Vested (149,814 ) 12.12 Canceled (23,457 ) 12.12 June 30, 2015 356,242 $ 22.18 As of June 30, 2015 , there was $13.9 million of total unrecognized compensation cost related to restricted stock and restricted stock units expected to be recognized over a weighted average period of 2.5 years . The following table summarizes the changes in the Company’s outstanding stock options: Weighted Average Weighted Remaining Options Average Contractual Term Aggregate Outstanding Exercise Price (in Years) Intrinsic Value December 31, 2014 217,873 $ 46.66 2.0 $ 3,066,839 Granted — — Exercised (46,670 ) 36.90 Canceled — — Expired (10,001 ) 39.62 June 30, 2015 161,202 $ 49.92 2.1 $ 293,795 Options exercisable at June 30, 2015 161,202 $ 49.92 2.1 $ 293,795 As of June 30, 2015 , there was no unrecognized compensation cost related to stock options expected to be recognized over future years. The intrinsic value of options exercised was $0.8 million and the resulting tax benefit realized was $0.3 million for the six months ended June 30, 2015 . The intrinsic value of options exercised and the resulting tax benefit realized were immaterial for the six months ended June 30, 2014 . Deferred Compensation Plans The Company maintains various deferred compensation arrangements for employees. The nonqualified deferred compensation plan is an unfunded plan which allows certain highly compensated employees, at their election, to defer a percentage of their base salary, commissions and/or cash bonuses. The deferrals vest immediately and are non-forfeitable. The amounts deferred under this plan are held in a grantor trust. The Company invests, as a principal, in investments to economically hedge its obligation under the nonqualified deferred compensation plan. Investments in the grantor trust, consisting of mutual funds, totaled $15.5 million as of June 30, 2015 , and are included in investments on the consolidated statements of financial condition. The compensation deferred by the employees is expensed in the period earned. The deferred compensation liability was $15.4 million as of June 30, 2015 . Changes in the fair value of the investments made by the Company are reported in investment income and changes in the corresponding deferred compensation liability are reflected as compensation and benefits expense on the consolidated statements of operations. The Piper Jaffray Companies Mutual Fund Restricted Share Investment Plan is a deferred compensation plan which allows eligible employees to elect to receive a portion of the incentive compensation they would otherwise receive in the form of restricted stock, instead in restricted mutual fund shares ("MFRS Awards") of registered funds managed by the Company's asset management business. MFRS Awards are awarded to qualifying employees in February of each year, and represent a portion of their compensation for performance in the preceding year similar to the Company's Annual Grants. MFRS Awards vest ratably over three years in equal installments and provide for continued vesting after termination of employment so long as the employee does not violate certain post-termination restrictions set forth in the award agreement or any agreement entered into upon termination. Forfeitures are recorded as a reduction of compensation and benefits expense within the consolidated statements of operations. The Company has also granted MFRS Awards to new employees as a recruiting tool. Employees must fulfill service requirements in exchange for rights to the awards. Compensation expense from these awards will be amortized on a straight-line basis over the requisite service period of two to five years .

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company calculates earnings per share using the two-class method. Basic earnings per common share is computed by dividing net income/(loss) applicable to Piper Jaffray Companies’ common shareholders by the weighted average number of common shares outstanding for the period. Net income/(loss) applicable to Piper Jaffray Companies’ common shareholders represents net income/(loss) applicable to Piper Jaffray Companies reduced by the allocation of earnings to participating securities. Losses are not allocated to participating securities. All of the Company’s unvested restricted shares are deemed to be participating securities as they are eligible to share in the profits (e.g., receive dividends) of the Company. The Company’s unvested restricted stock units are not participating securities as they are not eligible to share in the profits of the Company. Diluted earnings per common share is calculated by adjusting the weighted average outstanding shares to assume conversion of all potentially dilutive stock options. The computation of earnings per share is as follows: Three Months Ended Six Months Ended June 30, June 30, (Amounts in thousands, except per share data) 2015 2014 2015 2014 Net income applicable to Piper Jaffray Companies $ 16,999 $ 18,213 $ 33,971 $ 35,961 Earnings allocated to participating securities (1) (1,300 ) (1,496 ) (2,458 ) (3,155 ) Net income applicable to Piper Jaffray Companies’ common shareholders (2) $ 15,699 $ 16,717 $ 31,513 $ 32,806 Shares for basic and diluted calculations: Average shares used in basic computation 14,487 14,958 14,888 14,786 Stock options 26 55 32 50 Average shares used in diluted computation 14,513 15,013 14,920 14,836 Earnings per common share: Basic $ 1.08 $ 1.12 $ 2.12 $ 2.22 Diluted $ 1.08 $ 1.11 $ 2.11 $ 2.21 (1) Represents the allocation of earnings to participating securities. Losses are not allocated to participating securities. Participating securities include all of the Company’s unvested restricted shares. The weighted average participating shares outstanding were 1,201,359 and 1,343,399 for the three months ended June 30, 2015 and 2014 , respectively, and 1,164,338 and 1,426,656 for the six months ended June 30, 2015 and 2014 , respectively. (2) Net income/(loss) applicable to Piper Jaffray Companies’ common shareholders for diluted and basic EPS may differ under the two-class method as a result of adding the effect of the assumed exercise of stock options to dilutive shares outstanding, which alters the ratio used to allocate earnings to Piper Jaffray Companies’ common shareholders and participating securities for purposes of calculating diluted and basic EPS. The anti-dilutive effects from stock options were immaterial for the six months ended June 30, 2015 and 2014 .

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Basis for Presentation The Company structures its segments primarily based upon the nature of the financial products and services provided to customers and the Company’s management organization. The Company evaluates performance and allocates resources based on segment pre-tax operating income or loss and segment pre-tax operating margin. Revenues and expenses directly associated with each respective segment are included in determining their operating results. Other revenues and expenses that are not directly attributable to a particular segment are allocated based upon the Company’s allocation methodologies, including each segment’s respective net revenues, use of shared resources, headcount or other relevant measures. Segment assets are based on those directly associated with each segment, and include an allocation of certain assets based on the most relevant measures applicable, including headcount and other factors. The substantial majority of the Company's net revenues and long-lived assets are located in the U.S. Reportable segment financial results are as follows: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Capital Markets Investment banking Financing Equities $ 35,755 $ 44,058 $ 72,244 $ 79,359 Debt 30,098 20,174 51,836 33,713 Advisory services 40,139 39,695 69,405 79,423 Total investment banking 105,992 103,927 193,485 192,495 Institutional sales and trading Equities 20,407 18,366 39,312 42,626 Fixed income 20,482 21,085 41,699 46,323 Total institutional sales and trading 40,889 39,451 81,011 88,949 Management and performance fees 621 1,388 2,028 3,125 Investment income 215 4,998 14,920 15,376 Long-term financing expenses (1,553 ) (1,705 ) (3,113 ) (3,445 ) Net revenues 146,164 148,059 288,331 296,500 Operating expenses (1) 123,687 124,691 239,890 245,621 Segment pre-tax operating income $ 22,477 $ 23,368 $ 48,441 $ 50,879 Segment pre-tax operating margin 15.4 % 15.8 % 16.8 % 17.2 % Continued on next page Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Asset Management Management and performance fees Management fees $ 18,436 $ 20,600 $ 37,543 $ 39,736 Performance fees 200 278 208 364 Total management and performance fees 18,636 20,878 37,751 40,100 Investment income/(loss) (734 ) 1,094 (145 ) 1,564 Net revenues 17,902 21,972 37,606 41,664 Operating expenses (1) 14,520 14,923 28,896 29,413 Segment pre-tax operating income $ 3,382 $ 7,049 $ 8,710 $ 12,251 Segment pre-tax operating margin 18.9 % 32.1 % 23.2 % 29.4 % Total Net revenues $ 164,066 $ 170,031 $ 325,937 $ 338,164 Operating expenses (1) 138,207 139,614 268,786 275,034 Pre-tax operating income $ 25,859 $ 30,417 $ 57,151 $ 63,130 Pre-tax operating margin 15.8 % 17.9 % 17.5 % 18.7 % (1) Operating expenses include intangible asset amortization expense as set forth in the table below: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Capital Markets $ 263 $ 743 $ 526 $ 1,486 Asset Management 1,510 1,575 3,020 3,150 Total intangible asset amortization expense $ 1,773 $ 2,318 $ 3,546 $ 4,636 Reportable segment assets are as follows: June 30, December 31, (Dollars in thousands) 2015 2014 Capital Markets $ 2,130,616 $ 2,352,404 Asset Management 279,780 271,513 $ 2,410,396 $ 2,623,917

Net Capital Requirements and Ot

Net Capital Requirements and Other Regulatory Matters	6 Months Ended
	Jun. 30, 2015
Regulatory Capital Requirements [Abstract]
Net Capital Requirements and Other Regulatory Matters	Net Capital Requirements and Other Regulatory Matters Piper Jaffray is registered as a securities broker dealer with the SEC and is a member of various SROs and securities exchanges. The Financial Industry Regulatory Authority (“FINRA”) serves as Piper Jaffray’s primary SRO. Piper Jaffray is subject to the uniform net capital rule of the SEC and the net capital rule of FINRA. Piper Jaffray has elected to use the alternative method permitted by the SEC rule, which requires that it maintain minimum net capital of the greater of $1.0 million or 2 percent of aggregate debit balances arising from customer transactions, as such term is defined in the SEC rule. Under its rules, FINRA may prohibit a member firm from expanding its business or paying dividends if resulting net capital would be less than 5 percent of aggregate debit balances. Advances to affiliates, repayment of subordinated debt, dividend payments and other equity withdrawals by Piper Jaffray are subject to certain notification and other provisions of SEC and FINRA rules. In addition, Piper Jaffray is subject to certain notification requirements related to withdrawals of excess net capital. At June 30, 2015 , net capital calculated under the SEC rule was $166.1 million , and exceeded the minimum net capital required under the SEC rule by $165.1 million . The Company’s committed short-term credit facility and its variable rate senior notes include covenants requiring Piper Jaffray to maintain minimum net capital of $120 million . CP Notes issued under CP Series III A include a covenant that requires Piper Jaffray to maintain excess net capital of $120 million . Piper Jaffray Ltd., a broker dealer subsidiary registered in the United Kingdom, was subject to the capital requirements of the Prudential Regulation Authority and the Financial Conduct Authority. As of June 30, 2015 , Piper Jaffray Ltd. was in compliance with the capital requirements of the Prudential Regulation Authority and the Financial Conduct Authority.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 11, 2015 , the Company entered into a definitive agreement to acquire the assets of River Branch Holdings LLC. The transaction is expected to close in the third quarter of 2015, subject to regulatory approvals and other customary closing conditions. On July 19, 2015 , the Company reached a definitive agreement with BMO Financial Corp. to acquire BMO Capital Markets GKST Inc. The transaction is expected to close in the fourth quarter of 2015, subject to regulatory approvals and other customary closing conditions.

Financial Instruments and Oth25

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased (Tables)	6 Months Ended
	Jun. 30, 2015
Securities Owned and Sold, Not yet Purchased [Abstract]
Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but not yet Purchased	Financial instruments and other inventory positions owned and financial instruments and other inventory positions sold, but not yet purchased were as follows: June 30, December 31, (Dollars in thousands) 2015 2014 Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 49,776 $ 50,365 Convertible securities 148,342 156,685 Fixed income securities 71,183 48,651 Municipal securities: Taxable securities 165,775 312,753 Tax-exempt securities 555,095 559,704 Short-term securities 37,778 68,717 Mortgage-backed securities 129,399 125,065 U.S. government agency securities 223,545 244,046 U.S. government securities 16,542 2,549 Derivative contracts 38,343 47,826 Total financial instruments and other inventory positions owned 1,435,778 1,616,361 Less noncontrolling interests (1) (242,015 ) (267,742 ) $ 1,193,763 $ 1,348,619 Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 144,063 $ 154,589 Fixed income securities 30,098 21,460 U.S. government agency securities 18,680 27,735 U.S. government securities 261,359 523,527 Derivative contracts 5,846 10,813 Total financial instruments and other inventory positions sold, but not yet purchased 460,046 738,124 Less noncontrolling interests (2) (37,088 ) (98,669 ) $ 422,958 $ 639,455 (1) Noncontrolling interests attributable to third party ownership in a consolidated municipal bond fund consist of $62.5 million and $123.3 million of taxable municipal securities, $175.3 million and $139.5 million of tax-exempt municipal securities, and $4.2 million and $4.9 million of derivative contracts as of June 30, 2015 and December 31, 2014 , respectively. (2) Noncontrolling interests attributable to third party ownership in a consolidated municipal bond fund consist of $36.6 million and $97.6 million of U.S. government securities, and $0.5 million and $1.1 million of derivative contracts as of June 30, 2015 and December 31, 2014
Total Absolute Notional Contract Amount	The following table presents the gross fair market value and the total absolute notional contract amount of the Company's outstanding derivative instruments, prior to counterparty netting, by asset or liability position: June 30, 2015 December 31, 2014 (Dollars in thousands) Derivative Derivative Notional Derivative Derivative Notional Derivative Category Assets (1) Liabilities (2) Amount Assets (1) Liabilities (2) Amount Interest rate Customer matched-book $ 395,676 $ 374,169 $ 4,703,823 $ 447,987 $ 425,227 $ 4,860,302 Trading securities 5,309 601 407,850 140 8,242 297,250 Credit default swap index Trading securities 5,561 3,588 146,181 5,808 5,188 267,796 Equity option Trading securities 84 206 15,411 76 189 19,380 $ 406,630 $ 378,564 $ 5,273,265 $ 454,011 $ 438,846 $ 5,444,728
Unrealized Gains/(Losses) on Derivative Instruments	The following table presents the Company’s unrealized gains/(losses) on derivative instruments: Three Months Ended Six Months Ended (Dollars in thousands) June 30, June 30, Derivative Category Operations Category 2015 2014 2015 2014 Interest rate derivative contract Investment banking $ (479 ) $ (844 ) $ (999 ) $ (1,369 ) Interest rate derivative contract Institutional brokerage 11,877 (4,798 ) 12,556 (4,266 ) Credit default swap index contract Institutional brokerage 8,038 (1,668 ) 12,645 (2,922 ) Equity option derivative contract Institutional brokerage 18 (698 ) 53 419 $ 19,454 $ (8,008 ) $ 24,255 $ (8,138 )

Fair Value of Financial Instr26

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Information about Significant Unobservable Inputs used in Fair Value Measurement	The following table summarizes quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s Level III financial instruments as of June 30, 2015 : Valuation Weighted Technique Unobservable Input Range Average Assets: Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities Discounted cash flow Debt service coverage ratio (2) 5 - 60% 19.4% Short-term securities Discounted cash flow Expected recovery rate (% of par) (2) 66 - 94% 91.0% Mortgage-backed securities: Collateralized by residential mortgages Discounted cash flow Credit default rates (3) 0 - 62% 5.5% Prepayment rates (4) 3 - 21% 6.2% Loss severity (3) 10 - 100% 67.7% Valuation yields (3) 5 - 8% 5.5% Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve (1) 2 - 36 bps 8.0 bps Investments at fair value: Warrants in public and private companies Black-Scholes option pricing model Liquidity discount rates (1) 30 - 40% 38.9% Warrants in private companies Black-Scholes option pricing model Stock volatility factors of comparable companies (2) 29 - 59% 38.6% Equity securities in private companies Market approach Revenue multiple (2) 2 - 6 times 4.7 times EBITDA multiple (2) 9 - 12 times 10.0 times Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve (1) 5 - 29 bps 15.7 bps Sensitivity of the fair value to changes in unobservable inputs: (1) Significant increase/(decrease) in the unobservable input in isolation would result in a significantly lower/(higher) fair value measurement. (2) Significant increase/(decrease) in the unobservable input in isolation would result in a significantly higher/(lower) fair value measurement. (3) Significant changes in any of these inputs in isolation could result in a significantly different fair value. Generally, a change in the assumption used for credit default rates is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally inverse change in the assumption for valuation yields. (4) The potential impact of changes in prepayment rates on fair value is dependent on other security-specific factors, such as the par value and structure. Changes in the prepayment rates may result in directionally similar or directionally inverse changes in fair value depending on whether the security trades at a premium or discount to the par value.
Valuation of Financial Instruments by Pricing Observability Levels	The following table summarizes the valuation of the Company’s financial instruments by pricing observability levels defined in FASB Accounting Standards Codification Topic 820, "Fair Value Measurement" ("ASC 820") as of June 30, 2015 : Counterparty and Cash Collateral (Dollars in thousands) Level I Level II Level III Netting (1) Total Assets: Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 41,494 $ 8,282 $ — $ — $ 49,776 Convertible securities — 148,342 — — 148,342 Fixed income securities — 71,183 — — 71,183 Municipal securities: Taxable securities — 165,775 — — 165,775 Tax-exempt securities — 553,909 1,186 — 555,095 Short-term securities — 37,058 720 — 37,778 Mortgage-backed securities — — 129,399 — 129,399 U.S. government agency securities — 223,545 — — 223,545 U.S. government securities 16,542 — — — 16,542 Derivative contracts 84 401,237 5,309 (368,287 ) 38,343 Total financial instruments and other inventory positions owned: 58,120 1,609,331 136,614 (368,287 ) 1,435,778 Cash equivalents 1,240 — — — 1,240 Investments at fair value 45,261 — 94,196 — 139,457 Total assets $ 104,621 $ 1,609,331 $ 230,810 $ (368,287 ) $ 1,576,475 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 144,063 $ — $ — $ — $ 144,063 Fixed income securities — 30,098 — — 30,098 U.S. government agency securities — 18,680 — — 18,680 U.S. government securities 261,359 — — — 261,359 Derivative contracts 206 377,923 435 (372,718 ) 5,846 Total financial instruments and other inventory positions sold, but not yet purchased: $ 405,628 $ 426,701 $ 435 $ (372,718 ) $ 460,046 (1) Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties. The following table summarizes the valuation of the Company’s financial instruments by pricing observability levels defined in ASC 820 as of December 31, 2014 : Counterparty and Cash Collateral (Dollars in thousands) Level I Level II Level III Netting (1) Total Assets: Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 39,191 $ 11,174 $ — $ — $ 50,365 Convertible securities — 156,685 — — 156,685 Fixed income securities — 48,651 — — 48,651 Municipal securities: Taxable securities — 312,753 — — 312,753 Tax-exempt securities — 558,518 1,186 — 559,704 Short-term securities — 67,997 720 — 68,717 Mortgage-backed securities — 316 124,749 — 125,065 U.S. government agency securities — 244,046 — — 244,046 U.S. government securities 2,549 — — — 2,549 Derivative contracts 76 453,795 140 (406,185 ) 47,826 Total financial instruments and other inventory positions owned: 41,816 1,853,935 126,795 (406,185 ) 1,616,361 Cash equivalents 1,562 — — — 1,562 Investments at fair value 20,704 — 74,165 — 94,869 Total assets $ 64,082 $ 1,853,935 $ 200,960 $ (406,185 ) $ 1,712,792 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 153,254 $ 1,335 $ — $ — $ 154,589 Fixed income securities — 21,460 — — 21,460 U.S. government agency securities — 27,735 — — 27,735 U.S. government securities 523,527 — — — 523,527 Derivative contracts 189 430,835 7,822 (428,033 ) 10,813 Total financial instruments and other inventory positions sold, but not yet purchased: $ 676,970 $ 481,365 $ 7,822 $ (428,033 ) $ 738,124 (1) Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties.
Changes in Fair Value Associated with Level III Financial Instruments	The following tables summarize the changes in fair value associated with Level III financial instruments held at the beginning or end of the periods presented: Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at March 31, Transfers Transfers gains/ gains/ June 30, June 30, (Dollars in thousands) 2015 Purchases Sales in out (losses) (1) (losses) (1) 2015 2015 (1) Assets: Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities $ 1,176 $ — $ — $ — $ — $ — $ 10 $ 1,186 $ 10 Short-term securities 720 — — — — — — 720 — Mortgage-backed securities 147,877 99,944 (120,354 ) — — 1,464 468 129,399 468 Derivative contracts 1,222 — (2,947 ) — — 2,947 4,087 5,309 5,062 Total financial instruments and other inventory positions owned: 150,995 99,944 (123,301 ) — — 4,411 4,565 136,614 5,540 Investments at fair value 87,468 7,900 — — — — (1,172 ) 94,196 (1,172 ) Total assets $ 238,463 $ 107,844 $ (123,301 ) $ — $ — $ 4,411 $ 3,393 $ 230,810 $ 4,368 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 8,226 $ (4,839 ) $ 535 $ — $ — $ 4,304 $ (7,791 ) $ 435 $ 435 Total financial instruments and other inventory positions sold, but not yet purchased: $ 8,226 $ (4,839 ) $ 535 $ — $ — $ 4,304 $ (7,791 ) $ 435 $ 435 (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income/(loss) on the consolidated statements of operations. Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at March 31, Transfers Transfers gains/ gains/ June 30, June 30, (Dollars in thousands) 2014 Purchases Sales in out (losses) (1) (losses) (1) 2014 2014 (1) Assets: Financial instruments and other inventory positions owned: Corporate securities: Fixed income securities $ 100 $ — $ (100 ) $ — $ — $ — $ — $ — $ — Municipal securities: Tax-exempt securities 1,433 — — — — — (127 ) 1,306 (127 ) Short-term securities 656 — (25 ) — — 6 95 732 95 Mortgage-backed securities 107,399 119,064 (101,878 ) — — 4,678 (137 ) 129,126 691 Derivative contracts 64 — — — — — 563 627 578 Total financial instruments and other inventory positions owned: 109,652 119,064 (102,003 ) — — 4,684 394 131,791 1,237 Investments at fair value 60,954 — (2,358 ) — — 2,358 (2,387 ) 58,567 (2,387 ) Total assets $ 170,606 $ 119,064 $ (104,361 ) $ — $ — $ 7,042 $ (1,993 ) $ 190,358 $ (1,150 ) Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 5,479 $ (8,343 ) $ — $ — $ — $ 8,343 $ 5,367 $ 10,846 $ 8,232 Total financial instruments and other inventory positions sold, but not yet purchased: $ 5,479 $ (8,343 ) $ — $ — $ — $ 8,343 $ 5,367 $ 10,846 $ 8,232 (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income/(loss) on the consolidated statements of operations. Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers Transfers gains/ gains/ June 30, June 30, (Dollars in thousands) 2014 Purchases Sales in out (losses) (1) (losses) (1) 2015 2015 (1) Assets: Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities $ 1,186 $ — $ — $ — $ — $ — $ — $ 1,186 $ — Short-term securities 720 — — — — — — 720 — Mortgage-backed securities 124,749 219,769 (219,301 ) — — 3,954 228 129,399 1,113 Derivative contracts 140 520 (2,947 ) — — 2,427 5,169 5,309 5,309 Total financial instruments and other inventory positions owned: 126,795 220,289 (222,248 ) — — 6,381 5,397 136,614 6,422 Investments at fair value 74,165 7,900 (182 ) — — 182 12,131 94,196 12,131 Total assets $ 200,960 $ 228,189 $ (222,430 ) $ — $ — $ 6,563 $ 17,528 $ 230,810 $ 18,553 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 7,822 $ (10,653 ) $ 535 $ — $ — $ 10,118 $ (7,387 ) $ 435 $ 435 Total financial instruments and other inventory positions sold, but not yet purchased: $ 7,822 $ (10,653 ) $ 535 $ — $ — $ 10,118 $ (7,387 ) $ 435 $ 435 (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income/(loss) on the consolidated statements of operations. Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers Transfers gains/ gains/ June 30, June 30, (Dollars in thousands) 2013 Purchases Sales in out (losses) (1) (losses) (1) 2014 2014 (1) Assets: Financial instruments and other inventory positions owned: Corporate securities: Fixed income securities $ 100 $ — $ (100 ) $ — $ — $ — $ — $ — $ — Municipal securities: Tax-exempt securities 1,433 — — — — — (127 ) 1,306 (127 ) Short-term securities 656 — (25 ) — — 6 95 732 95 Mortgage-backed securities 119,799 151,790 (150,621 ) — — 9,184 (1,026 ) 129,126 888 Derivative contracts 691 2,614 — — — (2,614 ) (64 ) 627 627 Total financial instruments and other inventory positions owned: 122,679 154,404 (150,746 ) — — 6,576 (1,122 ) 131,791 1,483 Investments at fair value 49,240 10,000 (2,358 ) — — 2,358 (673 ) 58,567 (673 ) Total assets $ 171,919 $ 164,404 $ (153,104 ) $ — $ — $ 8,934 $ (1,795 ) $ 190,358 $ 810 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 6,643 $ (16,751 ) $ — $ — $ — $ 16,751 $ 4,203 $ 10,846 $ 10,846 Total financial instruments and other inventory positions sold, but not yet purchased: $ 6,643 $ (16,751 ) $ — $ — $ — $ 16,751 $ 4,203 $ 10,846 $ 10,846 (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income/(loss) on the consolidated statements of operations.

Receivables from and Payables27

Receivables from and Payables to Brokers, Dealers and Clearing Organizations (Tables)	6 Months Ended
	Jun. 30, 2015
Brokers and Dealers [Abstract]
Brokers, Dealers and Clearing Organizations	Amounts receivable from brokers, dealers and clearing organizations included: June 30, December 31, (Dollars in thousands) 2015 2014 Receivable arising from unsettled securities transactions $ 43,809 $ 52,571 Deposits paid for securities borrowed 46,087 57,572 Receivable from clearing organizations 8,061 4,933 Deposits with clearing organizations 50,694 33,799 Securities failed to deliver 600 1,753 Other 17,360 10,381 $ 166,611 $ 161,009 Amounts payable to brokers, dealers and clearing organizations included: June 30, December 31, (Dollars in thousands) 2015 2014 Payable arising from unsettled securities transactions $ 89,224 $ 11,048 Payable to clearing organizations 10 5,185 Securities failed to receive 1,541 2,430 Other 4,809 6,901 $ 95,584 $ 25,564

Collateralized Securities Tra28

Collateralized Securities Transactions (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Repurchase Agreements [Abstract]
Summary of Repurchase Liabilities, Fair Market Value of Related Collateral Pledged and Interest Rate Charged	The following is a summary of the Company’s securities sold under agreements to repurchase ("Repurchase Liabilities"), the fair market value of collateral pledged and the interest rate charged by the Company’s counterparty, which is based on LIBOR plus an applicable margin, as of June 30, 2015 : Repurchase Fair Market (Dollars in thousands) Liabilities Value Interest Rate Term up to 30 day maturities: Mortgage-backed securities $ 24,882 $ 35,762 1.94 - 2.13% Term of 30 to 90 day maturities: Mortgage-backed securities 5,985 7,525 2.13% On demand maturities: U.S. government agency securities 22,757 24,571 0.50 - 0.70% U.S. government securities 14,512 14,499 0.25% $ 68,136 $ 82,357

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, All Other Investments [Abstract]
Schedule of Investments	The Company’s proprietary investments include investments in private companies and partnerships, registered mutual funds, warrants of public and private companies and private company debt. Investments included: June 30, December 31, (Dollars in thousands) 2015 2014 Investments at fair value $ 139,457 $ 94,869 Investments at cost 4,522 8,214 Investments accounted for under the equity method 22,061 23,757 Total investments 166,040 126,840 Less investments attributable to noncontrolling interests (1) (36,271 ) (32,563 ) $ 129,769 $ 94,277 (1) Noncontrolling interests are attributable to third party ownership in a consolidated merchant banking fund and private equity investment vehicles.

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other assets included: June 30, December 31, (Dollars in thousands) 2015 2014 Net deferred income tax assets $ 40,810 $ 45,851 Fee receivables 28,589 23,959 Accrued interest receivables 7,293 10,061 Forgivable loans, net 11,802 8,366 Income tax receivables 11,500 — Prepaid expenses 6,686 6,067 Other 8,091 5,995 Total other assets $ 114,771 $ 100,299

Short-Term Financing (Tables)

Short-Term Financing (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Summary of Short-Term Financing and Weighted Average Interest Rate on Borrowings	The following is a summary of short-term financing and the weighted average interest rate on borrowings: Outstanding Balance Weighted Average Interest Rate June 30, December 31, June 30, December 31, (Dollars in thousands) 2015 2014 2015 2014 Commercial paper (secured) $ 275,898 $ 238,013 1.61% 1.48% Prime broker arrangement 224,515 127,754 0.92% 0.91% Bank lines (secured) — 12,000 N/A 1.50% Total short-term financing $ 500,413 $ 377,767

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block]	Ownership interests in entities held by parties other than the Company’s common shareholders are presented as noncontrolling interests within shareholders’ equity, separate from the Company’s own equity. Revenues, expenses and net income or loss are reported on the consolidated statements of operations on a consolidated basis, which includes amounts attributable to both the Company’s common shareholders and noncontrolling interests. Net income or loss is then allocated between the Company and noncontrolling interests based upon their relative ownership interests. Net income applicable to noncontrolling interests is deducted from consolidated net income to determine net income applicable to the Company. There was no other comprehensive income or loss attributed to noncontrolling interests for the six months ended June 30, 2015 and 2014 , respectively. Common Common Total Shares Shareholders’ Noncontrolling Shareholders’ (Amounts in thousands, except share amounts) Outstanding Equity Interests Equity Balance at December 31, 2014 15,265,420 $ 819,912 $ 149,548 $ 969,460 Net income — 33,971 4,148 38,119 Amortization/issuance of restricted stock — 33,546 — 33,546 Issuance of treasury shares for options exercised 46,670 1,722 — 1,722 Issuance of treasury shares for restricted stock vestings 644,651 — — — Repurchase of common stock through share repurchase program (1,804,886 ) (92,156 ) — (92,156 ) Repurchase of common stock for employee tax withholding (249,156 ) (13,179 ) — (13,179 ) Excess tax benefit from stock-based compensation — 5,723 — 5,723 Shares reserved/issued for director compensation 1,425 70 — 70 Other comprehensive income — 26 — 26 Fund capital contributions, net — — 10,329 10,329 Balance at June 30, 2015 13,904,124 $ 789,635 $ 164,025 $ 953,660

Compensation Plans (Tables)

Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Outstanding Equity Awards	The following table provides a summary of the Company’s outstanding Incentive Plan equity awards (in shares or units) as of June 30, 2015 : Restricted Stock Annual grants 943,599 Sign-on grants 292,316 1,235,915 Restricted Stock Units Market condition leadership grants 356,242 Stock Options 161,202
Schedule of Valuation Assumptions	The fair value of the awards on the grant date was determined using a Monte Carlo simulation with the following assumptions: Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2015 0.90% 29.8% 2014 0.82% 41.3% 2013 0.40% 44.0%
Changes in Unvested Restricted Stock	The following table summarizes the changes in the Company’s unvested restricted stock under the Incentive Plan and Inducement Plan: Unvested Weighted Average Restricted Stock Grant Date (in Shares) Fair Value December 31, 2014 1,095,305 $ 36.51 Granted 636,684 54.31 Vested (486,287 ) 34.46 Canceled (9,787 ) 38.03 June 30, 2015 1,235,915 $ 45.34
Changes in Unvested Restricted Stock Units	The following table summarizes the changes in the Company’s unvested restricted stock units under the Incentive Plan: Unvested Weighted Average Restricted Grant Date Stock Units Fair Value December 31, 2014 405,826 $ 17.99 Granted 123,687 21.83 Vested (149,814 ) 12.12 Canceled (23,457 ) 12.12 June 30, 2015 356,242 $ 22.18
Changes in Outstanding Stock Options	The following table summarizes the changes in the Company’s outstanding stock options: Weighted Average Weighted Remaining Options Average Contractual Term Aggregate Outstanding Exercise Price (in Years) Intrinsic Value December 31, 2014 217,873 $ 46.66 2.0 $ 3,066,839 Granted — — Exercised (46,670 ) 36.90 Canceled — — Expired (10,001 ) 39.62 June 30, 2015 161,202 $ 49.92 2.1 $ 293,795 Options exercisable at June 30, 2015 161,202 $ 49.92 2.1 $ 293,795

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Computation of Earnings per Share	The computation of earnings per share is as follows: Three Months Ended Six Months Ended June 30, June 30, (Amounts in thousands, except per share data) 2015 2014 2015 2014 Net income applicable to Piper Jaffray Companies $ 16,999 $ 18,213 $ 33,971 $ 35,961 Earnings allocated to participating securities (1) (1,300 ) (1,496 ) (2,458 ) (3,155 ) Net income applicable to Piper Jaffray Companies’ common shareholders (2) $ 15,699 $ 16,717 $ 31,513 $ 32,806 Shares for basic and diluted calculations: Average shares used in basic computation 14,487 14,958 14,888 14,786 Stock options 26 55 32 50 Average shares used in diluted computation 14,513 15,013 14,920 14,836 Earnings per common share: Basic $ 1.08 $ 1.12 $ 2.12 $ 2.22 Diluted $ 1.08 $ 1.11 $ 2.11 $ 2.21 (1) Represents the allocation of earnings to participating securities. Losses are not allocated to participating securities. Participating securities include all of the Company’s unvested restricted shares. The weighted average participating shares outstanding were 1,201,359 and 1,343,399 for the three months ended June 30, 2015 and 2014 , respectively, and 1,164,338 and 1,426,656 for the six months ended June 30, 2015 and 2014 , respectively. (2) Net income/(loss) applicable to Piper Jaffray Companies’ common shareholders for diluted and basic EPS may differ under the two-class method as a result of adding the effect of the assumed exercise of stock options to dilutive shares outstanding, which alters the ratio used to allocate earnings to Piper Jaffray Companies’ common shareholders and participating securities for purposes of calculating diluted and basic EPS.

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Reportable segment financial results	Reportable segment financial results are as follows: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Capital Markets Investment banking Financing Equities $ 35,755 $ 44,058 $ 72,244 $ 79,359 Debt 30,098 20,174 51,836 33,713 Advisory services 40,139 39,695 69,405 79,423 Total investment banking 105,992 103,927 193,485 192,495 Institutional sales and trading Equities 20,407 18,366 39,312 42,626 Fixed income 20,482 21,085 41,699 46,323 Total institutional sales and trading 40,889 39,451 81,011 88,949 Management and performance fees 621 1,388 2,028 3,125 Investment income 215 4,998 14,920 15,376 Long-term financing expenses (1,553 ) (1,705 ) (3,113 ) (3,445 ) Net revenues 146,164 148,059 288,331 296,500 Operating expenses (1) 123,687 124,691 239,890 245,621 Segment pre-tax operating income $ 22,477 $ 23,368 $ 48,441 $ 50,879 Segment pre-tax operating margin 15.4 % 15.8 % 16.8 % 17.2 % Continued on next page Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Asset Management Management and performance fees Management fees $ 18,436 $ 20,600 $ 37,543 $ 39,736 Performance fees 200 278 208 364 Total management and performance fees 18,636 20,878 37,751 40,100 Investment income/(loss) (734 ) 1,094 (145 ) 1,564 Net revenues 17,902 21,972 37,606 41,664 Operating expenses (1) 14,520 14,923 28,896 29,413 Segment pre-tax operating income $ 3,382 $ 7,049 $ 8,710 $ 12,251 Segment pre-tax operating margin 18.9 % 32.1 % 23.2 % 29.4 % Total Net revenues $ 164,066 $ 170,031 $ 325,937 $ 338,164 Operating expenses (1) 138,207 139,614 268,786 275,034 Pre-tax operating income $ 25,859 $ 30,417 $ 57,151 $ 63,130 Pre-tax operating margin 15.8 % 17.9 % 17.5 % 18.7 % (1) Operating expenses include intangible asset amortization expense as set forth in the table below: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Capital Markets $ 263 $ 743 $ 526 $ 1,486 Asset Management 1,510 1,575 3,020 3,150 Total intangible asset amortization expense $ 1,773 $ 2,318 $ 3,546 $ 4,636
Schedule of intangible asset amortization expense	Operating expenses include intangible asset amortization expense as set forth in the table below: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Capital Markets $ 263 $ 743 $ 526 $ 1,486 Asset Management 1,510 1,575 3,020 3,150 Total intangible asset amortization expense $ 1,773 $ 2,318 $ 3,546 $ 4,636
Reportable segment assets	Reportable segment assets are as follows: June 30, December 31, (Dollars in thousands) 2015 2014 Capital Markets $ 2,130,616 $ 2,352,404 Asset Management 279,780 271,513 $ 2,410,396 $ 2,623,917

Organization and Basis of Pre36

Organization and Basis of Presentation - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

Financial Instruments and Oth37

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Equity securities	$ 49,776	$ 50,365
Convertible securities	148,342	156,685
Fixed income securities	71,183	48,651
Taxable securities	165,775	312,753
Tax-exempt securities	555,095	559,704
Short-term securities	37,778	68,717
Mortgage-backed securities	129,399	125,065
U.S. government agency securities	223,545	244,046
U.S. government securities	16,542	2,549
Derivative contracts	38,343	47,826
Total financial instruments and other inventory positions owned	1,435,778	1,616,361
Equity securities	144,063	154,589
Fixed income securities	30,098	21,460
U.S. government agency securities	18,680	27,735
U.S. government securities	261,359	523,527
Derivative contracts	5,846	10,813
Total financial instruments and other inventory positions sold, but not yet purchased	460,046	738,124
Financial instruments and other inventory positions owned and pledged as collateral	1,023,469	1,108,567
Municipal Bond Fund
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Taxable securities	62,500	123,300
Tax-exempt securities	175,300	139,500
Derivative contracts	4,200	4,900
Total financial instruments and other inventory positions owned	242,015	267,742
U.S. government securities	36,600	97,600
Derivative contracts	500	1,100
Total financial instruments and other inventory positions sold, but not yet purchased	37,088	98,669
Parent Company
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Total financial instruments and other inventory positions owned	1,193,763	1,348,619
Total financial instruments and other inventory positions sold, but not yet purchased	$ 422,958	$ 639,455

Financial Instruments and Oth38

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased - Total Absolute Notional Contract Amount (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative Assets (1)	$ 406,630	$ 454,011
Derivative Liabilities (2)	378,564	438,846
Notional Amount	5,273,265	5,444,728
Interest rate | Customer matched-book
Derivative [Line Items]
Notional Amount	4,703,823	4,860,302
Interest rate | Customer matched-book | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets (1)	395,676	447,987
Interest rate | Customer matched-book | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities (2)	374,169	425,227
Interest rate | Trading securities
Derivative [Line Items]
Notional Amount	407,850	297,250
Interest rate | Trading securities | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets (1)	5,309	140
Interest rate | Trading securities | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities (2)	601	8,242
Credit default swap index | Trading securities
Derivative [Line Items]
Notional Amount	146,181	267,796
Credit default swap index | Trading securities | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets (1)	5,561	5,808
Credit default swap index | Trading securities | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities (2)	3,588	5,188
Equity option | Trading securities
Derivative [Line Items]
Notional Amount	15,411	19,380
Equity option | Trading securities | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets (1)	84	76
Equity option | Trading securities | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities (2)	$ 206	$ 189

Financial Instruments and Oth39

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased - Unrealized Gains/(Losses) on Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives Instruments	$ 19,454	$ 8,008	$ 24,255	$ 8,138
Interest rate derivative contract | Investment banking
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives Instruments	479	844	999	1,369
Interest rate derivative contract | Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives Instruments	11,877	4,798	12,556	4,266
Credit default swap index contract | Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives Instruments	8,038	1,668	12,645	2,922
Equity option derivative contract | Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives Instruments	$ 18	$ 698	$ 53	$ 419

Financial Instruments and Oth40

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased - Additional Information (Details) - Maximum risk of loss $ in Millions	Jun. 30, 2015USD ($)
Counterparties not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollateralized credit exposure	$ 23.1
Notional contract amount	188.1
One unnamed financial institutional not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollateralized credit exposure	$ 15

Fair Value of Financial Instr41

Fair Value of Financial Instruments Fair Value of Financial Instruments - Fair Value Option (Details) - Merchant Banking Investments - Level III - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments at fair value	$ 18.9		$ 18.4
Gains from changes in fair value	$ 0.5	$ 1

Fair Value of Financial Instr42

Fair Value of Financial Instruments - Information about Significant Unobservable Inputs used in Fair Value Measurement (Details) - Level III	6 Months Ended
	Jun. 30, 2015
Tax-exempt securities | Financial instruments and other inventory positions owned | Minimum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Debt service coverage ratio	5.00%
Tax-exempt securities | Financial instruments and other inventory positions owned | Maximum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Debt service coverage ratio	60.00%
Tax-exempt securities | Financial instruments and other inventory positions owned | Weighted Average | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Debt service coverage ratio	19.40%
Short-term securities | Financial instruments and other inventory positions owned | Minimum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Expected recovery rate (% of par)	66.00%
Short-term securities | Financial instruments and other inventory positions owned | Maximum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Expected recovery rate (% of par)	94.00%
Short-term securities | Financial instruments and other inventory positions owned | Weighted Average | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Expected recovery rate (% of par)	91.00%
Collateralized by residential mortgages | Financial instruments and other inventory positions owned | Minimum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Credit default rate	0.00%
Prepayment rates	2.50%
Loss severity	10.00%
Valuation yields	5.00%
Collateralized by residential mortgages | Financial instruments and other inventory positions owned | Maximum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Credit default rate	62.00%
Prepayment rates	21.00%
Loss severity	100.00%
Valuation yields	8.00%
Collateralized by residential mortgages | Financial instruments and other inventory positions owned | Weighted Average | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Credit default rate	5.50%
Prepayment rates	6.17%
Loss severity	67.69%
Valuation yields	5.47%
Interest rate locks | Financial instruments and other inventory positions owned | Minimum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Unamortized premium over the MMD curve	0.0188%
Interest rate locks | Financial instruments and other inventory positions owned | Maximum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Unamortized premium over the MMD curve	0.3649%
Interest rate locks | Financial instruments and other inventory positions owned | Weighted Average | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Unamortized premium over the MMD curve	0.0797%
Warrants in public and private companies | Investments | Minimum | Black-Scholes option pricing model
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Liquidity discount rates	30.00%
Warrants in public and private companies | Investments | Maximum | Black-Scholes option pricing model
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Liquidity discount rates	40.00%
Warrants in public and private companies | Investments | Weighted Average | Black-Scholes option pricing model
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Liquidity discount rates	38.90%
Warrants in private companies | Investments | Minimum | Black-Scholes option pricing model
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Stock volatility factors of comparable companies	28.80%
Warrants in private companies | Investments | Maximum | Black-Scholes option pricing model
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Stock volatility factors of comparable companies	59.30%
Warrants in private companies | Investments | Weighted Average | Black-Scholes option pricing model
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Stock volatility factors of comparable companies	38.60%
Equity investment in private company | Investments | Minimum | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Revenue multiple	1.9
EBITDA multiple	9.4
Equity investment in private company | Investments | Maximum | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Revenue multiple	6.08
EBITDA multiple	12
Equity investment in private company | Investments | Weighted Average | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Revenue multiple	4.7
EBITDA multiple	10
Interest rate locks | Financial instruments and other inventory positions sold, but not yet purchased | Minimum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Unamortized premium over the MMD curve	0.0529%
Interest rate locks | Financial instruments and other inventory positions sold, but not yet purchased | Maximum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Unamortized premium over the MMD curve	0.287%
Interest rate locks | Financial instruments and other inventory positions sold, but not yet purchased | Weighted Average | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Unamortized premium over the MMD curve	0.1574%

Fair Value of Financial Instr43

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfers between fair value levels	$ 0
Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	1,609,331,000	$ 1,853,935,000
Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 230,810,000	$ 200,960,000
Percentage of Level III assets to financial instruments measured at fair value	14.60%	11.70%
U.S. government agency securities | Minimum | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Conditional prepayment rate	3.50%
Market yields basis points spreads to treasury securities (as a percent)	1.20%
U.S. government agency securities | Maximum | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Conditional prepayment rate	20.00%
Market yields basis points spreads to treasury securities (as a percent)	4.50%

Fair Value of Financial Instr44

Fair Value of Financial Instruments - Valuation of Financial Instruments by Pricing Observability Levels (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	$ 49,776	$ 50,365
Convertible securities	148,342	156,685
Fixed income securities	71,183	48,651
Taxable securities	165,775	312,753
Tax-exempt securities	555,095	559,704
Short-term securities	37,778	68,717
Mortgage-backed securities	129,399	125,065
U.S. government agency securities	223,545	244,046
U.S. government securities	16,542	2,549
Derivative contracts	38,343	47,826
Derivative contracts	(368,287)	(406,185)
Total financial instruments and other inventory positions owned	1,435,778	1,616,361
Equity securities	144,063	154,589
Fixed income securities	30,098	21,460
U.S. government agency securities	18,680	27,735
U.S. government securities	261,359	523,527
Derivative contracts	5,846	10,813
Derivative contracts	(372,718)	(428,033)
Total financial instruments and other inventory positions sold, but not yet purchased	460,046	738,124
Securities posted as collateral to its counterparties	0	0
Level I
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	41,494	39,191
U.S. government securities	16,542	2,549
Derivative contracts	84	76
Total financial instruments and other inventory positions owned	58,120	41,816
Cash equivalents	1,240	1,562
Investments at fair value	45,261	20,704
Total assets	104,621	64,082
Equity securities	144,063	153,254
U.S. government securities	261,359	523,527
Derivative contracts	206	189
Total financial instruments and other inventory positions sold, but not yet purchased	405,628	676,970
Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	8,282	11,174
Convertible securities	148,342	156,685
Fixed income securities	71,183	48,651
Taxable securities	165,775	312,753
Tax-exempt securities	553,909	558,518
Short-term securities	37,058	67,997
Mortgage-backed securities		316
U.S. government agency securities	223,545	244,046
Derivative contracts	401,237	453,795
Total financial instruments and other inventory positions owned	1,609,331	1,853,935
Total assets	1,609,331	1,853,935
Equity securities		1,335
Fixed income securities	30,098	21,460
U.S. government agency securities	18,680	27,735
Derivative contracts	377,923	430,835
Total financial instruments and other inventory positions sold, but not yet purchased	426,701	481,365
Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Tax-exempt securities	1,186	1,186
Short-term securities	720	720
Mortgage-backed securities	129,399	124,749
Derivative contracts	5,309	140
Total financial instruments and other inventory positions owned	136,614	126,795
Investments at fair value	94,196	74,165
Total assets	230,810	200,960
Derivative contracts	435	7,822
Total financial instruments and other inventory positions sold, but not yet purchased	435	7,822
Measured on a recurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	49,776	50,365
Convertible securities	148,342	156,685
Fixed income securities	71,183	48,651
Taxable securities	165,775	312,753
Tax-exempt securities	555,095	559,704
Short-term securities	37,778	68,717
Mortgage-backed securities	129,399	125,065
U.S. government agency securities	223,545	244,046
U.S. government securities	16,542	2,549
Derivative contracts	38,343	47,826
Total financial instruments and other inventory positions owned	1,435,778	1,616,361
Cash equivalents	1,240	1,562
Investments at fair value	139,457	94,869
Total assets	1,576,475	1,712,792
Equity securities	144,063	154,589
Fixed income securities	30,098	21,460
U.S. government agency securities	18,680	27,735
U.S. government securities	261,359	523,527
Derivative contracts	5,846	10,813
Total financial instruments and other inventory positions sold, but not yet purchased	$ 460,046	$ 738,124

Fair Value of Financial Instr45

Fair Value of Financial Instruments - Changes in Fair Value Associated with Level III Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 238,463	$ 170,606	$ 200,960	$ 171,919
Purchases	107,844	119,064	228,189	164,404
Sales	(123,301)	(104,361)	(222,430)	(153,104)
Realized gains/ (losses)	4,411	7,042	6,563	8,934
Unrealized gains/ (losses)	(3,393)	(1,993)	(17,528)	(1,795)
Ending balance	230,810	190,358	230,810	190,358
Unrealized gains/ (losses) for assets held at period end	(4,368)	(1,150)	(18,553)	(810)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	8,226	5,479	7,822	6,643
Purchases	(4,839)	(8,343)	(10,653)	(16,751)
Sales	535	0	535	0
Realized gains/(losses)	4,304	8,343	10,118	16,751
Unrealized gains/ (losses)	7,791	5,367	7,387	4,203
Ending balance	435	10,846	435	10,846
Unrealized gains/ (losses) for liabilities held at period end	435	8,232	435	10,846
Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	150,995	109,652	126,795	122,679
Purchases	99,944	119,064	220,289	154,404
Sales	(123,301)	(102,003)	(222,248)	(150,746)
Realized gains/ (losses)	4,411	4,684	6,381	6,576
Unrealized gains/ (losses)	(4,565)	(394)	(5,397)	(1,122)
Ending balance	136,614	131,791	136,614	131,791
Unrealized gains/ (losses) for assets held at period end	(5,540)	(1,237)	(6,422)	(1,483)
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	87,468	60,954	74,165	49,240
Purchases	7,900		7,900	10,000
Sales	0	(2,358)	(182)	(2,358)
Realized gains/ (losses)	0	2,358	182	2,358
Unrealized gains/ (losses)	(1,172)	(2,387)	(12,131)	(673)
Ending balance	94,196	58,567	94,196	58,567
Unrealized gains/ (losses) for assets held at period end	(1,172)	(2,387)	(12,131)	(673)
Fixed income securities | Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		100		100
Sales		(100)		(100)
Unrealized gains/ (losses) for assets held at period end				0
Tax-exempt securities | Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,176	1,433	1,186	1,433
Unrealized gains/ (losses)	(10)	(127)		(127)
Ending balance	1,186	1,306	1,186	1,306
Unrealized gains/ (losses) for assets held at period end	(10)	(127)		(127)
Short-term securities | Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	720	656	720	656
Sales		(25)		(25)
Realized gains/ (losses)		6		6
Unrealized gains/ (losses)		(95)		(95)
Ending balance	720	732	720	732
Unrealized gains/ (losses) for assets held at period end		(95)		(95)
Mortgage-backed securities | Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	147,877	107,399	124,749	119,799
Purchases	99,944	119,064	219,769	151,790
Sales	(120,354)	(101,878)	(219,301)	(150,621)
Realized gains/ (losses)	1,464	4,678	3,954	9,184
Unrealized gains/ (losses)	(468)	(137)	(228)	(1,026)
Ending balance	129,399	129,126	129,399	129,126
Unrealized gains/ (losses) for assets held at period end	(468)	(691)	(1,113)	(888)
Derivative contracts | Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,222	64	140	691
Purchases			520	2,614
Sales	(2,947)		(2,947)
Realized gains/ (losses)	2,947		2,427	2,614
Unrealized gains/ (losses)	(4,087)	(563)	(5,169)	(64)
Ending balance	5,309	627	5,309	627
Unrealized gains/ (losses) for assets held at period end	(5,062)	(578)	(5,309)	(627)
Derivative contracts | Financial instruments and other inventory positions sold, but not yet purchased
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	8,226	5,479	7,822	6,643
Purchases	(4,839)	(8,343)	(10,653)	(16,751)
Sales	535	0	535	0
Transfers out	0	0	0	0
Realized gains/(losses)	4,304	8,343	10,118	16,751
Unrealized gains/ (losses)	7,791	5,367	7,387	4,203
Ending balance	435	10,846	435	10,846
Unrealized gains/ (losses) for liabilities held at period end	$ 435	$ 8,232	$ 435	$ 10,846

Receivables from and Payables46

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Amounts Receivable from Brokers, Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Brokers and Dealers [Abstract]
Receivable arising from unsettled securities transactions	$ 43,809	$ 52,571
Deposits paid for securities borrowed	46,087	57,572
Receivable from clearing organizations	8,061	4,933
Deposits with clearing organizations	50,694	33,799
Securities failed to deliver	600	1,753
Other	17,360	10,381
Brokers, dealers and clearing organizations	$ 166,611	$ 161,009

Receivables from and Payables47

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Amounts Payable to Brokers, Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Brokers and Dealers [Abstract]
Payable arising from unsettled securities transactions	$ 89,224	$ 11,048
Payable to clearing organizations	10	5,185
Securities failed to receive	1,541	2,430
Other	4,809	6,901
Brokers, dealers and clearing organizations	$ 95,584	$ 25,564

Collateralized Securities Tra48

Collateralized Securities Transactions - Summary of Repurchase Liabilities, Fair Market Value of Related Collateral Pledged and Interest Rate Charged (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Liabilities	$ 68,136
Fair Market Value	82,357
Term up to 30 day maturities: | Mortgage-backed securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Liabilities	24,882
Fair Market Value	$ 35,762
Term up to 30 day maturities: | Mortgage-backed securities | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate	1.9353%
Term up to 30 day maturities: | Mortgage-backed securities | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate	2.1251%
Term of 30 to 90 day maturities: | Mortgage-backed securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Liabilities	$ 5,985
Fair Market Value	$ 7,525
Interest Rate	2.1345%
On demand maturities: | U.S. government agency securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Liabilities	$ 22,757
Fair Market Value	$ 24,571
On demand maturities: | U.S. government agency securities | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate	0.50%
On demand maturities: | U.S. government agency securities | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate	0.70%
On demand maturities: | U.S. government securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Liabilities	$ 14,512
Fair Market Value	$ 14,499
Interest Rate	0.25%

Collateralized Securities Tra49

Collateralized Securities Transactions - Additional Information (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Disclosure of Repurchase Agreements [Abstract]
Securities purchased under agreements to resell, securities borrowed and margin agreements on terms that permit to repledge or resell the securities to others	$ 235,700,000	$ 369,700,000
Securities either pledged or otherwise transferred to others in connection with financing activities or to satisfy commitments under financial instruments and other inventory positions sold, but not yet purchased	214,900,000	338,800,000
Reverse Repurchase, Offset Value	0	0
Securities loaned	$ 0	$ 0

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments, All Other Investments [Abstract]
Investments at fair value	$ 139,457	$ 94,869
Investments at cost	4,522	8,214
Investments accounted for under the equity method	22,061	23,757
Total investments	166,040	126,840
Less investments attributable to noncontrolling interests (1)	(36,271)	(32,563)
Investments less portion attributable to noncontolling interest	$ 129,769	$ 94,277

Investments - Additional Inform

Investments - Additional Information (Details)	Jun. 30, 2015USD ($)
Investment [Line Items]
Estimated fair market value of investments carried at cost	$ 11,100,000
Debt investment in private company [Member]
Investment [Line Items]
Valuation allowance	$ 0

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Net deferred income tax assets	$ 40,810	$ 45,851
Fee receivables	28,589	23,959
Accrued interest receivables	7,293	10,061
Forgivable loans, net	11,802	8,366
Income tax receivables	11,500	0
Prepaid expenses	6,686	6,067
Other	8,091	5,995
Total other assets	$ 114,771	$ 100,299

Short-Term Financing - Summary

Short-Term Financing - Summary of Short Term Financing and Weighted Average Interest Rate on Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Oustanding Balance	$ 500,413	$ 377,767
Commercial paper (secured)
Short-term Debt [Line Items]
Oustanding Balance	$ 275,898	$ 238,013
Weighted Average Interest Rate	1.61%	1.48%
Prime broker arrangement
Short-term Debt [Line Items]
Oustanding Balance	$ 224,515	$ 127,754
Weighted Average Interest Rate	0.92%	0.91%
Bank lines (secured)
Short-term Debt [Line Items]
Oustanding Balance	$ 0	$ 12,000
Weighted Average Interest Rate		1.50%

Short-Term Financing - Addition

Short-Term Financing - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015USD ($)banksprogram	Dec. 31, 2014USD ($)
Short-term Debt [Line Items]
Short-term financing	$ 500,413,000	$ 377,767,000
Commercial paper (secured)
Short-term Debt [Line Items]
Number of commercial paper programs | program	3
Short-term financing	$ 275,898,000	238,013,000
Commercial paper (secured) | Minimum
Short-term Debt [Line Items]
Debt term	27 days
Commercial paper (secured) | Maximum
Short-term Debt [Line Items]
Debt term	270 days
Commercial paper (secured) | CP Series A | Weighted Average
Short-term Debt [Line Items]
Debt term	65 days
Commercial paper (secured) | CP Series II A | Weighted Average
Short-term Debt [Line Items]
Debt term	175 days
Commercial paper (secured) | CP Series III A
Short-term Debt [Line Items]
Excess net capital required	$ 120,000,000
Commercial paper (secured) | CP Series III A | Weighted Average
Short-term Debt [Line Items]
Debt term	7 days
Bank lines (secured)
Short-term Debt [Line Items]
Short-term financing	$ 0	$ 12,000,000
Bank lines (secured) | Committed Credit Facility
Short-term Debt [Line Items]
Debt term	1 year
Line of credity, maximum borrowing capacity	$ 250,000,000
Minimum net capital required	120,000,000
Short-term financing	0
Bank lines (secured) | Uncommitted Credit Facility
Short-term Debt [Line Items]
Line of credity, maximum borrowing capacity	185,000,000
Short-term financing	$ 0
Number of banks | banks	2

Variable Rate Senior Notes - Ad

Variable Rate Senior Notes - Additional Information (Details) - Senior Notes	6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 02, 2014USD ($)	Nov. 30, 2012USD ($)class
Debt Instrument [Line Items]
Face amount			$ 125,000,000
Number of classes of notes | class			2
Note purchase agreement, days to pay interest	5 days
Note purchase agreement, event of default, maximum indebtedness	$ 10,000,000
Minimum net capital required	$ 120,000,000
Class A Variable Rate Senior Notes Due May 2014
Debt Instrument [Line Items]
Face amount			$ 50,000,000
Class A Variable Rate Senior Notes Due May 2017
Debt Instrument [Line Items]
Face amount		$ 50,000,000
Class A Variable Rate Senior Notes Due May 2017 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Reference rate	P3M
Class B Variable Rate Senior Notes Due November 2015
Debt Instrument [Line Items]
Face amount			$ 75,000,000
Class B Variable Rate Senior Notes Due November 2015 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	4.50%
Reference rate	P3M

Legal Contingencies - Additiona

Legal Contingencies - Additional Information (Detail) - 6 months ended Jun. 30, 2015	USD ($)unit
Loss Contingencies [Line Items]
Number of complaints	3
Loss contingency | $	$ 0
CALIFORNIA
Loss Contingencies [Line Items]
Number of complaints	18
NEW YORK
Loss Contingencies [Line Items]
Number of complaints	2

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Sep. 30, 2014
Equity, Class of Treasury Stock [Line Items]
Aggregate purchase price	$ 105,335,000	$ 8,806,000
Stockholders' Equity Attributable to Noncontrolling Interest	$ 164,025,000		$ 149,548,000
Shares of common stock purchased from restricted stock award related to recipients' employment tax obligations	249,156
Repurchase of common stock for employee tax withholding	$ 13,200,000
Reissuance of treasury shares as a result of employee vesting	442,165	521,504
Number of common stock issued for retirement plan obligations	0	103,598
Reissuance of treasury shares for retirement plan obligations	$ 0	$ 4,156,000
Other comprehensive income or loss attributed to noncontrolling interests	$ 0	$ 0
Share Repurchase Program Authorized 2014
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, authorized amount				$ 100,000,000
Shares repurchased	1,804,886
Average share price	$ 51.06
Aggregate purchase price	$ 92,100,000
Repurchase of common stock, amount remaining under this authorization	7,900,000
Municipal bond fund
Equity, Class of Treasury Stock [Line Items]
Stockholders' Equity Attributable to Noncontrolling Interest	127,800,000		117,000,000
Merchant banking fund
Equity, Class of Treasury Stock [Line Items]
Stockholders' Equity Attributable to Noncontrolling Interest	27,100,000		24,700,000
Other private equity investments
Equity, Class of Treasury Stock [Line Items]
Stockholders' Equity Attributable to Noncontrolling Interest	$ 9,100,000		$ 7,800,000

Shareholders' Equity - Rollforw

Shareholders' Equity - Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common Shareholders' Equity at period end			$ 819,912
Noncontrolling interests at period end			149,548
Total Shareholders' Equity at period end			969,460
Common Shareholders' Equity, Net income	$ 16,999	$ 18,213	33,971	$ 35,961
Noncontrolling Interests, Net income	(682)	2,155	4,148	7,293
Total Shareholders' Equity, Net income	16,317	$ 20,368	38,119	$ 43,254
Amortization/issuance of restricted stock			33,546
Issuance of treasury shares for options exercised			1,722
Repurchased of common stock through share repurchase program			$ (92,156)
Repurchase of common stock for employee tax withholding			(249,156)
Repurchase of common stock for employee tax withholding			$ (13,179)
Excess tax benefit from stock-based compensation			5,723
Shares reserved/issued for director compensation			70
Other comprehensive income			26
Fund capital contributions, net			(10,329)
Common Shareholders' Equity at period end	789,635		789,635
Noncontrolling Interest at period end	164,025		164,025
Total Shareholders' Equity at period end	$ 953,660		$ 953,660
Common shares outstanding
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common Shares Outstanding at period end			15,265,420
Issuance of treasury shares for options exercised			46,670
Issuance of treasury shares for restricted stock vestings			644,651
Repurchase of common stock through share repurchase program			(1,804,886)
Repurchase of common stock for employee tax withholding			(249,156)
Shares reserved/issued for director compensation			1,425
Common Shares Outstanding at period end	13,904,124		13,904,124
Common shareholders' equity
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Amortization/issuance of restricted stock			$ 33,546
Issuance of treasury shares for options exercised			1,722
Repurchased of common stock through share repurchase program			(92,156)
Repurchase of common stock for employee tax withholding			(13,179)
Excess tax benefit from stock-based compensation			5,723
Shares reserved/issued for director compensation			70
Other comprehensive income			26
Fund capital contributions, net			0
Noncontrolling Interests
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Amortization/issuance of restricted stock			0
Issuance of treasury shares for options exercised			0
Repurchased of common stock through share repurchase program			0
Repurchase of common stock for employee tax withholding			0
Excess tax benefit from stock-based compensation			0
Shares reserved/issued for director compensation			0
Other comprehensive income			0
Fund capital contributions, net			$ 10,329

Compensation Plans - Summary of

Compensation Plans - Summary of Outstanding Equity Awards (Details) - shares	Jun. 30, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding	161,202	217,873
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	1,235,915	1,095,305
Leadership grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	356,242	405,826
Amended And Restated 2003 Annual And Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	1,235,915
Stock options outstanding	161,202
Amended And Restated 2003 Annual And Long-Term Incentive Plan | Annual grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	943,599
Amended And Restated 2003 Annual And Long-Term Incentive Plan | Sign-on grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	292,316
Amended And Restated 2003 Annual And Long-Term Incentive Plan | Leadership grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	356,242

Compensation Plans - RSU Valuat

Compensation Plans - RSU Valuation Assumptions (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2015
Grant Year 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	0.90%
Expected Stock Price Volatility	29.80%
2,014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	0.82%
Expected Stock Price Volatility	41.30%
2,013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	0.40%
Expected Stock Price Volatility	44.00%

Compensation Plans - Unvested R

Compensation Plans - Unvested Restricted Stock (Details) - 6 months ended Jun. 30, 2015 - Restricted Stock - $ / shares	Total
Unvested Restricted Stock or Stock Units
Beginning Balance	1,095,305
Granted	636,684
Vested	(486,287)
Cancelled	(9,787)
Ending Balance	1,235,915
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance	$ 36.51
Granted	54.31
Vested	34.46
Cancelled	38.03
Ending Balance	$ 45.34

Compensation Plans - Unvested62

Compensation Plans - Unvested Restricted Stock Units (Details) - 6 months ended Jun. 30, 2015 - Restricted Stock Units - $ / shares	Total
Unvested Restricted Stock or Stock Units
Beginning Balance	405,826
Granted	123,687
Vested	(149,814)
Cancelled	(23,457)
Ending Balance	356,242
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance	$ 17.99
Granted	21.83
Vested	12.12
Cancelled	12.12
Ending Balance	$ 22.18

Compensation Plans - Stock Opti

Compensation Plans - Stock Options (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Options Outstanding
Beginning Balance	217,873
Granted	0
Exercised	(46,670)
Cancelled	0
Expired	(10,001)
Ending Balance	161,202	217,873
Options exercisable at period end	161,202
Weighted Average Exercise Price (in dollars per share)
Beginning Balance	$ 46.66
Granted	0
Exercised	36.90
Cancelled	0
Expired	39.62
Ending Balance	49.92	$ 46.66
Options exercisable at period end	$ 49.92
Weighted Average Remaining Contractual Term (in Years)
Weighted Average Remaining Contractual Term (in Years)	2 years 1 month 6 days	2 years
Options exercisable at period end	2 years 1 month 6 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value	$ 293,795	$ 3,066,839
Options exercisable at end of period	$ 293,795

Compensation Plans - Additional

Compensation Plans - Additional Information (Detail)	May. 15, 2012	Jun. 30, 2015USD ($)planshares	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)planshares	Jun. 30, 2014USD ($)	Dec. 31, 2010USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock-based compensation plans | plan		1		1
Compensation expense related to employee restricted stock awards		$ 8,300,000	$ 8,100,000	$ 22,200,000	$ 13,300,000
Forfeitures recorded as a result of violating the post-termination restrictions		200,000		300,000
Tax benefit related to compensation costs for stock-based compensation arrangements		3,200,000	$ 3,100,000	8,700,000	$ 5,200,000
Intrinsic value of options exercised				800,000
Tax benefit realized from exercise of options				$ 300,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted, share | shares				636,684
Unrecognized compensation cost related to restricted stock		13,900,000		$ 13,900,000
Weighted average period over which restricted stock expense expected to be recognized				2 years 6 months
Annual grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years				3 years
Annual grant expense period				1 year
Sign-on grants | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant requisite service period				2 years
Sign-on grants | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant requisite service period				5 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant requisite service period	3 years
Award earning percentage based on peer group				50.00%
Award earning percentage based on shareholder return				50.00%
Restricted stock units, performance period	36 months
Number of years risk free interest rate				3 years
Restricted shares granted, share | shares				123,687
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to restricted stock		$ 0		$ 0
Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of stock options				10 years
Amended And Restated 2003 Annual And Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award grants authorized | shares		8,200,000		8,200,000
Shares available for future issuance | shares		1,700,000		1,700,000
2010 Employment Inducement Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years						5 years
Restricted shares granted to ARI employees, value						$ 7,000,000
Restricted shares granted, share | shares						158,801

Compensation Plans Compensation

Compensation Plans Compensation Plans - Deferred Compensation Plans (Details) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Nonqualified Deferred Compensation Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred Compensation Plan Assets	$ 15.5
Deferred Compensation Liabilities	$ 15.4
Mutual Fund Restricted Shares
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred Compensation Award Vesting Period	3 years
New Employees | Mutual Fund Restricted Shares | Minimum
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred Compensation Requisite Service Period	2 years
New Employees | Mutual Fund Restricted Shares | Maximum
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred Compensation Requisite Service Period	5 years

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net income applicable to Piper Jaffray Companies	$ 16,999	$ 18,213	$ 33,971	$ 35,961
Earnings allocated to participating securities (1)	(1,300)	(1,496)	(2,458)	(3,155)
Net income applicable to Piper Jaffray Companies' common shareholders (2)	$ 15,699	$ 16,717	$ 31,513	$ 32,806
Shares for basic and diluted calculations:
Average shares used in basic computation	14,487,000	14,958,000	14,888,000	14,786,000
Average shares used in diluted computation	14,513,000	15,013,000	14,920,000	14,836,000
Earnings per common share
Basic	$ 1.08	$ 1.12	$ 2.12	$ 2.22
Diluted	$ 1.08	$ 1.11	$ 2.11	$ 2.21
Weighted average participating shares outstanding	1,201,359	1,343,399	1,164,338	1,426,656
Stock options
Shares for basic and diluted calculations:
Stock options	26,000	55,000	32,000	50,000

Segment Reporting - Reportable

Segment Reporting - Reportable Segment Financial Results (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Investment banking	$ 106,069	$ 103,813	$ 193,146	$ 192,287
Institutional sales and trading	36,661	34,528	72,697	78,562
Management and performance fees	19,257	22,266	39,779	43,225
Investment income/(loss)	(3,299)	2,921	9,292	9,689
Net revenues	164,066	170,031	325,937	338,164
Operating expenses (1)	138,207	139,614	268,786	275,034
Segment pre-tax operating income	$ 25,859	$ 30,417	$ 57,151	$ 63,130
Segment pre-tax operating margin	15.80%	17.90%	17.50%	18.70%
Intangible asset amortization expense	$ 1,773	$ 2,318	$ 3,546	$ 4,636
Capital Markets
Segment Reporting Information [Line Items]
Investment banking	105,992	103,927	193,485	192,495
Institutional sales and trading	40,889	39,451	81,011	88,949
Management and performance fees	621	1,388	2,028	3,125
Investment income/(loss)	215	4,998	14,920	15,376
Long-term financing expenses	(1,553)	(1,705)	(3,113)	(3,445)
Net revenues	146,164	148,059	288,331	296,500
Operating expenses (1)	123,687	124,691	239,890	245,621
Segment pre-tax operating income	$ 22,477	$ 23,368	$ 48,441	$ 50,879
Segment pre-tax operating margin	15.40%	15.80%	16.80%	17.20%
Intangible asset amortization expense	$ 263	$ 743	$ 526	$ 1,486
Capital Markets | Equities financing
Segment Reporting Information [Line Items]
Investment banking	35,755	44,058	72,244	79,359
Capital Markets | Debt financing
Segment Reporting Information [Line Items]
Investment banking	30,098	20,174	51,836	33,713
Capital Markets | Advisory services
Segment Reporting Information [Line Items]
Investment banking	40,139	39,695	69,405	79,423
Capital Markets | Equities
Segment Reporting Information [Line Items]
Institutional sales and trading	20,407	18,366	39,312	42,626
Capital Markets | Fixed income
Segment Reporting Information [Line Items]
Institutional sales and trading	20,482	21,085	41,699	46,323
Asset Mgmt
Segment Reporting Information [Line Items]
Management fees	18,436	20,600	37,543	39,736
Performance fees	200	278	208	364
Management and performance fees	18,636	20,878	37,751	40,100
Investment income/(loss)	734	1,094	145	1,564
Net revenues	17,902	21,972	37,606	41,664
Operating expenses (1)	14,520	14,923	28,896	29,413
Segment pre-tax operating income	$ 3,382	$ 7,049	$ 8,710	$ 12,251
Segment pre-tax operating margin	18.90%	32.10%	23.20%	29.40%
Intangible asset amortization expense	$ 1,510	$ 1,575	$ 3,020	$ 3,150

Segment Reporting Segment Repor

Segment Reporting Segment Reporting - Reportable Segment Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 2,410,396	$ 2,623,917
Capital Markets
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,130,616	2,352,404
Asset Mgmt
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 279,780	$ 271,513

Net Capital Requirements and 69

Net Capital Requirements and Other Regulatory Matters - Additional Information (Detail) - Jun. 30, 2015 - USD ($)	Total
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital requirement	$ 1,000,000
Net capital requirement, percentage of aggregate debit balances arising from customer transactions	2.00%
Net capital requirement, percent of aggregate debit balances under restriction on business expansion or dividend payment	5.00%
Net capital	$ 166,100,000
Minimum net capital required	165,100,000
Senior Notes
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital required	120,000,000
Commercial Paper | CP Series III A
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Excess net capital required	120,000,000
Committed Credit Facility | Senior Notes
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital required	$ 120,000,000