Piper Sandler Companies (PIPR) 10-K 25 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Feb. 18, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	PJC
Entity Registrant Name	Piper Jaffray Companies
Entity Central Index Key	1,230,245
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, shares outstanding		14,926,391
Entity Common Stock, shares outstanding held by non-affiliates			14,474,232
Entity Public Float			$ 632

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 189,910	$ 15,867
Cash and cash equivalents segregated for regulatory purposes	81,022	25,011
Receivables:
Customers	41,167	9,658
Brokers, dealers and clearing organizations	147,949	161,009
Securities purchased under agreements to resell	136,983	308,165
Financial instruments and other inventory positions owned	283,579	507,794
Financial instruments and other inventory positions owned and pledged as collateral	707,355	1,108,567
Total financial instruments and other inventory positions owned	990,934	1,616,361
Fixed assets (net of accumulated depreciation and amortization of $51,874 and $47,327, respectively)	18,984	18,171
Goodwill	217,976	211,878
Intangible assets (net of accumulated amortization of $48,803 and $41,141, respectively)	30,530	30,658
Investments	163,861	126,840
Other assets	119,202	100,299
Total assets	2,138,518	2,623,917
Liabilities and Shareholders’ Equity
Short-term financing	446,190	377,767
Senior notes	175,000	125,000
Payables:
Customers	37,364	13,328
Brokers, dealers and clearing organizations	48,131	25,564
Securities sold under agreements to repurchase	45,319	102,646
Financial instruments and other inventory positions sold, but not yet purchased	239,155	738,124
Accrued compensation	251,638	228,877
Other liabilities and accrued expenses	62,901	43,151
Total liabilities	1,305,698	1,654,457
Shareholders’ equity:
Common stock, $0.01 par value: Shares authorized: 100,000,000 at December 31, 2015 and December 31, 2014; Shares issued: 19,510,858 at December 31, 2015 and 19,523,371 at December 31, 2014; Shares outstanding: 13,311,016 at December 31, 2015 and 15,265,420 at December 31, 2014	195	195
Additional paid-in capital	752,066	735,415
Retained earnings	279,140	227,065
Less common stock held in treasury, at cost: 6,199,842 at December 31, 2015 and 4,257,951 shares at December 31, 2014	(247,553)	(143,140)
Accumulated other comprehensive income/(loss)	(189)	377
Total common shareholders’ equity	783,659	819,912
Noncontrolling interests	49,161	149,548
Total shareholders’ equity	832,820	969,460
Total liabilities and shareholders’ equity	$ 2,138,518	$ 2,623,917

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Accumulated depreciation and amortization on fixed assets	$ 51,874	$ 47,327
Accumulated amortization on intangible assets	$ 48,803	$ 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	13,311,016	15,265,420
Common stock held in treasury, shares	6,199,842	4,257,951

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Investment banking	$ 414,118	$ 369,811	$ 248,563
Institutional brokerage	154,889	156,809	146,648
Asset management	75,017	85,062	83,045
Interest	41,557	48,716	50,409
Investment income	10,736	12,813	21,566
Total revenues	696,317	673,211	550,231
Interest expense	23,399	25,073	25,036
Net revenues	672,918	648,138	525,195
Non-interest expenses:
Compensation and benefits	421,733	394,510	322,464
Outside services	36,218	37,055	32,982
Occupancy and equipment	28,301	28,231	25,493
Communications	23,762	22,732	21,431
Marketing and business development	29,990	27,260	21,603
Trade execution and clearance	7,794	7,621	8,270
Restructuring and integration costs	10,652	0	4,689
Intangible asset amortization expense	7,662	9,272	7,993
Other operating expenses	20,383	11,146	4,657
Total non-interest expenses	586,495	537,827	449,582
Income from continuing operations before income tax expense	86,423	110,311	75,613
Income tax expense	27,941	35,986	20,390
Income from continuing operations	58,482	74,325	55,223
Discontinued operations:
Loss from discontinued operations, net of tax	0	0	(4,739)
Net income	58,482	74,325	50,484
Net income applicable to noncontrolling interests	6,407	11,153	5,394
Net income applicable to Piper Jaffray Companies	52,075	63,172	45,090
Net income applicable to Piper Jaffray Companies’ common shareholders	48,060	58,141	40,596
Amounts applicable to Piper Jaffray Companies
Net income from continuing operations	52,075	63,172	49,829
Net loss from discontinued operations	$ 0	$ 0	$ (4,739)
Earnings/(loss) per basic common share
Income from continuing operations	$ 3.34	$ 3.88	$ 2.98
Loss from discontinued operations	0	0	(0.28)
Earnings per basic common share	3.34	3.88	2.70
Earnings/(loss) per diluted common share
Income from continuing operations	3.34	3.87	2.98
Loss from discontinued operations	0	0	(0.28)
Earnings per diluted common share	$ 3.34	$ 3.87	$ 2.70
Weighted average number of common shares outstanding
Basic	14,368	14,971	15,046
Diluted	14,389	15,025	15,061

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 58,482	$ 74,325	$ 50,484
Other comprehensive income/(loss), net of tax:
Adjustment to unrecognized pension cost	0	0	(38)
Foreign currency translation adjustment	(566)	(519)	267
Total other comprehensive income/(loss), net of tax	(566)	(519)	229
Comprehensive income	57,916	73,806	50,713
Comprehensive income applicable to noncontrolling interests	6,407	11,153	5,394
Comprehensive income applicable to Piper Jaffray Companies	$ 51,509	$ 62,653	$ 45,319

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Parent	Noncontrolling Interests
Beginning Balance (in shares) at Dec. 31, 2012		15,213,796
Beginning Balance at Dec. 31, 2012	$ 790,175	$ 195	$ 754,566	$ 118,803	$ (140,939)	$ 667	$ 733,292	$ 56,883
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	50,484	0	0	45,090	0	0	45,090	5,394
Amortization/issuance of restricted stock	23,528	$ 0	23,528	0	0	0	23,528	0
Repurchase of common stock through share repurchase program, shares		(1,719,662)
Repurchase of common stock through share repurchase program	(55,929)	$ 0	0	0	55,929	0	(55,929)	0
Issuance of treasury shares for restricted stock vestings (in shares)		1,173,180
Issuance of treasury shares for restricted stock vestings	$ 0	$ 0	(38,636)	0	38,636	0	0	0
Repurchase of common stock for employee tax withholding (in shares)	386,713	(386,713)
Repurchase of common stock for employee tax withholding	$ 15,533	$ 0	0	0	(15,533)	0	15,533	0
Issuance of treasury shares for 401k match (in shares)	96,049	96,049
Issuance of treasury shares for 401k match	$ 3,939	$ 0	803	0	3,136	0	3,939	0
Shares reserved to meet deferred compensation obligations (in shares)		6,768
Shares reserved to meet deferred compensation obligations	60	$ 0	60	0	0	0	60	0
Other comprehensive loss	229	0	0	0	0	229	229	0
Fund capital contributions, net	85,119	$ 0	0	0	0	0	0	85,119
Ending Balance (in shares) at Dec. 31, 2013		14,383,418
Ending Balance at Dec. 31, 2013	882,072	$ 195	740,321	163,893	(170,629)	896	734,676	147,396
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	74,325	0	0	63,172	0	0	63,172	11,153
Amortization/issuance of restricted stock	23,649	$ 0	23,649	0	0	0	23,649	0
Issuance of treasury shares for options exercised (in shares)		137,864
Issuance of treasury shares for options exercised	5,452	$ 0	834	0	4,618	0	5,452	0
Issuance of treasury shares for restricted stock vestings (in shares)		892,385
Issuance of treasury shares for restricted stock vestings	$ 0	$ 0	(30,295)	0	30,295	0	0	0
Repurchase of common stock for employee tax withholding (in shares)	256,055	(256,055)
Repurchase of common stock for employee tax withholding	$ 10,854	$ 0	0	0	(10,854)	0	10,854	0
Issuance of treasury shares for 401k match (in shares)	103,598	103,598
Issuance of treasury shares for 401k match	$ 4,156	$ 0	726	0	3,430	0	4,156	0
Shares reserved to meet deferred compensation obligations (in shares)		4,210
Shares reserved to meet deferred compensation obligations	180	$ 0	180	0	0	0	180	0
Other comprehensive loss	(519)	0	0	0	0	(519)	(519)	0
Fund capital contributions, net	(9,001)	$ 0	0	0	0	0	0	(9,001)
Ending Balance (in shares) at Dec. 31, 2014		15,265,420
Ending Balance at Dec. 31, 2014	969,460	$ 195	735,415	227,065	(143,140)	377	819,912	149,548
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	58,482	0	0	52,075	0	0	52,075	6,407
Amortization/issuance of restricted stock	43,237	$ 0	43,237	0	0	0	43,237	0
Repurchase of common stock through share repurchase program, shares		(2,459,400)
Repurchase of common stock through share repurchase program	(118,464)	$ 0	0	0	(118,464)	0	(118,464)	0
Issuance of treasury shares for options exercised (in shares)		50,671
Issuance of treasury shares for options exercised	1,856	$ 0	96	0	1,760	0	1,856	0
Issuance of treasury shares for restricted stock vestings (in shares)		734,080
Issuance of treasury shares for restricted stock vestings	$ 0	$ 0	(26,752)	0	26,752	0	0	0
Repurchase of common stock for employee tax withholding (in shares)	281,180	281,180
Repurchase of common stock for employee tax withholding	$ 14,461	$ 0	0	0	14,461	0	14,461	0
Issuance of treasury shares for 401k match (in shares)	0
Issuance of treasury shares for 401k match	$ 0
Shares reserved to meet deferred compensation obligations (in shares)		1,425
Shares reserved to meet deferred compensation obligations	70	$ 0	70	0	0	0	70	0
Other comprehensive loss	(566)	0	0	0	0	(566)	(566)	0
Fund capital contributions, net	(106,794)	$ 0	0	0	0	0	0	(106,794)
Ending Balance (in shares) at Dec. 31, 2015		13,311,016
Ending Balance at Dec. 31, 2015	$ 832,820	$ 195	$ 752,066	$ 279,140	$ (247,553)	$ (189)	$ 783,659	$ 49,161

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Activities:
Net income	$ 58,482	$ 74,325	$ 50,484
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization of fixed assets	5,058	5,269	5,714
Deferred income taxes	(20,959)	(10,843)	(2,630)
Loss on sale of FAMCO	0	0	1,876
Stock-based and deferred compensation	48,754	28,764	21,598
Amortization of intangible assets	7,662	9,272	7,993
Amortization of forgivable loans	6,377	5,316	6,300
Decrease/(increase) in operating assets:
Cash and cash equivalents segregated for regulatory purposes	(56,011)	18,001	(12,005)
Receivables:
Customers	(31,509)	1,975	2,162
Brokers, dealers and clearing organizations	13,060	(33,896)	21,004
Securities purchased under agreements to resell	171,182	(140,290)	(22,442)
Net financial instruments and other inventory positions owned	126,458	(27,042)	4,685
Investments	(37,021)	(14,797)	(26,271)
Other assets	2,065	3,785	(3,727)
Payables:
Customers	24,036	(19,781)	(8,898)
Brokers, dealers and clearing organizations	22,567	(2,158)	(33,559)
Securities sold under agreements to repurchase	18,050	0	0
Accrued compensation	2,178	67,247	32,233
Other liabilities and accrued expenses	19,095	(15,216)	(2,354)
Net cash provided by/(used in) operating activities	379,524	(50,069)	42,163
Investing Activities:
Business acquisitions, net of cash acquired	(11,739)	0	(24,726)
Repayment of FAMCO note	1,500	2,000	250
Purchases of fixed assets, net	(5,914)	(7,387)	(5,476)
Net cash used in investing activities	(16,153)	(5,387)	(29,952)
Financing Activities:
Increase/(decrease) in short-term financing	68,423	(136,944)	37,697
Issuance of senior notes	125,000	50,000	0
Repayment of senior notes	(75,000)	(50,000)	0
Increase/(decrease) in securities sold under agreements to repurchase	(75,377)	98,249	(45,603)
Increase/(decrease) in noncontrolling interests	(106,794)	(9,001)	85,119
Repurchase of common stock	(132,925)	(10,854)	(71,462)
Excess tax benefit from stock-based compensation	5,858	1,081	47
Proceeds from stock option exercises	1,856	5,452	0
Net cash provided by/(used in) financing activities	(188,959)	(52,017)	5,798
Currency adjustment:
Effect of exchange rate changes on cash	(369)	(343)	303
Net increase/(decrease) in cash and cash equivalents	174,043	(107,816)	18,312
Cash and cash equivalents at beginning of year	15,867	123,683	105,371
Cash and cash equivalents at end of year	189,910	15,867	123,683
Supplemental disclosure of cash flow information –
Interest	24,668	25,345	23,487
Income taxes	31,950	58,599	745
Non-cash financing activities –
Issuance of common stock for retirement plan obligations: 103,598 shares and 96,049 shares for the years ended December 31, 2014 and 2013, respectively	0	4,156	3,939
Issuance of restricted common stock for annual equity award: 550,650 shares, 402,074 shares, and 431,582 shares for the years ended December 31, 2015, 2014 and 2013, respectively	$ 30,429	$ 16,131	$ 17,699

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Cash Flows [Abstract]
Number of common stock issued for retirement plan obligations	0	103,598	96,049
Number of restricted common stock issued for annual equity award	550,650	402,074	431,582

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 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 investments in municipal bonds, mortgage-backed securities, U.S. government agency securities, and merchant banking activities involving equity or debt investments in late stage private companies. The Company has created alternative asset management funds in merchant banking and senior living in order to invest firm capital and to manage capital from outside investors. The Company receives management and performance fees for managing these funds. As discussed in Note 5 , the Company discontinued its Hong Kong capital markets business in 2012. 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. As discussed in Note 5 , Fiduciary Asset Management, LLC (“FAMCO”) was sold in 2013. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and 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. The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management 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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Future Adoption of New Applicable Accounting Standards Revenue Recognition In May 2014, the FASB issued 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 August 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which defers 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 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 adoption of ASU 2015-02 will result in the deconsolidation of certain investment partnerships with assets of approximately $9.4 million . Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" ("ASU 2016-01"). The amendments in ASU 2016-01 address certain aspects of the recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for annual and interim periods beginning after December 15, 2017. Except for the early application guidance outlined in ASU 2016-01, early adoption is not permitted. The Company is evaluating the impact of the new guidance on its consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”). Voting interest entities are entities in which (i) the total equity investment at risk is sufficient to enable each entity to finance itself independently and (ii) the equity holders have the obligation to absorb losses, the right to receive residual returns and the right or power to make decisions about or direct the entity’s activities that most significantly impact the entity’s economic performance. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 810, “Consolidations,” (“ASC 810”) states that the usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. Accordingly, the Company consolidates voting interest entities in which it has all, or a majority of, the voting interests. VIEs are entities that lack one or more of the characteristics of a voting interest entity. With the exception of entities eligible for the deferral codified in FASB Accounting Standards Update (“ASU”) No. 2010-10, “Consolidation: Amendments for Certain Investment Funds,” (“ASU 2010-10”) (generally asset managers and investment companies), ASC 810 states that a controlling financial interest in a VIE is present when an enterprise has one or more variable interests that have both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the entity or the rights to receive benefits from the VIE that could potentially be significant to the VIE. Accordingly, the Company consolidates VIEs in which the Company has a controlling financial interest. Entities meeting the deferral provision defined by ASU 2010-10 are evaluated under the historical VIE guidance. Under the historical guidance, a controlling financial interest in an entity is present when an enterprise has one or more variable interests that will absorb a majority of the entity’s expected losses, receive a majority of the entity’s expected residual returns, or both. The enterprise with a controlling financial interest is the primary beneficiary and consolidates the VIE. Accordingly, the Company consolidates VIEs subject to the deferral provisions defined by ASU 2010-10 in which the Company is deemed to be the primary beneficiary. When the Company does not have a controlling financial interest in an entity but exerts significant influence over the entity’s operating and financial policies (generally defined as owning a voting or economic interest of between 20 percent to 50 percent), the Company's investment is accounted for under the equity method of accounting. The Company accounts for certain investments in partnerships under the equity method of accounting. If the Company does not have a controlling financial interest in, or exert significant influence over, an entity, the Company accounts for its investment at fair value, if the fair value option was elected, or at cost. Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid investments with maturities of 90 days or less at the date of origination. In accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, Piper Jaffray, as a registered broker dealer carrying customer accounts, is subject to requirements related to maintaining cash or qualified securities in a segregated reserve account for the exclusive benefit of its customers. Customer Transactions Customer securities transactions are recorded on a settlement date basis, while the related revenues and expenses are recorded on a trade-date basis. Customer receivables and payables include amounts related to both cash and margin transactions. Securities owned by customers, including those that collateralize margin or other similar transactions, are not reflected on the consolidated statements of financial condition. Receivables from and Payables to Brokers, Dealers and Clearing Organizations Receivables from brokers, dealers and clearing organizations include receivables arising from unsettled securities transactions, deposits paid for securities borrowed, receivables from clearing organizations, deposits with clearing organizations and amounts receivable for securities not delivered to the purchaser by the settlement date (“securities failed to deliver”). Payables to brokers, dealers and clearing organizations include payables arising from unsettled securities transactions, payables to clearing organizations and amounts payable for securities not received from a seller by the settlement date (“securities failed to receive”). Unsettled securities transactions related to the Company's broker dealer operations are recorded at contract value on a net basis. Unsettled securities transactions related to the Company's consolidated municipal bond fund are recorded on a gross basis. Collateralized Securities Transactions Securities purchased under agreements to resell and securities sold under agreements to repurchase are carried at the contractual amounts at which the securities will be subsequently resold or repurchased, including accrued interest. It is the Company’s policy to take possession or control of securities purchased under agreements to resell at the time these agreements are entered into. The counterparties to these agreements typically are primary dealers of U.S. government securities and major financial institutions. Collateral is valued daily, and additional collateral is obtained from or refunded to counterparties when appropriate. Securities borrowed and loaned result from transactions with other broker dealers or financial institutions and are recorded at the amount of cash collateral advanced or received. These amounts are included in receivables from and payables to brokers, dealers and clearing organizations on the consolidated statements of financial condition. Securities borrowed transactions require the Company to deposit cash or other collateral with the lender. Securities loaned transactions require the borrower to deposit cash with the Company. The Company monitors the market value of securities borrowed and loaned on a daily basis, with additional collateral obtained or refunded as necessary. Interest is accrued on securities borrowed and loaned transactions and is included in (i) other assets or other liabilities and accrued expenses on the consolidated statements of financial condition and (ii) the respective interest income or interest expense amounts on the consolidated statements of operations. Fair Value of Financial Instruments Financial instruments and other inventory positions owned and financial instruments and other inventory positions sold, but not yet purchased on the consolidated statements of financial condition consist of financial instruments (including securities with extended settlements and derivative contracts) recorded at fair value. Unrealized gains and losses related to these financial instruments are reflected on the consolidated statements of operations. Securities (both long and short), including securities with extended settlements, are recognized on a trade-date basis. Additionally, certain of the Company’s investments on the consolidated statements of financial condition are recorded at fair value, either as required by accounting guidance or through the fair value election. Fair Value Measurement – Definition and Hierarchy – FASB Accounting Standards Codification Topic 820, “Fair Value Measurement,” (“ASC 820”) defines fair value as the amount at which an instrument could be exchanged in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect management’s assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the observability of inputs as follows: Level I – Quoted prices (unadjusted) are available in active markets for identical assets or liabilities as of the report date. A quoted price for an identical asset or liability in an active market provides the most reliable fair value measurement because it is directly observable to the market. Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the report date. The nature of these financial instruments include instruments for which quoted prices are available but traded less frequently, instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level III – Instruments that have little to no pricing observability as of the report date. These financial instruments are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Valuation of Financial Instruments – Based on the nature of the Company’s business and its role as a “dealer” in the securities industry or its role as a manager of alternative asset management funds, the fair values of its financial instruments are determined internally. When available, the Company values financial instruments at observable market prices, observable market parameters, or broker or dealer prices (bid and ask prices). In the case of financial instruments transacted on recognized exchanges, the observable market prices represent quotations for completed transactions from the exchange on which the financial instrument is principally traded. A substantial percentage of the fair value of the Company’s financial instruments and other inventory positions owned and financial instruments and other inventory positions sold, but not yet purchased, are based on observable market prices, observable market parameters, or derived from broker or dealer prices. The availability of observable market prices and pricing parameters can vary from product to product. Where available, observable market prices and pricing or market parameters in a product may be used to derive a price without requiring significant judgment. In certain markets, observable market prices or market parameters are not available for all products, and fair value is determined using techniques appropriate for each particular product. These techniques involve some degree of judgment. Results from valuation models and other techniques in one period may not be indicative of future period fair value measurement. For investments in illiquid or privately held securities that do not have readily determinable fair values, the determination of fair value requires the Company to estimate the value of the securities using the best information available. Among the factors considered by the Company in determining the fair value of such financial instruments are the cost, terms and liquidity of the investment, the financial condition and operating results of the issuer, the quoted market price of publicly traded securities with similar quality and yield, and other factors generally pertinent to the valuation of investments. In instances where a security is subject to transfer restrictions, the value of the security is based primarily on the quoted price of a similar security without restriction but may be reduced by an amount estimated to reflect such restrictions. In addition, even where the Company derives the value of a security based on information from an independent source, certain assumptions may be required to determine the security’s fair value. For instance, the Company assumes that the size of positions in securities that the Company holds would not be large enough to affect the quoted price of the securities if the firm sells them, and that any such sale would happen in an orderly manner. The actual value realized upon disposition could be different from the currently estimated fair value. Fixed Assets Fixed assets include furniture and equipment, software and leasehold improvements. Furniture and equipment and software are depreciated using the straight-line method over estimated useful lives of three to ten years. Leasehold improvements are amortized over their estimated useful life or the life of the lease, whichever is shorter. The Company capitalizes certain costs incurred in connection with internal use software projects and amortizes the amount over the expected useful life of the asset, generally three to seven years. Leases The Company leases its corporate headquarters and other offices under various non-cancelable leases. The leases require payment of real estate taxes, insurance and common area maintenance, in addition to rent. The terms of the Company’s lease agreements generally range up to twelve years. Some of the leases contain renewal options, escalation clauses, rent-free holidays and operating cost adjustments. For leases that contain escalation clauses or rent-free holidays, the Company recognizes the related rent expense on a straight-line basis from the date the Company takes possession of the property to the end of the initial lease term. The Company records any difference between the straight-line rent amounts and amounts payable under the leases as part of other liabilities and accrued expenses. Cash or lease incentives received upon entering into certain leases are recognized on a straight-line basis as a reduction of rent expense from the date the Company takes possession of the property or receives the cash to the end of the initial lease term. The Company records the unamortized portion of lease incentives as part of other liabilities and accrued expenses. Goodwill and Intangible Assets Goodwill represents the fair value of the consideration transferred in excess of the fair value of identifiable net assets at the acquisition date. The recoverability of goodwill is evaluated annually, at a minimum, or on an interim basis if circumstances indicate a possible inability to realize the carrying amount. See Note 14 for additional information on the Company's goodwill impairment testing. Intangible assets with determinable lives consist of customer relationships and non-competition agreements that are amortized over their original estimated useful lives ranging from one to ten years. Indefinite-life intangible assets consist of the ARI trade name. It is not amortized and is evaluated annually, at a minimum, or on an interim basis if events or circumstances indicate a possible inability to realize the carrying amount. Investments The Company’s investments include equity investments in private companies and partnerships, investments in registered mutual funds, warrants of public and private companies and private company debt. Equity investments in private companies are accounted for at fair value, as required by accounting guidance or if the fair value option was elected, or at cost. Investments in partnerships are accounted for under the equity method, which is generally the net asset value. Registered mutual funds are accounted for at fair value. Company-owned warrants with a cashless exercise option are valued at fair value, while warrants without a cashless exercise option are valued at cost. Private company debt investments are recorded at fair value, as required by accounting guidance, or at amortized cost, net of any unamortized premium or discount. Other Assets Other assets include net deferred income tax assets, receivables and prepaid expenses. Receivables include fee receivables, accrued interest and loans made to employees, typically in connection with their recruitment. Employee loans are forgiven based on continued employment and are amortized to compensation and benefits expense using the straight-line method over the respective terms of the loans, which generally range from two to five years. Revenue Recognition Investment Banking – Investment banking revenues, which include underwriting and advisory fees, are recorded when services for the transactions are completed under the terms of each engagement. Expenses associated with such transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded. Investment banking revenues are presented net of related unreimbursed expenses for completed deals. Expenses related to investment banking deals not completed are recognized as non-interest expenses on the consolidated statements of operations. Institutional Brokerage – Institutional brokerage revenues include (i) commissions received from customers for the execution of brokerage transactions in listed and over-the-counter (OTC) equity, fixed income and convertible debt securities, which are recorded on a trade-date basis, (ii) trading gains and losses and (iii) fees received by the Company for equity research. The Company permits institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. As the Company is not the primary obligor for these arrangements, expenses relating to soft dollars are netted against commission revenues and included in other liabilities and accrued expenses on the consolidated statements of financial condition. Asset Management – Asset management fees include revenues the Company receives in connection with management and investment advisory services performed for separately managed accounts and various funds and partnerships. These fees are recognized in the period in which services are provided. Fees are defined in client contracts as either fixed or based on a percentage of portfolio assets under management and may include performance fees. Performance fees are earned when the investment return on assets under management exceeds certain benchmark targets or other performance targets over a specified measurement period (monthly, quarterly or annually). Performance fees, if earned, are generally recognized at the end of the specified measurement period, typically the fourth quarter of the applicable year, or upon client liquidation. Performance fees are recognized as of each reporting date for certain consolidated entities. Interest Revenue and Expense – The Company nets interest expense within net revenues to mitigate the effects of fluctuations in interest rates on the Company’s consolidated statements of operations. The Company recognizes contractual interest on financial instruments owned and financial instruments sold, but not yet purchased (excluding derivative instruments), on an accrual basis as a component of interest revenue and expense. The Company accounts for interest related to its short-term financing and its senior notes on an accrual basis with related interest recorded as interest expense. In addition, the Company recognizes interest revenue related to its securities borrowed and securities purchased under agreements to resell activities and interest expense related to its securities loaned and securities sold under agreements to repurchase activities on an accrual basis. Investment Income – Investment income includes realized and unrealized gains and losses from the Company's merchant banking and other firm investments. Stock-based Compensation FASB Accounting Standards Codification Topic 718, “Compensation — Stock Compensation,” (“ASC 718”) requires all stock-based compensation to be expensed on the consolidated statements of operations based on the grant date fair value of the award. Compensation expense related to stock-based awards that do not require future service are recognized in the year in which the awards were deemed to be earned. Stock-based awards that require future service are amortized over the relevant service period net of estimated forfeitures. See Note 22 for additional information on the Company's accounting for stock-based compensation. Income Taxes The Company files a consolidated U.S. federal income tax return, which includes all of its qualifying subsidiaries. The Company is also subject to income tax in various states and municipalities and those foreign jurisdictions in which we operate. Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between amounts reported for income tax purposes and financial statement purposes, using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The realization of deferred tax assets is assessed and a valuation allowance is recognized to the extent that it is more likely than not that any portion of a deferred tax asset will not be realized. Tax reserves for uncertain tax positions are recorded in accordance with FASB Accounting Standards Codification Topic 740, “Income Taxes” (“ASC 740”). Earnings Per Share Basic earnings per common share is computed by dividing net income/(loss) applicable to common shareholders by the weighted average number of common shares outstanding for the period. Net income/(loss) applicable to common shareholders represents net income/(loss) reduced by the allocation of earnings to participating securities. Losses are not allocated to participating securities. Diluted earnings per common share is calculated by adjusting the weighted average outstanding shares to assume conversion of all potentially dilutive stock options. Unvested stock-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the earnings allocation in the earnings per share calculation under the two-class method. The Company grants restricted stock and restricted stock units as part of its stock-based compensation program. Recipients of restricted stock are entitled to receive nonforfeitable dividends during the vesting period, and therefore meet the definition of a participating security. The Company's unvested restricted stock units are not participating securities as recipients are not eligible to receive nonforfeitable dividends. Foreign Currency Translation The Company consolidates foreign subsidiaries which have designated their local currency as their functional currency. Assets and liabilities of these foreign subsidiaries are translated at year-end rates of exchange. The gains or losses resulting from translating foreign currency financial statements are included in other comprehensive income. Gains or losses resulting from foreign currency transactions are included in net income. Contingencies The Company is involved in various pending and potential legal proceedings related to its business, including litigation, arbitration and regulatory proceedings. The Company establishes reserves for potential losses to the extent that claims are probable of loss and the amount of the loss can be reasonably estimated. The determination of the outcome and reserve amounts requires significant judgment on the part of management.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Acquisitions	Acquisitions The following acquisitions were accounted for pursuant to FASB Accounting Standards Codification Topic 805, "Business Combinations." Accordingly, the purchase price of each acquisition was allocated to the acquired assets and liabilities assumed based on their estimated fair values as of the respective acquisition dates. The excess of the purchase price over the net assets acquired was allocated between goodwill and intangible assets within the Capital Markets segment. River Branch Holdings LLC and BMO Capital Markets GKST Inc. On September 30, 2015 , the Company acquired the assets of River Branch Holdings LLC ("River Branch"), an equity investment banking boutique focused on the financial institutions sector. The purchase was completed pursuant to the Asset Purchase Agreement dated July 11, 2015 . On October 9, 2015 , the Company completed the purchase of BMO Capital Markets GKST Inc. ("BMO GKST"), a municipal bond sales, trading and origination business of BMO Financial Corp. The purchase was completed pursuant to the Stock Purchase Agreement dated July 19, 2015 . The Company recorded $6.1 million of goodwill on the consolidated statements of financial condition. In management's opinion, the goodwill represents the reputation and operating expertise of River Branch and BMO GKST employees. Identifiable intangible assets purchased by the Company consisted of customer relationships with acquisition-date fair values estimated to be $7.5 million . Transaction costs of $0.8 million were incurred for the year ended December 31, 2015 , and are included in restructuring and integration costs on the consolidated statements of operations. The results of operations of River Branch and BMO GKST have been included in the Company's consolidated financial statements prospectively from the respective dates of acquisition. The terms of these transactions were not disclosed as the acquisitions did not have a material impact on the Company's consolidated financial statements. Seattle-Northwest Securities Corporation and Edgeview Partners, L.P. On July 12, 2013 , the Company completed the purchase of Seattle-Northwest Securities Corporation ("Seattle-Northwest"), a Seattle-based investment bank and broker dealer focused on public finance in the Northwest region of the U.S. The acquisition of Seattle-Northwest supported the Company's strategy to grow its public finance business. On July 16, 2013 , the Company completed the purchase of Edgeview Partners, L.P. ("Edgeview"), a middle-market advisory firm specializing in mergers and acquisitions. The acquisition of Edgeview further strengthened the Company's mergers and acquisitions position in the middle market and added resources dedicated to the private equity community. The Company paid $32.7 million in cash for Seattle-Northwest and Edgeview, which represented the fair values as of the respective acquisition dates. The Company also entered into acquisition-related compensation arrangements of $14.3 million which consisted of cash, restricted stock and restricted mutual fund shares ("MFRS Awards") of registered funds managed by the Company's asset management business. Compensation expense related to these arrangements is amortized on a straight-line basis over the original requisite service period of two to five years (a weighted average remaining service period of 2.0 years ). The Company recorded $15.0 million of goodwill on the consolidated statements of financial condition, of which $9.1 million is expected to be deductible for income tax purposes. In management's opinion, the goodwill represents the reputation and expertise of Seattle-Northwest and Edgeview employees. Identifiable intangible assets purchased by the Company consisted of customer relationships and non-competition agreements with acquisition-date fair values estimated to be $6.0 million and $0.7 million , respectively. Transaction costs of $1.1 million were incurred for the year ended December 31, 2013, and are included in restructuring and integration costs within continuing operations on the consolidated statements of operations. Definitive Agreement to Acquire Simmons & Company International On November 16, 2015 , the Company entered into a Securities Purchase Agreement ("Purchase Agreement") with Simmons & Company International ("Simmons"), an employee-owned investment bank and broker dealer focused on the energy industry. Pursuant to the Purchase Agreement, the Company agreed to purchase 100 percent of the capital stock of Simmons and its subsidiaries for total consideration of approximately $139.0 million , consisting of $91.0 million in cash and $48.0 million of restricted stock. The Company has committed an additional $21.0 million in cash and stock for retention purposes. The transaction is expected to close in the first quarter of 2016 .

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations The Company's Hong Kong capital markets business ceased operations in 2012 and incurred liquidation costs extending into 2013. In accordance with the provisions of FASB Accounting Standards Codification Topic 205-20, “Discontinued Operations,” the results from this business, previously reported in the Capital Markets segment, have been classified as discontinued operations for all periods presented. The components of discontinued operations for the Hong Kong capital markets business are as follows: Year Ended December 31, (Dollars in thousands) 2013 Other expenses $ 1,197 Loss from discontinued operations before income tax benefit (1,197 ) Income tax benefit (415 ) Loss from discontinued operations, net of tax $ (782 ) In 2013, the Company completed the sale of FAMCO, an asset management subsidiary, for consideration of $4.0 million which consisted of $0.3 million in cash and a $3.7 million note receivable from the buyer. FAMCO's results, previously reported in the Asset Management segment, have been presented as discontinued operations for all periods presented. The components of discontinued operations for FAMCO are as follows: Year Ended December 31, (Dollars in thousands) 2013 Net revenues $ 1,650 Operating expenses 5,057 Loss from discontinued operations before income tax benefit (3,407 ) Income tax benefit (1,326 ) Loss from discontinued operations (2,081 ) Loss on sale, net of tax (1,876 ) Loss from discontinued operations, net of tax $ (3,957 )

Financial Instruments and Other

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased	12 Months Ended
	Dec. 31, 2015
Financial Instruments 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 December 31, December 31, (Dollars in thousands) 2015 2014 Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 9,505 $ 50,365 Convertible securities 18,460 156,685 Fixed income securities 48,654 48,651 Municipal securities: Taxable securities 111,591 312,753 Tax-exempt securities 416,966 559,704 Short-term securities 33,068 68,717 Mortgage-backed securities 121,794 125,065 U.S. government agency securities 188,140 244,046 U.S. government securities 7,729 2,549 Derivative contracts 35,027 47,826 Total financial instruments and other inventory positions owned 990,934 1,616,361 Less noncontrolling interests (1) (43,397 ) (267,742 ) $ 947,537 $ 1,348,619 Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 15,740 $ 154,589 Fixed income securities 39,909 21,460 U.S. government agency securities 21,267 27,735 U.S. government securities 159,037 523,527 Derivative contracts 3,202 10,813 Total financial instruments and other inventory positions sold, but not yet purchased 239,155 738,124 Less noncontrolling interests (2) (4,586 ) (98,669 ) $ 234,569 $ 639,455 (1) Noncontrolling interests attributable to third party ownership in a consolidated municipal bond fund consist of $7.5 million and $123.3 million of taxable municipal securities, $35.1 million and $139.5 million of tax-exempt municipal securities, and $0.8 million and $4.9 million of derivative contracts as of December 31, 2015 and 2014 , respectively. (2) Noncontrolling interests attributable to third party ownership in a consolidated municipal bond fund consist of $4.6 million and $97.6 million of U.S. government securities as of December 31, 2015 and 2014 , respectively, and $1.1 million of derivative contracts as of December 31, 2014 . At December 31, 2015 and 2014 , financial instruments and other inventory positions owned in the amount of $0.7 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, U.S. treasury bond and Eurodollar futures and exchange traded options. Derivative Contract Financial Instruments The Company uses interest rate swaps, interest rate locks, credit default swap index contracts, U.S treasury bond and Eurodollar futures and equity option contracts as a means to manage risk in certain inventory positions. The Company also enters into interest rate swaps to facilitate customer transactions. 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 and uses U.S. treasury bond and Eurodollar futures to hedge interest rate and market value risks associated with its fixed income securities. These 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: December 31, 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 $ 406,888 $ 386,284 $ 4,392,440 $ 447,987 $ 425,227 $ 4,860,302 Trading securities — 7,685 290,600 140 8,242 297,250 Credit default swap index Trading securities 5,411 530 94,270 5,808 5,188 267,796 Futures and equity options Trading securities 164 149 2,345,037 76 189 19,380 $ 412,463 $ 394,648 $ 7,122,347 $ 454,011 $ 438,846 $ 5,444,728 (1) Derivative assets are included within financial instruments and other inventory positions owned on the consolidated statements of financial condition. (2) 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: (Dollars in thousands) Year Ended December 31, Derivative Category Operations Category 2015 2014 2013 Interest rate derivative contract Investment banking $ (2,274 ) $ (2,790 ) $ (1,529 ) Interest rate derivative contract Institutional brokerage 534 (1,678 ) (2,511 ) Credit default swap index contract Institutional brokerage 12,228 (1,080 ) (1,522 ) Futures and equity option derivative contracts Institutional brokerage (252 ) 1,037 (646 ) $ 10,236 $ (4,511 ) $ (6,208 ) 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 December 31, 2015 , the Company had $24.4 million of uncollateralized credit exposure with these counterparties (notional contract amount of $186.4 million ), including $16.9 million of uncollateralized credit exposure with one counterparty.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 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. Certain illiquid taxable 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. 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 200 - 300 basis points (“bps”) on spreads over U.S. treasury securities, or models based upon prepayment expectations ranging from 14% - 16% 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, U.S treasury bond and Eurodollar futures and equity 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 registered mutual funds, warrants of public and private companies and private company debt. Investments in 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 $19.7 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 December 31, 2015 and 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 $1.3 million , $2.7 million and $10.6 million for the years ended December 31, 2015 , 2014 and 2013 , 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 December 31, 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) 1 - 12% 4.2% Prepayment rates (4) 2 - 21% 10.0% Loss severity (3) 30 - 90% 62.3% Valuation yields (3) 2 - 8% 4.6% Investments at fair value: Equity securities in private companies Market approach Revenue multiple (2) 2 - 6 times 4.4 times EBITDA multiple (2) 10 - 12 times 10.4 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) 1 - 32 bps 6.5 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 ASC 820 as of December 31, 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 $ 7,569 $ 1,936 $ — $ — $ 9,505 Convertible securities — 18,460 — — 18,460 Fixed income securities — 48,654 — — 48,654 Municipal securities: Taxable securities — 105,775 5,816 — 111,591 Tax-exempt securities — 415,789 1,177 — 416,966 Short-term securities — 32,348 720 — 33,068 Mortgage-backed securities — 670 121,124 — 121,794 U.S. government agency securities — 188,140 — — 188,140 U.S. government securities 7,729 — — — 7,729 Derivative contracts 164 412,299 — (377,436 ) 35,027 Total financial instruments and other inventory positions owned: 15,462 1,224,071 128,837 (377,436 ) 990,934 Cash equivalents 130,138 — — — 130,138 Investments at fair value 34,874 — 107,907 — 142,781 Total assets $ 180,474 $ 1,224,071 $ 236,744 $ (377,436 ) $ 1,263,853 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 13,489 $ 2,251 $ — $ — $ 15,740 Fixed income securities — 39,909 — — 39,909 U.S. government agency securities — 21,267 — — 21,267 U.S. government securities 159,037 — — — 159,037 Derivative contracts 149 387,351 7,148 (391,446 ) 3,202 Total financial instruments and other inventory positions sold, but not yet purchased: $ 172,675 $ 450,778 $ 7,148 $ (391,446 ) $ 239,155 (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 $236.7 million and $201.0 million , or 18.7 percent and 11.7 percent of financial instruments measured at fair value at December 31, 2015 and 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 year ended December 31, 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 December 31, Transfers Transfers gains/ gains/ December 31, December 31, (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: Taxable securities $ — $ 5,133 $ — $ — $ — $ — $ 683 $ 5,816 $ 683 Tax-exempt securities 1,186 — — — — — (9 ) 1,177 (9 ) Short-term securities 720 — — — — — — 720 — Mortgage-backed securities 124,749 130,534 (138,874 ) — — 3,301 1,414 121,124 2,157 Derivative contracts 140 520 — — — (520 ) (140 ) — — Total financial instruments and other inventory positions owned: 126,795 136,187 (138,874 ) — — 2,781 1,948 128,837 2,831 Investments at fair value 74,165 17,089 (1,089 ) — — 84 17,658 107,907 17,552 Total assets $ 200,960 $ 153,276 $ (139,963 ) $ — $ — $ 2,865 $ 19,606 $ 236,744 $ 20,383 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 7,822 $ (10,349 ) $ — $ — $ — $ 10,349 $ (674 ) $ 7,148 $ 7,148 Total financial instruments and other inventory positions sold, but not yet purchased: $ 7,822 $ (10,349 ) $ — $ — $ — $ 10,349 $ (674 ) $ 7,148 $ 7,148 (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 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/ December 31, December 31, (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 — — — — — (247 ) 1,186 (247 ) Short-term securities 656 — (25 ) — — 6 83 720 83 Mortgage-backed securities 119,799 154,338 (161,962 ) 3,552 — 9,189 (167 ) 124,749 1,745 Derivative contracts 691 3,602 — — — (3,602 ) (551 ) 140 140 Total financial instruments and other inventory positions owned: 122,679 157,940 (162,087 ) 3,552 — 5,593 (882 ) 126,795 1,721 Investments at fair value 49,240 21,730 (2,368 ) — — 2,368 3,195 74,165 3,195 Total assets $ 171,919 $ 179,670 $ (164,455 ) $ 3,552 $ — $ 7,961 $ 2,313 $ 200,960 $ 4,916 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 6,643 $ (16,751 ) $ — $ — $ — $ 16,751 $ 1,179 $ 7,822 $ 7,822 Total financial instruments and other inventory positions sold, but not yet purchased: $ 6,643 $ (16,751 ) $ — $ — $ — $ 16,751 $ 1,179 $ 7,822 $ 7,822 (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 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.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2015
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Variable Interest Entities	Variable Interest Entities The Company has investments in and/or acts as the managing partner of various partnerships, limited liability companies, or registered mutual funds. These entities were established for the purpose of investing in securities of public or private companies, or municipal debt obligations and were initially financed through the capital commitments or seed investments of the members. VIEs are entities in which equity investors lack the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities. The determination as to whether an entity is a VIE is based on the amount and nature of the members’ equity investment in the entity. The Company also considers other characteristics such as the power through voting rights or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance. For those entities that meet the deferral provisions defined by ASU 2010-10, the Company considers characteristics such as the ability to influence the decision making about the entity’s activities and how the entity is financed. The Company has identified certain of the entities described above as VIEs. These VIEs had net assets approximating $0.4 billion and $0.6 billion at December 31, 2015 and 2014 , respectively. The Company’s exposure to loss from these VIEs is $8.0 million , which is the carrying value of its capital contributions recorded in investments on the consolidated statements of financial condition at December 31, 2015 . The Company had no liabilities related to these VIEs at December 31, 2015 and 2014 . The Company is required to consolidate all VIEs for which it is considered to be the primary beneficiary. The determination as to whether the Company is considered to be the primary beneficiary is based on whether the Company has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. For those entities that meet the deferral provisions defined by ASU 2010-10 (generally asset managers and investment companies), the determination as to whether the Company is considered to be the primary beneficiary differs in that it is based on whether the Company will absorb a majority of the VIE’s expected losses, receive a majority of the VIE’s expected residual returns, or both. The Company determined it is not the primary beneficiary of these VIEs and accordingly does not consolidate them. Furthermore, the Company has not provided financial or other support to these VIEs that it was not previously contractually required to provide as of December 31, 2015 . The Company has investments in a grantor trust which was established as part of a nonqualified deferred compensation plan. The Company is the primary beneficiary of the grantor trust. Accordingly, the assets and liabilities of the grantor trust are consolidated by the Company on the consolidated statements of financial condition. See Note 22 for additional information on the nonqualified deferred compensation plan. The Company also originates CMOs through secondary market vehicles. The Company's risk of loss with respect to these entities is limited to the fair value of the securities held by the Company.

Receivables from and Payables t

Receivables from and Payables to Brokers, Dealers and Clearing Organizations	12 Months Ended
	Dec. 31, 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 December 31, December 31, (Dollars in thousands) 2015 2014 Receivable arising from unsettled securities transactions $ 62,105 $ 52,571 Deposits paid for securities borrowed 47,508 57,572 Receivable from clearing organizations 3,155 4,933 Deposits with clearing organizations 27,019 33,799 Securities failed to deliver 2,100 1,753 Other 6,062 10,381 Total receivables from brokers, dealers and clearing organizations $ 147,949 $ 161,009 December 31, December 31, (Dollars in thousands) 2015 2014 Payable arising from unsettled securities transactions $ 34,445 $ 11,048 Payable to clearing organizations 3,115 5,185 Securities failed to receive 4,468 2,430 Other 6,103 6,901 Total payables to brokers, dealers and clearing organizations $ 48,131 $ 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.

Receivables from and Payables18

Receivables from and Payables to Customers	12 Months Ended
	Dec. 31, 2015
Receivables From Payables To Customers [Abstract]
Receivables From Payables To Customers	Receivables from and Payables to Customers December 31, December 31, (Dollars in thousands) 2015 2014 Cash accounts $ 39,415 $ 6,135 Margin accounts 1,752 3,523 Total receivables from customers $ 41,167 $ 9,658 Securities owned by customers are held as collateral for margin loan receivables. This collateral is not reflected on the consolidated financial statements. Margin loan receivables earn interest at floating interest rates based on prime rates. December 31, December 31, (Dollars in thousands) 2015 2014 Cash accounts $ 19,650 $ 13,172 Margin accounts 17,714 156 Total payables to customers $ 37,364 $ 13,328 Payables to customers primarily comprise certain cash balances in customer accounts consisting of customer funds pending settlement of securities transactions and customer funds on deposit. Except for amounts arising from customer short sales, all amounts payable to customers are subject to withdrawal by customers upon their request.

Collateralized Securities Trans

Collateralized Securities Transactions	12 Months Ended
	Dec. 31, 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 $185.8 million and $369.7 million at December 31, 2015 and 2014 , respectively, of which $175.8 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 December 31, 2015 : Repurchase Fair Market (Dollars in thousands) Liabilities Value Interest Rate Term up to 30 day maturities: Mortgage-backed securities $ 27,269 $ 39,202 2.14 - 2.27% On demand maturities: U.S. government securities 18,050 17,558 0.05% $ 45,319 $ 56,760 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 December 31, 2015 and 2014 , respectively, as a legal right of offset did not exist. The Company had no outstanding securities lending arrangements as of December 31, 2015 or 2014 . See Note 6 for information related to the Company's offsetting of derivative contracts.

Investments

Investments	12 Months Ended
	Dec. 31, 2015
Investments, All Other Investments [Abstract]
Investments	Investments The Company’s investments include investments in private companies and partnerships, registered mutual funds, warrants of public and private companies and private company debt. Investments included: December 31, December 31, (Dollars in thousands) 2015 2014 Investments at fair value $ 142,781 $ 94,869 Investments at cost 3,299 8,214 Investments accounted for under the equity method 17,781 23,757 Total investments 163,861 126,840 Less investments attributable to noncontrolling interests (1) (40,069 ) (32,563 ) $ 123,792 $ 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 December 31, 2015 , investments carried on a cost basis had an estimated fair market value of $4.9 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	12 Months Ended
	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets December 31, December 31, (Dollars in thousands) 2015 2014 Net deferred income tax assets $ 66,810 $ 45,851 Fee receivables 18,362 23,959 Accrued interest receivables 6,145 10,061 Forgivable loans, net 10,234 8,366 Prepaid expenses 6,161 6,067 Other 11,490 5,995 Total other assets $ 119,202 $ 100,299 See Note 26 for additional details concerning the Company's net deferred income tax assets.

Fixed Assets

Fixed Assets	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Fixed Assets	Fixed Assets December 31, December 31, (Dollars in thousands) 2015 2014 Furniture and equipment $ 31,953 $ 28,669 Leasehold improvements 25,213 23,697 Software 13,692 13,132 Total 70,858 65,498 Accumulated depreciation and amortization (51,874 ) (47,327 ) $ 18,984 $ 18,171 For the years ended December 31, 2015 , 2014 and 2013 , depreciation and amortization of furniture and equipment, leasehold improvements and software from continuing operations totaled $5.1 million , $5.3 million and $5.6 million , respectively, and are included in occupancy and equipment expense on the consolidated statements of operations.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Capital Asset (Dollars in thousands) Markets Management Total Goodwill Balance at December 31, 2013 $ 13,790 $ 196,844 $ 210,634 Goodwill acquired — — — Measurement period adjustment 1,244 — 1,244 Balance at December 31, 2014 $ 15,034 $ 196,844 $ 211,878 Goodwill acquired 6,098 — 6,098 Balance at December 31, 2015 $ 21,132 $ 196,844 $ 217,976 Intangible assets Balance at December 31, 2013 $ 5,316 $ 34,614 $ 39,930 Intangible assets acquired — — — Amortization of intangible assets (2,972 ) (6,300 ) (9,272 ) Balance at December 31, 2014 $ 2,344 $ 28,314 $ 30,658 Intangible assets acquired 7,534 — 7,534 Amortization of intangible assets (1,622 ) (6,040 ) (7,662 ) Balance at December 31, 2015 $ 8,256 $ 22,274 $ 30,530 The Company tests goodwill and indefinite-life intangible assets for impairment on an annual basis and on an interim basis when circumstances exist that could indicate possible impairment. The Company tests for impairment at the reporting unit level, which is generally one level below its operating segments. The Company has identified two reporting units: capital markets and asset management. When testing for impairment, the Company has the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after making an assessment, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. However, if the Company concludes otherwise, then the Company is required to perform the two-step impairment test, which requires management to make judgments in determining what assumptions to use in the calculation. The first step of the process consists of estimating the fair value of the reporting units based on the following factors: a discounted cash flow model using revenue and profit forecasts, the Company’s market capitalization, public company comparables and multiples of recent mergers and acquisitions of similar businesses, if available. The estimated fair values of the reporting units are compared with their carrying values, which includes the allocated goodwill. If the estimated fair value is less than the carrying values, a second step is performed to measure the amount of the impairment loss, if any. An impairment loss is equal to the excess of the carrying amount of goodwill over its fair value. The Company completed its annual goodwill impairment analysis as of October 31, 2015 , and concluded there was no goodwill impairment. The Company also evaluated its intangible assets (indefinite and definite-lived) and concluded there was no impairment in 2015 . The Company concluded there was no goodwill or intangible asset impairment in 2014 and 2013 , respectively. The addition of goodwill and intangible assets during the year ended December 31, 2015 related to the acquisitions of River Branch and BMO GKST, as discussed in Note 4 . Management identified intangible assets consisting of customer relationships with acquisition-date fair values currently estimated to be $7.5 million , which will be amortized over an estimated weighted average life of 2.1 years . The Company anticipates finalizing the fair values of intangible assets in the first quarter of 2016 . The final goodwill and intangible assets recorded on the Company's consolidated statements of financial condition may differ from that reflected herein as a result of measurement period adjustments. Intangible assets with determinable lives consist of customer relationships and non-competition agreements. The intangible assets are amortized over their original estimated useful lives ranging from one to ten years . The following table summarizes the future aggregate amortization expense of the Company's intangible assets with determinable lives for the years ended: (Dollars in thousands) 2016 $ 10,412 2017 6,109 2018 5,497 2019 4,989 Thereafter 663 Total $ 27,670

Short-Term Financing

Short-Term Financing	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Short-Term Financing	Short-Term Financing Outstanding Balance Weighted Average Interest Rate December 31, December 31, December 31, December 31, (Dollars in thousands) 2015 2014 2015 2014 Commercial paper (secured) $ 276,894 $ 238,013 1.74 % 1.48 % Prime broker arrangement 169,296 127,754 1.07 % 0.91 % Bank lines (secured) — 12,000 N/A 1.50 % Total short-term financing $ 446,190 $ 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 December 31, 2015 , the weighted average maturity of CP Series A, CP Series II A and CP Series III A was 65 days , 55 days and 21 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 December 31, 2015 consisted of a one -year $250 million committed revolving credit facility with U.S. Bank, N.A., which was renewed in December 2015. 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 17, 2016 . The Company pays a nonrefundable commitment fee on the unused portion of the facility on a quarterly basis. At December 31, 2015 , the Company had no advances against this line of credit. The Company’s uncommitted secured lines at December 31, 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 December 31, 2015 , the Company had no advances against these lines of credit.

Senior Notes

Senior Notes	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Senior Notes	Senior Notes The Company has entered into variable and fixed rate senior notes with certain entities advised by Pacific Investment Management Company ("PIMCO"). The following table presents the outstanding balance by note class at December 31, 2015 and 2014 , respectively. Outstanding Balance December 31, December 31, (Dollars in thousands) 2015 2014 Class A Notes $ 50,000 $ 50,000 Class B Notes — 75,000 Class C Notes 125,000 — Total senior notes $ 175,000 $ 125,000 On October 8, 2015 , the Company entered into a second amended and restated note purchase agreement ("Second Amended and Restated Note Purchase Agreement") under which the Company issued $125 million of fixed rate Class C Notes. The Class C Notes bear interest at an annual fixed rate of 5.06 percent , payable semi-annually and mature on October 9, 2018 . The variable rate Class A Notes bear interest at a rate equal to three -month LIBOR plus 3.00 percent , adjusted and payable quarterly and mature on May 31, 2017 . The variable rate Class B Notes were repaid by the Company on November 30, 2015 , from the proceeds of the Class C Notes. The unpaid principal amounts are due in full on the respective maturity dates and may not be prepaid by the Company. The Second Amended and Restated Note Purchase Agreement includes customary events of default and 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 December 31, 2015 , the Company was in compliance with all covenants. The senior notes are recorded at amortized cost. As of December 31, 2015 , the carrying value of the senior notes approximated fair value.

Legal Contingencies

Legal Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments, and Guarantees	Contingencies, Commitments and Guarantees 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 investment contracts and municipal derivative products 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 Section 1 of 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. The plaintiffs in the consolidated class action and Piper Jaffray entered into a settlement agreement for In re Municipal Derivatives Antitrust Litigation on February 22, 2016 . The settlement is subject to court approval after notice to the class. If approved, Piper Jaffray will be required to pay $9.8 million to settle the MDL class action. Litigation in the separate California and New York cases is ongoing. Litigation-related reserve activity from continuing operations included within other operating expenses resulted in expense of $9.7 million primarily related to the MDL class action litigation, expense of $0.8 million , and a benefit of $4.1 million primarily attributable to the receipt of insurance proceeds for the reimbursement of prior legal settlements for the years ended December 31, 2015 , 2014 and 2013 , respectively. Operating Lease Commitments The Company leases office space throughout the United States and in a limited number of foreign countries where the Company’s international operations reside. Aggregate minimum lease commitments under operating leases as of December 31, 2015 are as follows: (Dollars in thousands) 2016 $ 12,872 2017 10,169 2018 9,694 2019 9,103 2020 8,578 Thereafter 17,884 $ 68,300 Total minimum rentals to be received from 2016 through 2020 under noncancelable subleases were $6.1 million at December 31, 2015 . Rental expense, including operating costs and real estate taxes, from continuing operations was $13.7 million , $13.8 million and $12.9 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Fund Commitments As of December 31, 2015 , the Company had commitments to invest approximately $32.8 million in limited partnerships that make investments in private equity companies or provide financing for senior living facilities. Other Guarantees The Company is a member of numerous exchanges and clearinghouses. Under the membership agreements with these entities, members generally are required to guarantee the performance of other members, and if a member becomes unable to satisfy its obligations to the clearinghouse, other members would be required to meet shortfalls. To mitigate these performance risks, the exchanges and clearinghouses often require members to post collateral. In addition, the Company identifies and guarantees certain clearing agents against specified potential losses in connection with providing services to the Company or its affiliates. The Company’s maximum potential liability under these arrangements cannot be quantified. However, management believes the likelihood that the Company would be required to make payments under these arrangements is remote. Accordingly, no liability is recorded in the consolidated financial statements for these arrangements. Concentration of Credit Risk The Company provides investment, capital-raising and related services to a diverse group of domestic and foreign customers, including governments, corporations, and institutional and individual investors. The Company’s exposure to credit risk associated with the non-performance of customers in fulfilling their contractual obligations pursuant to securities transactions can be directly impacted by volatile securities markets, credit markets and regulatory changes. This exposure is measured on an individual customer basis and on a group basis for customers that share similar attributes. To alleviate the potential for risk concentrations, counterparty credit limits have been implemented for certain products and are continually monitored in light of changing customer and market conditions.

Restructuring

Restructuring	12 Months Ended
	Dec. 31, 2015
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring The Company incurred pre-tax restructuring charges of $9.4 million for the year ended December 31, 2015 within the Capital Markets segment. The charges included severance benefits of $8.8 million primarily in conjunction with the 2015 acquisitions discussed in Note 4 . The restructuring charges included severance, benefits and outplacement costs associated with the termination of approximately 70 employees. The Company also incurred contract termination costs of $0.6 million . For the year ended December 31, 2013, the Company incurred pre-tax restructuring charges of $3.6 million from continuing operations. The charges included severance benefits of $2.4 million , $0.5 million for vacating redundant leased office space and $0.7 million for contract termination costs.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company has various employee benefit plans, and substantially all employees are covered by at least one plan. The plans include health and welfare plans and a tax-qualified retirement plan (the “Retirement Plan”). During the years ended December 31, 2015 , 2014 and 2013 , the Company incurred employee benefits expenses from continuing operations of $15.1 million , $13.2 million and $12.1 million , respectively. Health and Welfare Plans Company employees who meet certain work schedule and service requirements are eligible to participate in the Company’s health and welfare plans. The Company subsidizes the cost of coverage for employees. The health plans contain cost-sharing features such as deductibles and coinsurance. The Company is self-insured for losses related to health claims, although it obtains third party stop loss insurance coverage on both an individual and a group plan basis. Self-insured liabilities are based on a number of factors, including historical claims experience, an estimate of claims incurred but not reported and valuations provided by third party actuaries. For the years ended December 31, 2015 , 2014 and 2013 , the Company recognized expense of $9.1 million , $7.7 million and $7.2 million , respectively, in compensation and benefits expense from continuing operations on the consolidated statements of operations related to its health plans. Retirement Plan The Retirement Plan consists of a defined contribution retirement savings plan. The defined contribution retirement savings plan allows qualified employees, at their option, to make contributions through salary deductions under Section 401(k) of the Internal Revenue Code. Employee contributions are 100 percent matched by the Company to a maximum of six percent of recognized compensation up to the social security taxable wage base. Although the Company’s matching contribution vests immediately, a participant must be employed on December 31 to receive that year’s matching contribution.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity The certificate of incorporation of Piper Jaffray Companies provides for the issuance of up to 100,000,000 shares of common stock with a par value of $0.01 per share and up to 5,000,000 shares of undesignated preferred stock with a par value of $0.01 per share. Common Stock The holders of Piper Jaffray Companies common stock are entitled to one vote per share on all matters to be voted upon by the shareholders. Subject to preferences that may be applicable to any outstanding preferred stock of Piper Jaffray Companies, the holders of its common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the Piper Jaffray Companies board of directors out of funds legally available for that purpose. Piper Jaffray Companies does not currently pay cash dividends on its common stock. Additionally, there are dividend restrictions as set forth in Note 25 . In the event that Piper Jaffray Companies is liquidated or dissolved, the holders of its common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to any prior distribution rights of Piper Jaffray Companies preferred stock, if any, then outstanding. Currently, there is no outstanding preferred stock. The holders of the common stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to Piper Jaffray Companies common stock. During the year ended December 31, 2013, the Company repurchased 1,719,662 shares at an average price of $32.52 per share for an aggregate purchase price of $55.9 million . During the year ended December 31, 2014, the Company did not repurchase any shares of the Company’s outstanding common stock. 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 . Effective August 14, 2015, the Company's board of directors authorized the repurchase of up to an additional $150.0 million in common shares through September 30, 2017 . During the year ended December 31, 2015 , the Company repurchased 2,459,400 shares at an average price of $48.17 per share for an aggregate purchase price of $118.5 million related to these authorizations. The Company has $131.5 million remaining under these authorizations. 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 281,180 shares or $14.5 million , 256,055 shares or $10.9 million and 386,713 shares or $15.5 million of the Company’s common stock for this purpose during the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company issues common shares out of treasury stock as a result of employee restricted share vesting and exercise transactions as discussed in Note 22 . During the years ended December 31, 2015 , 2014 and 2013 , the Company issued 503,571 shares, 774,194 shares and 786,467 shares, respectively, related to these obligations. The Company also issued common shares out of treasury stock related to obligations under the Piper Jaffray Companies Retirement Plan (the "Retirement Plan"). During the years ended December 31, 2014 and 2013 , the Company issued 103,598 shares or $4.2 million and 96,049 shares or $3.9 million , respectively, out of treasury stock in fulfillment of these obligations. Preferred Stock The Piper Jaffray Companies board of directors has the authority, without action by its shareholders, to designate and issue preferred stock in one or more series and to designate the rights, preferences and privileges of each series, which may be greater than the rights associated with the common stock. It is not possible to state the actual effect of the issuance of any shares of preferred stock upon the rights of holders of common stock until the Piper Jaffray Companies board of directors determines the specific rights of the holders of preferred stock. However, the effects might include, among other things, the following: restricting dividends on its common stock, diluting the voting power of its common stock, impairing the liquidation rights of its common stock and delaying or preventing a change in control of Piper Jaffray Companies without further action by its shareholders. 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 with limited employee investors of $7.0 million , a merchant banking fund of $31.8 million and private investment vehicles aggregating $10.4 million as of December 31, 2015 . As of December 31, 2014 , noncontrolling interests included the minority equity holders’ proportionate share of the equity in a municipal bond fund with outside investors of $117.0 million , a merchant banking fund of $24.7 million and private investment vehicles aggregating $7.8 million . The Company closed and completed liquidation of the municipal bond fund with outside investors in 2015. 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 years ended December 31, 2015 , 2014 and 2013 .

Compensation Plans

Compensation Plans	12 Months Ended
	Dec. 31, 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 December 31, 2015 : Restricted Stock Annual grants 932,377 Sign-on grants 355,538 1,287,915 Restricted Stock Units Market conditon leadership grants 356,242 Stock Options 157,201 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 ( 1.6 million shares remained available for future issuance under the Incentive Plan as of December 31, 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 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 2015 for its February 2016 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 (the "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 within continuing operations of $48.2 million , $28.2 million and $21.0 million for the years ended December 31, 2015 , 2014 and 2013 , 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 $0.5 million , $0.7 million and $1.0 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The tax benefit related to stock-based compensation costs totaled $18.8 million , $11.0 million and $8.2 million for the years ended December 31, 2015 , 2014 and 2013 , 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, 2012 2,322,438 $ 37.01 Granted 682,760 38.35 Vested (1,165,989 ) 39.83 Canceled (257,147 ) 38.30 December 31, 2013 1,582,062 $ 35.25 Granted 421,728 40.57 Vested (883,761 ) 36.22 Canceled (24,724 ) 36.02 December 31, 2014 1,095,305 $ 36.51 Granted 783,758 51.08 Vested (575,716 ) 34.72 Canceled (15,432 ) 40.83 December 31, 2015 1,287,915 $ 46.20 The fair value of restricted stock that vested during the years ended December 31, 2015 , 2014 and 2013 was $20.0 million , $32.0 million and $46.4 million , respectively. 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, 2012 173,271 $ 12.12 Granted 117,265 21.32 Vested — — Canceled — — December 31, 2013 290,536 $ 15.83 Granted 115,290 23.42 Vested — — Canceled — — December 31, 2014 405,826 $ 17.99 Granted 123,687 21.83 Vested (149,814 ) 12.12 Canceled (23,457 ) 12.12 December 31, 2015 356,242 $ 22.18 As of December 31, 2015 , there was $15.2 million of total unrecognized compensation cost related to restricted stock and restricted stock units expected to be recognized over a weighted average period of 2.3 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, 2012 486,563 $ 44.76 2.9 $ 94,150 Granted — — Exercised — — Canceled (17,274 ) 42.85 December 31, 2013 469,289 $ 44.83 2.0 $ 288,318 Granted — — Exercised (137,864 ) 39.55 Canceled (55 ) 39.62 Expired (113,497 ) $ 47.72 December 31, 2014 217,873 $ 46.66 2.0 $ 3,066,839 Granted — — Exercised (50,671 ) 36.62 Canceled — — Expired (10,001 ) 39.62 December 31, 2015 157,201 $ 50.35 1.6 $ — Options exercisable at December 31, 2013 469,289 $ 44.83 2.0 $ 288,318 Options exercisable at December 31, 2014 217,873 $ 46.66 2.0 $ 3,066,839 Options exercisable at December 31, 2015 157,201 $ 50.35 1.6 $ — Additional information regarding Piper Jaffray Companies options outstanding as of December 31, 2015 is as follows: Options Outstanding Exercisable Options Weighted Average Remaining Weighted Weighted Range of Contractual Average Average Exercise Prices Shares Life (in Years) Exercise Price Shares Exercise Price $41.09 99,147 2.1 $ 41.09 99,147 $ 41.09 $47.85 10,641 0.1 $ 47.85 10,641 $ 47.85 $70.13 - $70.65 47,413 0.9 $ 70.26 47,413 $ 70.26 As of December 31, 2015 , there was no unrecognized compensation cost related to stock options expected to be recognized over future years. The intrinsic value of options exercised and the resulting tax benefit realized was $0.9 million and $0.3 million , respectively, for the year ended December 31, 2015 . For the year ended December 31, 2014 , the intrinsic value of options exercised and the resulting tax benefit realized was $1.7 million and $0.7 million , respectively. There were no options exercised during the year ended December 31, 2013 . The Company has a policy of issuing shares out of treasury (to the extent available) to satisfy share option exercises and restricted stock vesting. The Company expects to withhold approximately 0.3 million shares from employee equity awards vesting in 2016, related to employee individual income tax withholding obligations on restricted stock vesting. For accounting purposes, withholding shares to cover employees’ tax obligations is deemed to be a repurchase of shares by the Company. 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 $14.6 million and $6.6 million as of December 31, 2015 and 2014 , respectively, 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 $14.5 million and $6.6 million as of December 31, 2015 and 2014 , respectively. 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 fully funded 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 . The Company recorded total compensation expense within continuing operations of $26.6 million , $20.0 million and $15.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, related to employee MFRS Awards. Total compensation cost includes year-end compensation for MFRS Awards and the amortization of sign-on MFRS Awards, less forfeitures. Forfeitures were immaterial for the years ended December 31, 2015 , 2014 and 2013 , respectively. MFRS Awards are owned by employee recipients and as such are not included on the consolidated statements of financial condition.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 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: Year Ended December 31, (Amounts in thousands, except per share data) 2015 2014 2013 Net income from continuing operations applicable to Piper Jaffray Companies $ 52,075 $ 63,172 $ 49,829 Net loss from discontinued operations — — (4,739 ) Net income applicable to Piper Jaffray Companies 52,075 63,172 45,090 Earnings allocated to participating securities (1) (4,015 ) (5,031 ) (4,494 ) Net income applicable to Piper Jaffray Companies’ common shareholders (2) $ 48,060 $ 58,141 $ 40,596 Shares for basic and diluted calculations: Average shares used in basic computation 14,368 14,971 15,046 Stock options 21 54 15 Average shares used in diluted computation 14,389 15,025 15,061 Earnings/(loss) per basic common share: Income from continuing operations $ 3.34 $ 3.88 $ 2.98 Loss from discontinued operations — — (0.28 ) Earnings per basic common share $ 3.34 $ 3.88 $ 2.70 Earnings/(loss) per diluted common share: Income from continuing operations $ 3.34 $ 3.87 $ 2.98 Loss from discontinued operations — — (0.28 ) Earnings per diluted common share $ 3.34 $ 3.87 $ 2.70 (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 1,201,610 ; 1,299,827 and 1,667,067 for the years ended December 31, 2015 , 2014 and 2013 , 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 years ended December 31, 2015 , 2014 and 2013.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 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. Segment pre-tax operating income and segment pre-tax operating margin exclude the results of discontinued operations. Reportable segment financial results are as follows: Year Ended December 31, (Dollars in thousands) 2015 2014 2013 Capital Markets Investment banking Financing Equities $ 114,468 $ 109,706 $ 94,472 Debt 91,195 63,005 71,164 Advisory services 209,163 197,880 83,292 Total investment banking 414,826 370,591 248,928 Institutional sales and trading Equities 78,584 82,211 91,169 Fixed income 94,305 92,200 76,275 Total institutional sales and trading 172,889 174,411 167,444 Management and performance fees 4,642 5,398 3,891 Investment income 24,468 24,046 30,404 Long-term financing expenses (7,494 ) (6,655 ) (7,420 ) Net revenues 609,331 567,791 443,247 Operating expenses (1) 530,937 478,661 393,231 Segment pre-tax operating income $ 78,394 $ 89,130 $ 50,016 Segment pre-tax operating margin 12.9 % 15.7 % 11.3 % Continued on next page Year Ended December 31, (Dollars in thousands) 2015 2014 2013 Asset Management Management and performance fees Management fees $ 70,167 $ 78,772 $ 71,314 Performance fees 208 892 7,840 Total management and performance fees 70,375 79,664 79,154 Investment income/(loss) (6,788 ) 683 2,794 Net revenues 63,587 80,347 81,948 Operating expenses (1) 55,558 59,166 56,351 Segment pre-tax operating income $ 8,029 $ 21,181 $ 25,597 Segment pre-tax operating margin 12.6 % 26.4 % 31.2 % Total Net revenues $ 672,918 $ 648,138 $ 525,195 Operating expenses (1) 586,495 537,827 449,582 Pre-tax operating income $ 86,423 $ 110,311 $ 75,613 Pre-tax operating margin 12.8 % 17.0 % 14.4 % (1) Operating expenses include intangible asset amortization expense as set forth in the table below: Year Ended December 31, (Dollars in thousands) 2015 2014 2013 Capital Markets $ 1,622 $ 2,972 $ 1,349 Asset Management 6,040 6,300 6,644 Total intangible asset amortization expense $ 7,662 $ 9,272 $ 7,993 Reportable segment assets are as follows: December 31, December 31, (Dollars in thousands) 2015 2014 Capital Markets $ 1,870,272 $ 2,352,404 Asset Management 268,246 271,513 $ 2,138,518 $ 2,623,917

Net Capital Requirements and Ot

Net Capital Requirements and Other Regulatory Matters	12 Months Ended
	Dec. 31, 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. At December 31, 2015 , net capital calculated under the SEC rule was $187.9 million , and exceeded the minimum net capital required under the SEC rule by $186.9 million . The Company’s committed short-term credit facility and its 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 December 31, 2015 , Piper Jaffray Ltd. was in compliance with the capital requirements of the Prudential Regulation Authority and the Financial Conduct Authority. Piper Jaffray Hong Kong Limited is licensed by the Hong Kong Securities and Futures Commission, which is subject to the liquid capital requirements of the Securities and Futures (Financial Resources) Rule promulgated under the Securities and Futures Ordinance. At December 31, 2015 , Piper Jaffray Hong Kong Limited was in compliance with the liquid capital requirements of the Hong Kong Securities and Futures Commission.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense is provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between amounts reported for income tax purposes and financial statement purposes, using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The components of income tax expense from continuing operations are as follows: Year Ended December 31, (Dollars in thousands) 2015 2014 2013 Current: Federal $ 33,818 $ 37,331 $ 20,468 State 7,030 8,117 3,795 Foreign 58 161 183 40,906 45,609 24,446 Deferred: Federal (11,620 ) (8,641 ) (1,582 ) State (1,901 ) (1,317 ) (4,041 ) Foreign 556 335 1,567 (12,965 ) (9,623 ) (4,056 ) Total income tax expense from continuing operations $ 27,941 $ 35,986 $ 20,390 Total income tax benefit from discontinued operations $ — $ — $ (2,935 ) A reconciliation of federal income taxes at statutory rates to the Company’s effective tax rates from continuing operations is as follows: Year Ended December 31, (Dollars in thousands) 2015 2014 2013 Federal income tax expense at statutory rates $ 30,248 $ 38,609 $ 26,464 Increase/(reduction) in taxes resulting from: State income taxes, net of federal tax benefit 3,155 3,857 2,785 Net tax-exempt interest income (4,299 ) (3,693 ) (3,917 ) Foreign jurisdictions tax rate differential 191 (63 ) (185 ) Change in valuation allowance — — (4,182 ) Income attributable to noncontrolling interests (2,243 ) (3,903 ) (1,888 ) Other, net 889 1,179 1,313 Total income tax expense from continuing operations $ 27,941 $ 35,986 $ 20,390 In accordance with ASC 740, U.S. income taxes are not provided on undistributed earnings of international subsidiaries that are permanently reinvested. As of December 31, 2015 , undistributed earnings permanently reinvested in the Company’s foreign subsidiaries were not material. Deferred income tax assets and liabilities reflect the tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for the same items for income tax reporting purposes. The net deferred income tax assets included in other assets on the consolidated statements of financial condition consisted of the following items: December 31, December 31, (Dollars in thousands) 2015 2014 Deferred tax assets: Deferred compensation $ 74,127 $ 56,893 Net operating loss carry forwards 3,947 4,854 Liabilities/accruals not currently deductible 5,454 1,601 Other 5,175 2,930 Total deferred tax assets 88,703 66,278 Valuation allowance (159 ) (159 ) Deferred tax assets after valuation allowance 88,544 66,119 Deferred tax liabilities: Goodwill amortization 16,951 15,028 Unrealized gains on firm investments 2,917 3,221 Fixed assets 1,189 945 Other 677 1,074 Total deferred tax liabilities 21,734 20,268 Net deferred tax assets $ 66,810 $ 45,851 The realization of deferred tax assets is assessed and a valuation allowance is recorded to the extent that it is more likely than not that any portion of the deferred tax asset will not be realized. The Company believes that its future tax profits will be sufficient to recognize its deferred tax assets, with the exception of $0.2 million in state net operating loss carryforwards. The Company accounts for unrecognized tax benefits in accordance with the provisions of ASC 740, which requires tax reserves to be recorded for uncertain tax positions on the consolidated statements of financial condition. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (Dollars in thousands) Balance at December 31, 2012 $ 290 Additions based on tax positions related to the current year — Additions for tax positions of prior years 2,000 Reductions for tax positions of prior years (90 ) Settlements — Balance at December 31, 2013 $ 2,200 Additions based on tax positions related to the current year — Additions for tax positions of prior years 123 Reductions for tax positions of prior years — Settlements — Balance at December 31, 2014 $ 2,323 Additions based on tax positions related to the current year — Additions for tax positions of prior years — Reductions for tax positions of prior years (2,000 ) Settlements (200 ) Balance at December 31, 2015 $ 123 As of December 31, 2015 , approximately $0.1 million of the Company's unrecognized tax benefits would impact the annual effective rate, if recognized. The Company recognizes interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense. The Company had no accruals related to the payment of interest and penalties at December 31, 2015 . The Company had approximately $0.2 million for the payment of interest and penalties accrued at December 31, 2014 and 2013 , respectively, which was recognized during the year ended December 31, 2013 . The Company or one of its subsidiaries files income tax returns with the various states and foreign jurisdictions in which the Company operates. The Company is not subject to U.S. federal tax authorities for years before 2012 and is not subject to state and local or non-U.S. tax authorities for taxable years before 2010. The Company anticipates all of its uncertain income tax provisions will be resolved within the next twelve months.

Piper Jaffray Companies (Parent

Piper Jaffray Companies (Parent Company only)	12 Months Ended
	Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Financial Information of Parent Company Only Disclosure [Text Block]	Piper Jaffray Companies (Parent Company only) Condensed Statements of Financial Condition December 31, December 31, (Amounts in thousands) 2015 2014 Assets Cash and cash equivalents $ 48 $ 200 Investment in and advances to subsidiaries 982,426 956,609 Other assets 15,843 13,819 Total assets $ 998,317 $ 970,628 Liabilities and Shareholders’ Equity Senior notes $ 175,000 $ 125,000 Accrued compensation 36,347 24,618 Other liabilities and accrued expenses 3,311 1,098 Total liabilities 214,658 150,716 Shareholders’ equity 783,659 819,912 Total liabilities and shareholders’ equity $ 998,317 $ 970,628 Condensed Statements of Operations Year Ended December 31, (Amounts in thousands) 2015 2014 2013 Revenues: Dividends from subsidiaries $ 37,649 $ 50,333 $ 46,000 Interest 650 662 254 Investment income/(loss) (2,033 ) 275 198 Total revenues 36,266 51,270 46,452 Interest expense 6,406 5,463 5,850 Net revenues 29,860 45,807 40,602 Non-interest expenses: Total non-interest expenses 3,487 5,318 3,096 Income from continuing operations before income tax expense and equity in undistributed income of subsidiaries 26,373 40,489 37,506 Income tax expense 9,191 14,795 13,263 Income from continuing operations of parent company 17,182 25,694 24,243 Equity in undistributed income of subsidiaries 34,893 37,478 25,200 Net income from continuing operations 52,075 63,172 49,443 Discontinued operations: Loss from discontinued operations, net of tax — — (4,353 ) Net income $ 52,075 $ 63,172 $ 45,090 Condensed Statements of Cash Flows Year Ended December 31, (Amounts in thousands) 2015 2014 2013 Operating Activities: Net income $ 52,075 $ 63,172 $ 45,090 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based and deferred compensation 70 180 60 Equity in undistributed income of subsidiaries (34,893 ) (37,478 ) (25,200 ) Net cash provided by operating activities 17,252 25,874 19,950 Investing Activities: Repayment of FAMCO note 1,500 2,000 250 Net cash provided by investing activities 1,500 2,000 250 Financing Activities: Issuance of senior notes 125,000 50,000 — Repayment of senior notes (75,000 ) (50,000 ) — Advances from/(to) subsidiaries 49,560 (28,010 ) 34,996 Repurchase of common stock (118,464 ) — (55,929 ) Net cash used in financing activities (18,904 ) (28,010 ) (20,933 ) Net decrease in cash and cash equivalents (152 ) (136 ) (733 ) Cash and cash equivalents at beginning of year 200 336 1,069 Cash and cash equivalents at end of year $ 48 $ 200 $ 336 Supplemental disclosures of cash flow information Cash paid during the year for: Interest $ (5,756 ) $ (4,801 ) $ (5,596 ) Income taxes $ (9,191 ) $ (14,795 ) $ (13,263 )

Quarterly Information (unaudite

Quarterly Information (unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Information (unaudited)	Quarterly Information (unaudited) 2015 Fiscal Quarter (Amounts in thousands, except per share data) First Second Third Fourth Total revenues $ 168,431 $ 170,110 $ 154,732 $ 203,044 Interest expense 6,560 6,044 5,115 5,680 Net revenues 161,871 164,066 149,617 197,364 Non-interest expenses 130,579 138,207 142,829 174,880 Income before income tax expense 31,292 25,859 6,788 22,484 Income tax expense 9,490 9,542 1,573 7,336 Net income 21,802 16,317 5,215 15,148 Net income/(loss) applicable to noncontrolling interests 4,830 (682 ) 384 1,875 Net income applicable to Piper Jaffray Companies $ 16,972 $ 16,999 $ 4,831 13,273 Net income applicable to Piper Jaffray Companies' common shareholders $ 15,810 $ 15,699 $ 4,448 $ 12,147 Earnings per common share Basic $ 1.03 $ 1.08 $ 0.32 $ 0.88 Diluted $ 1.03 $ 1.08 $ 0.32 $ 0.88 Weighted average number of common shares Basic 15,294 14,487 13,938 13,775 Diluted 15,332 14,513 13,952 13,782 2014 Fiscal Quarter (Amounts in thousands, except per share data) First Second Third Fourth Total revenues $ 173,894 $ 175,976 $ 165,947 $ 157,394 Interest expense 5,761 5,945 6,521 6,846 Net revenues 168,133 170,031 159,426 150,548 Non-interest expenses 135,420 139,614 133,734 129,059 Income before income tax expense 32,713 30,417 25,692 21,489 Income tax expense 9,827 10,049 8,596 7,514 Net income 22,886 20,368 17,096 13,975 Net income applicable to noncontrolling interests 5,138 2,155 2,428 1,432 Net income applicable to Piper Jaffray Companies $ 17,748 $ 18,213 $ 14,668 $ 12,543 Net income applicable to Piper Jaffray Companies' common shareholders $ 16,089 $ 16,717 $ 13,552 $ 11,700 Earnings per common share Basic $ 1.10 $ 1.12 $ 0.90 $ 0.77 Diluted $ 1.10 $ 1.11 $ 0.90 $ 0.77 Weighted average number of common shares Basic 14,612 14,958 15,066 15,241 Diluted 14,657 15,013 15,129 15,293

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”). Voting interest entities are entities in which (i) the total equity investment at risk is sufficient to enable each entity to finance itself independently and (ii) the equity holders have the obligation to absorb losses, the right to receive residual returns and the right or power to make decisions about or direct the entity’s activities that most significantly impact the entity’s economic performance. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 810, “Consolidations,” (“ASC 810”) states that the usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. Accordingly, the Company consolidates voting interest entities in which it has all, or a majority of, the voting interests. VIEs are entities that lack one or more of the characteristics of a voting interest entity. With the exception of entities eligible for the deferral codified in FASB Accounting Standards Update (“ASU”) No. 2010-10, “Consolidation: Amendments for Certain Investment Funds,” (“ASU 2010-10”) (generally asset managers and investment companies), ASC 810 states that a controlling financial interest in a VIE is present when an enterprise has one or more variable interests that have both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the entity or the rights to receive benefits from the VIE that could potentially be significant to the VIE. Accordingly, the Company consolidates VIEs in which the Company has a controlling financial interest. Entities meeting the deferral provision defined by ASU 2010-10 are evaluated under the historical VIE guidance. Under the historical guidance, a controlling financial interest in an entity is present when an enterprise has one or more variable interests that will absorb a majority of the entity’s expected losses, receive a majority of the entity’s expected residual returns, or both. The enterprise with a controlling financial interest is the primary beneficiary and consolidates the VIE. Accordingly, the Company consolidates VIEs subject to the deferral provisions defined by ASU 2010-10 in which the Company is deemed to be the primary beneficiary. When the Company does not have a controlling financial interest in an entity but exerts significant influence over the entity’s operating and financial policies (generally defined as owning a voting or economic interest of between 20 percent to 50 percent), the Company's investment is accounted for under the equity method of accounting. The Company accounts for certain investments in partnerships under the equity method of accounting. If the Company does not have a controlling financial interest in, or exert significant influence over, an entity, the Company accounts for its investment at fair value, if the fair value option was elected, or at cost.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid investments with maturities of 90 days or less at the date of origination. In accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, Piper Jaffray, as a registered broker dealer carrying customer accounts, is subject to requirements related to maintaining cash or qualified securities in a segregated reserve account for the exclusive benefit of its customers.
Customer Transactions	Customer Transactions Customer securities transactions are recorded on a settlement date basis, while the related revenues and expenses are recorded on a trade-date basis. Customer receivables and payables include amounts related to both cash and margin transactions. Securities owned by customers, including those that collateralize margin or other similar transactions, are not reflected on the consolidated statements of financial condition.
Receivables from and Payables to Brokers, Dealers, and Clearing Organizations	Receivables from and Payables to Brokers, Dealers and Clearing Organizations Receivables from brokers, dealers and clearing organizations include receivables arising from unsettled securities transactions, deposits paid for securities borrowed, receivables from clearing organizations, deposits with clearing organizations and amounts receivable for securities not delivered to the purchaser by the settlement date (“securities failed to deliver”). Payables to brokers, dealers and clearing organizations include payables arising from unsettled securities transactions, payables to clearing organizations and amounts payable for securities not received from a seller by the settlement date (“securities failed to receive”). Unsettled securities transactions related to the Company's broker dealer operations are recorded at contract value on a net basis. Unsettled securities transactions related to the Company's consolidated municipal bond fund are recorded on a gross basis.
Collateralized Securities Transactions	Collateralized Securities Transactions Securities purchased under agreements to resell and securities sold under agreements to repurchase are carried at the contractual amounts at which the securities will be subsequently resold or repurchased, including accrued interest. It is the Company’s policy to take possession or control of securities purchased under agreements to resell at the time these agreements are entered into. The counterparties to these agreements typically are primary dealers of U.S. government securities and major financial institutions. Collateral is valued daily, and additional collateral is obtained from or refunded to counterparties when appropriate. Securities borrowed and loaned result from transactions with other broker dealers or financial institutions and are recorded at the amount of cash collateral advanced or received. These amounts are included in receivables from and payables to brokers, dealers and clearing organizations on the consolidated statements of financial condition. Securities borrowed transactions require the Company to deposit cash or other collateral with the lender. Securities loaned transactions require the borrower to deposit cash with the Company. The Company monitors the market value of securities borrowed and loaned on a daily basis, with additional collateral obtained or refunded as necessary. Interest is accrued on securities borrowed and loaned transactions and is included in (i) other assets or other liabilities and accrued expenses on the consolidated statements of financial condition and (ii) the respective interest income or interest expense amounts on the consolidated statements of operations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Financial instruments and other inventory positions owned and financial instruments and other inventory positions sold, but not yet purchased on the consolidated statements of financial condition consist of financial instruments (including securities with extended settlements and derivative contracts) recorded at fair value. Unrealized gains and losses related to these financial instruments are reflected on the consolidated statements of operations. Securities (both long and short), including securities with extended settlements, are recognized on a trade-date basis. Additionally, certain of the Company’s investments on the consolidated statements of financial condition are recorded at fair value, either as required by accounting guidance or through the fair value election. Fair Value Measurement – Definition and Hierarchy – FASB Accounting Standards Codification Topic 820, “Fair Value Measurement,” (“ASC 820”) defines fair value as the amount at which an instrument could be exchanged in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect management’s assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the observability of inputs as follows: Level I – Quoted prices (unadjusted) are available in active markets for identical assets or liabilities as of the report date. A quoted price for an identical asset or liability in an active market provides the most reliable fair value measurement because it is directly observable to the market. Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the report date. The nature of these financial instruments include instruments for which quoted prices are available but traded less frequently, instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level III – Instruments that have little to no pricing observability as of the report date. These financial instruments are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Valuation of Financial Instruments – Based on the nature of the Company’s business and its role as a “dealer” in the securities industry or its role as a manager of alternative asset management funds, the fair values of its financial instruments are determined internally. When available, the Company values financial instruments at observable market prices, observable market parameters, or broker or dealer prices (bid and ask prices). In the case of financial instruments transacted on recognized exchanges, the observable market prices represent quotations for completed transactions from the exchange on which the financial instrument is principally traded. A substantial percentage of the fair value of the Company’s financial instruments and other inventory positions owned and financial instruments and other inventory positions sold, but not yet purchased, are based on observable market prices, observable market parameters, or derived from broker or dealer prices. The availability of observable market prices and pricing parameters can vary from product to product. Where available, observable market prices and pricing or market parameters in a product may be used to derive a price without requiring significant judgment. In certain markets, observable market prices or market parameters are not available for all products, and fair value is determined using techniques appropriate for each particular product. These techniques involve some degree of judgment. Results from valuation models and other techniques in one period may not be indicative of future period fair value measurement. For investments in illiquid or privately held securities that do not have readily determinable fair values, the determination of fair value requires the Company to estimate the value of the securities using the best information available. Among the factors considered by the Company in determining the fair value of such financial instruments are the cost, terms and liquidity of the investment, the financial condition and operating results of the issuer, the quoted market price of publicly traded securities with similar quality and yield, and other factors generally pertinent to the valuation of investments. In instances where a security is subject to transfer restrictions, the value of the security is based primarily on the quoted price of a similar security without restriction but may be reduced by an amount estimated to reflect such restrictions. In addition, even where the Company derives the value of a security based on information from an independent source, certain assumptions may be required to determine the security’s fair value. For instance, the Company assumes that the size of positions in securities that the Company holds would not be large enough to affect the quoted price of the securities if the firm sells them, and that any such sale would happen in an orderly manner. The actual value realized upon disposition could be different from the currently estimated fair value.
Fixed Assets	Fixed Assets Fixed assets include furniture and equipment, software and leasehold improvements. Furniture and equipment and software are depreciated using the straight-line method over estimated useful lives of three to ten years. Leasehold improvements are amortized over their estimated useful life or the life of the lease, whichever is shorter. The Company capitalizes certain costs incurred in connection with internal use software projects and amortizes the amount over the expected useful life of the asset, generally three to seven years.
Leases	Leases The Company leases its corporate headquarters and other offices under various non-cancelable leases. The leases require payment of real estate taxes, insurance and common area maintenance, in addition to rent. The terms of the Company’s lease agreements generally range up to twelve years. Some of the leases contain renewal options, escalation clauses, rent-free holidays and operating cost adjustments. For leases that contain escalation clauses or rent-free holidays, the Company recognizes the related rent expense on a straight-line basis from the date the Company takes possession of the property to the end of the initial lease term. The Company records any difference between the straight-line rent amounts and amounts payable under the leases as part of other liabilities and accrued expenses. Cash or lease incentives received upon entering into certain leases are recognized on a straight-line basis as a reduction of rent expense from the date the Company takes possession of the property or receives the cash to the end of the initial lease term. The Company records the unamortized portion of lease incentives as part of other liabilities and accrued expenses.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the fair value of the consideration transferred in excess of the fair value of identifiable net assets at the acquisition date. The recoverability of goodwill is evaluated annually, at a minimum, or on an interim basis if circumstances indicate a possible inability to realize the carrying amount. See Note 14 for additional information on the Company's goodwill impairment testing. Intangible assets with determinable lives consist of customer relationships and non-competition agreements that are amortized over their original estimated useful lives ranging from one to ten years. Indefinite-life intangible assets consist of the ARI trade name. It is not amortized and is evaluated annually, at a minimum, or on an interim basis if events or circumstances indicate a possible inability to realize the carrying amount.
Investments	Investments The Company’s investments include equity investments in private companies and partnerships, investments in registered mutual funds, warrants of public and private companies and private company debt. Equity investments in private companies are accounted for at fair value, as required by accounting guidance or if the fair value option was elected, or at cost. Investments in partnerships are accounted for under the equity method, which is generally the net asset value. Registered mutual funds are accounted for at fair value. Company-owned warrants with a cashless exercise option are valued at fair value, while warrants without a cashless exercise option are valued at cost. Private company debt investments are recorded at fair value, as required by accounting guidance, or at amortized cost, net of any unamortized premium or discount.
Other Assets	Other Assets Other assets include net deferred income tax assets, receivables and prepaid expenses. Receivables include fee receivables, accrued interest and loans made to employees, typically in connection with their recruitment. Employee loans are forgiven based on continued employment and are amortized to compensation and benefits expense using the straight-line method over the respective terms of the loans, which generally range from two to five years.
Revenue Recognition	Revenue Recognition Investment Banking – Investment banking revenues, which include underwriting and advisory fees, are recorded when services for the transactions are completed under the terms of each engagement. Expenses associated with such transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded. Investment banking revenues are presented net of related unreimbursed expenses for completed deals. Expenses related to investment banking deals not completed are recognized as non-interest expenses on the consolidated statements of operations. Institutional Brokerage – Institutional brokerage revenues include (i) commissions received from customers for the execution of brokerage transactions in listed and over-the-counter (OTC) equity, fixed income and convertible debt securities, which are recorded on a trade-date basis, (ii) trading gains and losses and (iii) fees received by the Company for equity research. The Company permits institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. As the Company is not the primary obligor for these arrangements, expenses relating to soft dollars are netted against commission revenues and included in other liabilities and accrued expenses on the consolidated statements of financial condition. Asset Management – Asset management fees include revenues the Company receives in connection with management and investment advisory services performed for separately managed accounts and various funds and partnerships. These fees are recognized in the period in which services are provided. Fees are defined in client contracts as either fixed or based on a percentage of portfolio assets under management and may include performance fees. Performance fees are earned when the investment return on assets under management exceeds certain benchmark targets or other performance targets over a specified measurement period (monthly, quarterly or annually). Performance fees, if earned, are generally recognized at the end of the specified measurement period, typically the fourth quarter of the applicable year, or upon client liquidation. Performance fees are recognized as of each reporting date for certain consolidated entities. Interest Revenue and Expense – The Company nets interest expense within net revenues to mitigate the effects of fluctuations in interest rates on the Company’s consolidated statements of operations. The Company recognizes contractual interest on financial instruments owned and financial instruments sold, but not yet purchased (excluding derivative instruments), on an accrual basis as a component of interest revenue and expense. The Company accounts for interest related to its short-term financing and its senior notes on an accrual basis with related interest recorded as interest expense. In addition, the Company recognizes interest revenue related to its securities borrowed and securities purchased under agreements to resell activities and interest expense related to its securities loaned and securities sold under agreements to repurchase activities on an accrual basis. Investment Income – Investment income includes realized and unrealized gains and losses from the Company's merchant banking and other firm investments.
Stock-based Compensation	Stock-based Compensation FASB Accounting Standards Codification Topic 718, “Compensation — Stock Compensation,” (“ASC 718”) requires all stock-based compensation to be expensed on the consolidated statements of operations based on the grant date fair value of the award. Compensation expense related to stock-based awards that do not require future service are recognized in the year in which the awards were deemed to be earned. Stock-based awards that require future service are amortized over the relevant service period net of estimated forfeitures. See Note 22 for additional information on the Company's accounting for stock-based compensation.
Income Taxes	Income Taxes The Company files a consolidated U.S. federal income tax return, which includes all of its qualifying subsidiaries. The Company is also subject to income tax in various states and municipalities and those foreign jurisdictions in which we operate. Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between amounts reported for income tax purposes and financial statement purposes, using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The realization of deferred tax assets is assessed and a valuation allowance is recognized to the extent that it is more likely than not that any portion of a deferred tax asset will not be realized. Tax reserves for uncertain tax positions are recorded in accordance with FASB Accounting Standards Codification Topic 740, “Income Taxes” (“ASC 740”).
Earnings Per Share	Earnings Per Share Basic earnings per common share is computed by dividing net income/(loss) applicable to common shareholders by the weighted average number of common shares outstanding for the period. Net income/(loss) applicable to common shareholders represents net income/(loss) reduced by the allocation of earnings to participating securities. Losses are not allocated to participating securities. Diluted earnings per common share is calculated by adjusting the weighted average outstanding shares to assume conversion of all potentially dilutive stock options. Unvested stock-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the earnings allocation in the earnings per share calculation under the two-class method. The Company grants restricted stock and restricted stock units as part of its stock-based compensation program. Recipients of restricted stock are entitled to receive nonforfeitable dividends during the vesting period, and therefore meet the definition of a participating security. The Company's unvested restricted stock units are not participating securities as recipients are not eligible to receive nonforfeitable dividends.
Foreign Currency Translation	Foreign Currency Translation The Company consolidates foreign subsidiaries which have designated their local currency as their functional currency. Assets and liabilities of these foreign subsidiaries are translated at year-end rates of exchange. The gains or losses resulting from translating foreign currency financial statements are included in other comprehensive income. Gains or losses resulting from foreign currency transactions are included in net income.
Contingencies	Contingencies The Company is involved in various pending and potential legal proceedings related to its business, including litigation, arbitration and regulatory proceedings. The Company establishes reserves for potential losses to the extent that claims are probable of loss and the amount of the loss can be reasonably estimated. The determination of the outcome and reserve amounts requires significant judgment on the part of management.

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2015
Hong Kong Capital Markets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement	The components of discontinued operations for the Hong Kong capital markets business are as follows: Year Ended December 31, (Dollars in thousands) 2013 Other expenses $ 1,197 Loss from discontinued operations before income tax benefit (1,197 ) Income tax benefit (415 ) Loss from discontinued operations, net of tax $ (782 )
FAMCO
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement	The components of discontinued operations for FAMCO are as follows: Year Ended December 31, (Dollars in thousands) 2013 Net revenues $ 1,650 Operating expenses 5,057 Loss from discontinued operations before income tax benefit (3,407 ) Income tax benefit (1,326 ) Loss from discontinued operations (2,081 ) Loss on sale, net of tax (1,876 ) Loss from discontinued operations, net of tax $ (3,957 )

Financial Instruments and Oth39

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased (Tables)	12 Months Ended
	Dec. 31, 2015
Financial Instruments 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	December 31, December 31, (Dollars in thousands) 2015 2014 Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 9,505 $ 50,365 Convertible securities 18,460 156,685 Fixed income securities 48,654 48,651 Municipal securities: Taxable securities 111,591 312,753 Tax-exempt securities 416,966 559,704 Short-term securities 33,068 68,717 Mortgage-backed securities 121,794 125,065 U.S. government agency securities 188,140 244,046 U.S. government securities 7,729 2,549 Derivative contracts 35,027 47,826 Total financial instruments and other inventory positions owned 990,934 1,616,361 Less noncontrolling interests (1) (43,397 ) (267,742 ) $ 947,537 $ 1,348,619 Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 15,740 $ 154,589 Fixed income securities 39,909 21,460 U.S. government agency securities 21,267 27,735 U.S. government securities 159,037 523,527 Derivative contracts 3,202 10,813 Total financial instruments and other inventory positions sold, but not yet purchased 239,155 738,124 Less noncontrolling interests (2) (4,586 ) (98,669 ) $ 234,569 $ 639,455 (1) Noncontrolling interests attributable to third party ownership in a consolidated municipal bond fund consist of $7.5 million and $123.3 million of taxable municipal securities, $35.1 million and $139.5 million of tax-exempt municipal securities, and $0.8 million and $4.9 million of derivative contracts as of December 31, 2015 and 2014 , respectively. (2) Noncontrolling interests attributable to third party ownership in a consolidated municipal bond fund consist of $4.6 million and $97.6 million of U.S. government securities as of December 31, 2015 and 2014 , respectively, and $1.1 million of derivative contracts as of 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: December 31, 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 $ 406,888 $ 386,284 $ 4,392,440 $ 447,987 $ 425,227 $ 4,860,302 Trading securities — 7,685 290,600 140 8,242 297,250 Credit default swap index Trading securities 5,411 530 94,270 5,808 5,188 267,796 Futures and equity options Trading securities 164 149 2,345,037 76 189 19,380 $ 412,463 $ 394,648 $ 7,122,347 $ 454,011 $ 438,846 $ 5,444,728
Unrealized Gains/(Losses) on Derivative Instruments	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: (Dollars in thousands) Year Ended December 31, Derivative Category Operations Category 2015 2014 2013 Interest rate derivative contract Investment banking $ (2,274 ) $ (2,790 ) $ (1,529 ) Interest rate derivative contract Institutional brokerage 534 (1,678 ) (2,511 ) Credit default swap index contract Institutional brokerage 12,228 (1,080 ) (1,522 ) Futures and equity option derivative contracts Institutional brokerage (252 ) 1,037 (646 ) $ 10,236 $ (4,511 ) $ (6,208 )

Fair Value of Financial Instr40

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 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) 1 - 12% 4.2% Prepayment rates (4) 2 - 21% 10.0% Loss severity (3) 30 - 90% 62.3% Valuation yields (3) 2 - 8% 4.6% Investments at fair value: Equity securities in private companies Market approach Revenue multiple (2) 2 - 6 times 4.4 times EBITDA multiple (2) 10 - 12 times 10.4 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) 1 - 32 bps 6.5 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 ASC 820 as of December 31, 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 $ 7,569 $ 1,936 $ — $ — $ 9,505 Convertible securities — 18,460 — — 18,460 Fixed income securities — 48,654 — — 48,654 Municipal securities: Taxable securities — 105,775 5,816 — 111,591 Tax-exempt securities — 415,789 1,177 — 416,966 Short-term securities — 32,348 720 — 33,068 Mortgage-backed securities — 670 121,124 — 121,794 U.S. government agency securities — 188,140 — — 188,140 U.S. government securities 7,729 — — — 7,729 Derivative contracts 164 412,299 — (377,436 ) 35,027 Total financial instruments and other inventory positions owned: 15,462 1,224,071 128,837 (377,436 ) 990,934 Cash equivalents 130,138 — — — 130,138 Investments at fair value 34,874 — 107,907 — 142,781 Total assets $ 180,474 $ 1,224,071 $ 236,744 $ (377,436 ) $ 1,263,853 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 13,489 $ 2,251 $ — $ — $ 15,740 Fixed income securities — 39,909 — — 39,909 U.S. government agency securities — 21,267 — — 21,267 U.S. government securities 159,037 — — — 159,037 Derivative contracts 149 387,351 7,148 (391,446 ) 3,202 Total financial instruments and other inventory positions sold, but not yet purchased: $ 172,675 $ 450,778 $ 7,148 $ (391,446 ) $ 239,155 (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 December 31, Transfers Transfers gains/ gains/ December 31, December 31, (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: Taxable securities $ — $ 5,133 $ — $ — $ — $ — $ 683 $ 5,816 $ 683 Tax-exempt securities 1,186 — — — — — (9 ) 1,177 (9 ) Short-term securities 720 — — — — — — 720 — Mortgage-backed securities 124,749 130,534 (138,874 ) — — 3,301 1,414 121,124 2,157 Derivative contracts 140 520 — — — (520 ) (140 ) — — Total financial instruments and other inventory positions owned: 126,795 136,187 (138,874 ) — — 2,781 1,948 128,837 2,831 Investments at fair value 74,165 17,089 (1,089 ) — — 84 17,658 107,907 17,552 Total assets $ 200,960 $ 153,276 $ (139,963 ) $ — $ — $ 2,865 $ 19,606 $ 236,744 $ 20,383 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 7,822 $ (10,349 ) $ — $ — $ — $ 10,349 $ (674 ) $ 7,148 $ 7,148 Total financial instruments and other inventory positions sold, but not yet purchased: $ 7,822 $ (10,349 ) $ — $ — $ — $ 10,349 $ (674 ) $ 7,148 $ 7,148 (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 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/ December 31, December 31, (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 — — — — — (247 ) 1,186 (247 ) Short-term securities 656 — (25 ) — — 6 83 720 83 Mortgage-backed securities 119,799 154,338 (161,962 ) 3,552 — 9,189 (167 ) 124,749 1,745 Derivative contracts 691 3,602 — — — (3,602 ) (551 ) 140 140 Total financial instruments and other inventory positions owned: 122,679 157,940 (162,087 ) 3,552 — 5,593 (882 ) 126,795 1,721 Investments at fair value 49,240 21,730 (2,368 ) — — 2,368 3,195 74,165 3,195 Total assets $ 171,919 $ 179,670 $ (164,455 ) $ 3,552 $ — $ 7,961 $ 2,313 $ 200,960 $ 4,916 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 6,643 $ (16,751 ) $ — $ — $ — $ 16,751 $ 1,179 $ 7,822 $ 7,822 Total financial instruments and other inventory positions sold, but not yet purchased: $ 6,643 $ (16,751 ) $ — $ — $ — $ 16,751 $ 1,179 $ 7,822 $ 7,822 (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 on the consolidated statements of operations

Receivables from and Payables41

Receivables from and Payables to Brokers, Dealers and Clearing Organizations (Tables)	12 Months Ended
	Dec. 31, 2015
Brokers and Dealers [Abstract]
Receivables from and Payables to Brokers, Dealers and Clearing Organizations [Table Text Block]	December 31, December 31, (Dollars in thousands) 2015 2014 Receivable arising from unsettled securities transactions $ 62,105 $ 52,571 Deposits paid for securities borrowed 47,508 57,572 Receivable from clearing organizations 3,155 4,933 Deposits with clearing organizations 27,019 33,799 Securities failed to deliver 2,100 1,753 Other 6,062 10,381 Total receivables from brokers, dealers and clearing organizations $ 147,949 $ 161,009 December 31, December 31, (Dollars in thousands) 2015 2014 Payable arising from unsettled securities transactions $ 34,445 $ 11,048 Payable to clearing organizations 3,115 5,185 Securities failed to receive 4,468 2,430 Other 6,103 6,901 Total payables to brokers, dealers and clearing organizations $ 48,131 $ 25,564

Receivables from and Payables42

Receivables from and Payables to Customers (Tables)	12 Months Ended
	Dec. 31, 2015
Receivables From Payables To Customers [Abstract]
Schedule Of Receivable From Customer Table	December 31, December 31, (Dollars in thousands) 2015 2014 Cash accounts $ 39,415 $ 6,135 Margin accounts 1,752 3,523 Total receivables from customers $ 41,167 $ 9,658
Schedule Of Payables To Customer Table	December 31, December 31, (Dollars in thousands) 2015 2014 Cash accounts $ 19,650 $ 13,172 Margin accounts 17,714 156 Total payables to customers $ 37,364 $ 13,328

Collateralized Securities Tra43

Collateralized Securities Transactions (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 : Repurchase Fair Market (Dollars in thousands) Liabilities Value Interest Rate Term up to 30 day maturities: Mortgage-backed securities $ 27,269 $ 39,202 2.14 - 2.27% On demand maturities: U.S. government securities 18,050 17,558 0.05% $ 45,319 $ 56,760

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Investments, All Other Investments [Abstract]
Schedule of Investments	The Company’s investments include investments in private companies and partnerships, registered mutual funds, warrants of public and private companies and private company debt. Investments included: December 31, December 31, (Dollars in thousands) 2015 2014 Investments at fair value $ 142,781 $ 94,869 Investments at cost 3,299 8,214 Investments accounted for under the equity method 17,781 23,757 Total investments 163,861 126,840 Less investments attributable to noncontrolling interests (1) (40,069 ) (32,563 ) $ 123,792 $ 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)	12 Months Ended
	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	December 31, December 31, (Dollars in thousands) 2015 2014 Net deferred income tax assets $ 66,810 $ 45,851 Fee receivables 18,362 23,959 Accrued interest receivables 6,145 10,061 Forgivable loans, net 10,234 8,366 Prepaid expenses 6,161 6,067 Other 11,490 5,995 Total other assets $ 119,202 $ 100,299

Fixed Assets (Tables)

Fixed Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	December 31, December 31, (Dollars in thousands) 2015 2014 Furniture and equipment $ 31,953 $ 28,669 Leasehold improvements 25,213 23,697 Software 13,692 13,132 Total 70,858 65,498 Accumulated depreciation and amortization (51,874 ) (47,327 ) $ 18,984 $ 18,171

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Value of Goodwill and Intangible Assets	Capital Asset (Dollars in thousands) Markets Management Total Goodwill Balance at December 31, 2013 $ 13,790 $ 196,844 $ 210,634 Goodwill acquired — — — Measurement period adjustment 1,244 — 1,244 Balance at December 31, 2014 $ 15,034 $ 196,844 $ 211,878 Goodwill acquired 6,098 — 6,098 Balance at December 31, 2015 $ 21,132 $ 196,844 $ 217,976 Intangible assets Balance at December 31, 2013 $ 5,316 $ 34,614 $ 39,930 Intangible assets acquired — — — Amortization of intangible assets (2,972 ) (6,300 ) (9,272 ) Balance at December 31, 2014 $ 2,344 $ 28,314 $ 30,658 Intangible assets acquired 7,534 — 7,534 Amortization of intangible assets (1,622 ) (6,040 ) (7,662 ) Balance at December 31, 2015 $ 8,256 $ 22,274 $ 30,530
Schedule of Expected Amortization Expense	The following table summarizes the future aggregate amortization expense of the Company's intangible assets with determinable lives for the years ended: (Dollars in thousands) 2016 $ 10,412 2017 6,109 2018 5,497 2019 4,989 Thereafter 663 Total $ 27,670

Short-Term Financing (Tables)

Short-Term Financing (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Summary of Short-Term Financing and Weighted Average Interest Rate on Borrowings	Outstanding Balance Weighted Average Interest Rate December 31, December 31, December 31, December 31, (Dollars in thousands) 2015 2014 2015 2014 Commercial paper (secured) $ 276,894 $ 238,013 1.74 % 1.48 % Prime broker arrangement 169,296 127,754 1.07 % 0.91 % Bank lines (secured) — 12,000 N/A 1.50 % Total short-term financing $ 446,190 $ 377,767

Senior Notes Senior Notes (Tabl

Senior Notes Senior Notes (Tables)	12 Months Ended
	Dec. 31, 2015
Senior Notes [Abstract]
Schedule of senior notes	The following table presents the outstanding balance by note class at December 31, 2015 and 2014 , respectively. Outstanding Balance December 31, December 31, (Dollars in thousands) 2015 2014 Class A Notes $ 50,000 $ 50,000 Class B Notes — 75,000 Class C Notes 125,000 — Total senior notes $ 175,000 $ 125,000

Contingencies, Commitments and

Contingencies, Commitments and Guarantees (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The Company leases office space throughout the United States and in a limited number of foreign countries where the Company’s international operations reside. Aggregate minimum lease commitments under operating leases as of December 31, 2015 are as follows: (Dollars in thousands) 2016 $ 12,872 2017 10,169 2018 9,694 2019 9,103 2020 8,578 Thereafter 17,884 $ 68,300

Compensation Plans (Tables)

Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 : Restricted Stock Annual grants 932,377 Sign-on grants 355,538 1,287,915 Restricted Stock Units Market conditon leadership grants 356,242 Stock Options 157,201
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, 2012 2,322,438 $ 37.01 Granted 682,760 38.35 Vested (1,165,989 ) 39.83 Canceled (257,147 ) 38.30 December 31, 2013 1,582,062 $ 35.25 Granted 421,728 40.57 Vested (883,761 ) 36.22 Canceled (24,724 ) 36.02 December 31, 2014 1,095,305 $ 36.51 Granted 783,758 51.08 Vested (575,716 ) 34.72 Canceled (15,432 ) 40.83 December 31, 2015 1,287,915 $ 46.20
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, 2012 173,271 $ 12.12 Granted 117,265 21.32 Vested — — Canceled — — December 31, 2013 290,536 $ 15.83 Granted 115,290 23.42 Vested — — Canceled — — December 31, 2014 405,826 $ 17.99 Granted 123,687 21.83 Vested (149,814 ) 12.12 Canceled (23,457 ) 12.12 December 31, 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, 2012 486,563 $ 44.76 2.9 $ 94,150 Granted — — Exercised — — Canceled (17,274 ) 42.85 December 31, 2013 469,289 $ 44.83 2.0 $ 288,318 Granted — — Exercised (137,864 ) 39.55 Canceled (55 ) 39.62 Expired (113,497 ) $ 47.72 December 31, 2014 217,873 $ 46.66 2.0 $ 3,066,839 Granted — — Exercised (50,671 ) 36.62 Canceled — — Expired (10,001 ) 39.62 December 31, 2015 157,201 $ 50.35 1.6 $ — Options exercisable at December 31, 2013 469,289 $ 44.83 2.0 $ 288,318 Options exercisable at December 31, 2014 217,873 $ 46.66 2.0 $ 3,066,839 Options exercisable at December 31, 2015 157,201 $ 50.35 1.6 $ —
Schedule of Additional Information Option Outstanding	Additional information regarding Piper Jaffray Companies options outstanding as of December 31, 2015 is as follows: Options Outstanding Exercisable Options Weighted Average Remaining Weighted Weighted Range of Contractual Average Average Exercise Prices Shares Life (in Years) Exercise Price Shares Exercise Price $41.09 99,147 2.1 $ 41.09 99,147 $ 41.09 $47.85 10,641 0.1 $ 47.85 10,641 $ 47.85 $70.13 - $70.65 47,413 0.9 $ 70.26 47,413 $ 70.26

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Computation of Earnings per Share	The computation of earnings per share is as follows: Year Ended December 31, (Amounts in thousands, except per share data) 2015 2014 2013 Net income from continuing operations applicable to Piper Jaffray Companies $ 52,075 $ 63,172 $ 49,829 Net loss from discontinued operations — — (4,739 ) Net income applicable to Piper Jaffray Companies 52,075 63,172 45,090 Earnings allocated to participating securities (1) (4,015 ) (5,031 ) (4,494 ) Net income applicable to Piper Jaffray Companies’ common shareholders (2) $ 48,060 $ 58,141 $ 40,596 Shares for basic and diluted calculations: Average shares used in basic computation 14,368 14,971 15,046 Stock options 21 54 15 Average shares used in diluted computation 14,389 15,025 15,061 Earnings/(loss) per basic common share: Income from continuing operations $ 3.34 $ 3.88 $ 2.98 Loss from discontinued operations — — (0.28 ) Earnings per basic common share $ 3.34 $ 3.88 $ 2.70 Earnings/(loss) per diluted common share: Income from continuing operations $ 3.34 $ 3.87 $ 2.98 Loss from discontinued operations — — (0.28 ) Earnings per diluted common share $ 3.34 $ 3.87 $ 2.70 (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 1,201,610 ; 1,299,827 and 1,667,067 for the years ended December 31, 2015 , 2014 and 2013 , 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)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Reportable segment financial results	Reportable segment financial results are as follows: Year Ended December 31, (Dollars in thousands) 2015 2014 2013 Capital Markets Investment banking Financing Equities $ 114,468 $ 109,706 $ 94,472 Debt 91,195 63,005 71,164 Advisory services 209,163 197,880 83,292 Total investment banking 414,826 370,591 248,928 Institutional sales and trading Equities 78,584 82,211 91,169 Fixed income 94,305 92,200 76,275 Total institutional sales and trading 172,889 174,411 167,444 Management and performance fees 4,642 5,398 3,891 Investment income 24,468 24,046 30,404 Long-term financing expenses (7,494 ) (6,655 ) (7,420 ) Net revenues 609,331 567,791 443,247 Operating expenses (1) 530,937 478,661 393,231 Segment pre-tax operating income $ 78,394 $ 89,130 $ 50,016 Segment pre-tax operating margin 12.9 % 15.7 % 11.3 % Continued on next page Year Ended December 31, (Dollars in thousands) 2015 2014 2013 Asset Management Management and performance fees Management fees $ 70,167 $ 78,772 $ 71,314 Performance fees 208 892 7,840 Total management and performance fees 70,375 79,664 79,154 Investment income/(loss) (6,788 ) 683 2,794 Net revenues 63,587 80,347 81,948 Operating expenses (1) 55,558 59,166 56,351 Segment pre-tax operating income $ 8,029 $ 21,181 $ 25,597 Segment pre-tax operating margin 12.6 % 26.4 % 31.2 % Total Net revenues $ 672,918 $ 648,138 $ 525,195 Operating expenses (1) 586,495 537,827 449,582 Pre-tax operating income $ 86,423 $ 110,311 $ 75,613 Pre-tax operating margin 12.8 % 17.0 % 14.4 % (1) Operating expenses include intangible asset amortization expense as set forth in the table below: Year Ended December 31, (Dollars in thousands) 2015 2014 2013 Capital Markets $ 1,622 $ 2,972 $ 1,349 Asset Management 6,040 6,300 6,644 Total intangible asset amortization expense $ 7,662 $ 9,272 $ 7,993
Schedule of intangible asset amortization expense	Operating expenses include intangible asset amortization expense as set forth in the table below: Year Ended December 31, (Dollars in thousands) 2015 2014 2013 Capital Markets $ 1,622 $ 2,972 $ 1,349 Asset Management 6,040 6,300 6,644 Total intangible asset amortization expense $ 7,662 $ 9,272 $ 7,993
Reportable segment assets	Reportable segment assets are as follows: December 31, December 31, (Dollars in thousands) 2015 2014 Capital Markets $ 1,870,272 $ 2,352,404 Asset Management 268,246 271,513 $ 2,138,518 $ 2,623,917

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The components of income tax expense from continuing operations are as follows: Year Ended December 31, (Dollars in thousands) 2015 2014 2013 Current: Federal $ 33,818 $ 37,331 $ 20,468 State 7,030 8,117 3,795 Foreign 58 161 183 40,906 45,609 24,446 Deferred: Federal (11,620 ) (8,641 ) (1,582 ) State (1,901 ) (1,317 ) (4,041 ) Foreign 556 335 1,567 (12,965 ) (9,623 ) (4,056 ) Total income tax expense from continuing operations $ 27,941 $ 35,986 $ 20,390 Total income tax benefit from discontinued operations $ — $ — $ (2,935 )
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of federal income taxes at statutory rates to the Company’s effective tax rates from continuing operations is as follows: Year Ended December 31, (Dollars in thousands) 2015 2014 2013 Federal income tax expense at statutory rates $ 30,248 $ 38,609 $ 26,464 Increase/(reduction) in taxes resulting from: State income taxes, net of federal tax benefit 3,155 3,857 2,785 Net tax-exempt interest income (4,299 ) (3,693 ) (3,917 ) Foreign jurisdictions tax rate differential 191 (63 ) (185 ) Change in valuation allowance — — (4,182 ) Income attributable to noncontrolling interests (2,243 ) (3,903 ) (1,888 ) Other, net 889 1,179 1,313 Total income tax expense from continuing operations $ 27,941 $ 35,986 $ 20,390
Schedule of Net Deferred Tax Assets and Liabilities	Deferred income tax assets and liabilities reflect the tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for the same items for income tax reporting purposes. The net deferred income tax assets included in other assets on the consolidated statements of financial condition consisted of the following items: December 31, December 31, (Dollars in thousands) 2015 2014 Deferred tax assets: Deferred compensation $ 74,127 $ 56,893 Net operating loss carry forwards 3,947 4,854 Liabilities/accruals not currently deductible 5,454 1,601 Other 5,175 2,930 Total deferred tax assets 88,703 66,278 Valuation allowance (159 ) (159 ) Deferred tax assets after valuation allowance 88,544 66,119 Deferred tax liabilities: Goodwill amortization 16,951 15,028 Unrealized gains on firm investments 2,917 3,221 Fixed assets 1,189 945 Other 677 1,074 Total deferred tax liabilities 21,734 20,268 Net deferred tax assets $ 66,810 $ 45,851
Changes in Amount of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (Dollars in thousands) Balance at December 31, 2012 $ 290 Additions based on tax positions related to the current year — Additions for tax positions of prior years 2,000 Reductions for tax positions of prior years (90 ) Settlements — Balance at December 31, 2013 $ 2,200 Additions based on tax positions related to the current year — Additions for tax positions of prior years 123 Reductions for tax positions of prior years — Settlements — Balance at December 31, 2014 $ 2,323 Additions based on tax positions related to the current year — Additions for tax positions of prior years — Reductions for tax positions of prior years (2,000 ) Settlements (200 ) Balance at December 31, 2015 $ 123

Pipar Jaffray Companies (Parent

Pipar Jaffray Companies (Parent Company only) (Tables) - Parent Company	12 Months Ended
	Dec. 31, 2015
Condensed Financial Statements, Captions [Line Items]
Condensed Statement of Financial Condition	Condensed Statements of Financial Condition December 31, December 31, (Amounts in thousands) 2015 2014 Assets Cash and cash equivalents $ 48 $ 200 Investment in and advances to subsidiaries 982,426 956,609 Other assets 15,843 13,819 Total assets $ 998,317 $ 970,628 Liabilities and Shareholders’ Equity Senior notes $ 175,000 $ 125,000 Accrued compensation 36,347 24,618 Other liabilities and accrued expenses 3,311 1,098 Total liabilities 214,658 150,716 Shareholders’ equity 783,659 819,912 Total liabilities and shareholders’ equity $ 998,317 $ 970,628
Condensed Statement of Operations	Condensed Statements of Operations Year Ended December 31, (Amounts in thousands) 2015 2014 2013 Revenues: Dividends from subsidiaries $ 37,649 $ 50,333 $ 46,000 Interest 650 662 254 Investment income/(loss) (2,033 ) 275 198 Total revenues 36,266 51,270 46,452 Interest expense 6,406 5,463 5,850 Net revenues 29,860 45,807 40,602 Non-interest expenses: Total non-interest expenses 3,487 5,318 3,096 Income from continuing operations before income tax expense and equity in undistributed income of subsidiaries 26,373 40,489 37,506 Income tax expense 9,191 14,795 13,263 Income from continuing operations of parent company 17,182 25,694 24,243 Equity in undistributed income of subsidiaries 34,893 37,478 25,200 Net income from continuing operations 52,075 63,172 49,443 Discontinued operations: Loss from discontinued operations, net of tax — — (4,353 ) Net income $ 52,075 $ 63,172 $ 45,090
Condensed Statement of Cash Flows	Condensed Statements of Cash Flows Year Ended December 31, (Amounts in thousands) 2015 2014 2013 Operating Activities: Net income $ 52,075 $ 63,172 $ 45,090 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based and deferred compensation 70 180 60 Equity in undistributed income of subsidiaries (34,893 ) (37,478 ) (25,200 ) Net cash provided by operating activities 17,252 25,874 19,950 Investing Activities: Repayment of FAMCO note 1,500 2,000 250 Net cash provided by investing activities 1,500 2,000 250 Financing Activities: Issuance of senior notes 125,000 50,000 — Repayment of senior notes (75,000 ) (50,000 ) — Advances from/(to) subsidiaries 49,560 (28,010 ) 34,996 Repurchase of common stock (118,464 ) — (55,929 ) Net cash used in financing activities (18,904 ) (28,010 ) (20,933 ) Net decrease in cash and cash equivalents (152 ) (136 ) (733 ) Cash and cash equivalents at beginning of year 200 336 1,069 Cash and cash equivalents at end of year $ 48 $ 200 $ 336 Supplemental disclosures of cash flow information Cash paid during the year for: Interest $ (5,756 ) $ (4,801 ) $ (5,596 ) Income taxes $ (9,191 ) $ (14,795 ) $ (13,263 )

Quarterly Information (unaudi56

Quarterly Information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Information	Quarterly Information (unaudited) 2015 Fiscal Quarter (Amounts in thousands, except per share data) First Second Third Fourth Total revenues $ 168,431 $ 170,110 $ 154,732 $ 203,044 Interest expense 6,560 6,044 5,115 5,680 Net revenues 161,871 164,066 149,617 197,364 Non-interest expenses 130,579 138,207 142,829 174,880 Income before income tax expense 31,292 25,859 6,788 22,484 Income tax expense 9,490 9,542 1,573 7,336 Net income 21,802 16,317 5,215 15,148 Net income/(loss) applicable to noncontrolling interests 4,830 (682 ) 384 1,875 Net income applicable to Piper Jaffray Companies $ 16,972 $ 16,999 $ 4,831 13,273 Net income applicable to Piper Jaffray Companies' common shareholders $ 15,810 $ 15,699 $ 4,448 $ 12,147 Earnings per common share Basic $ 1.03 $ 1.08 $ 0.32 $ 0.88 Diluted $ 1.03 $ 1.08 $ 0.32 $ 0.88 Weighted average number of common shares Basic 15,294 14,487 13,938 13,775 Diluted 15,332 14,513 13,952 13,782 2014 Fiscal Quarter (Amounts in thousands, except per share data) First Second Third Fourth Total revenues $ 173,894 $ 175,976 $ 165,947 $ 157,394 Interest expense 5,761 5,945 6,521 6,846 Net revenues 168,133 170,031 159,426 150,548 Non-interest expenses 135,420 139,614 133,734 129,059 Income before income tax expense 32,713 30,417 25,692 21,489 Income tax expense 9,827 10,049 8,596 7,514 Net income 22,886 20,368 17,096 13,975 Net income applicable to noncontrolling interests 5,138 2,155 2,428 1,432 Net income applicable to Piper Jaffray Companies $ 17,748 $ 18,213 $ 14,668 $ 12,543 Net income applicable to Piper Jaffray Companies' common shareholders $ 16,089 $ 16,717 $ 13,552 $ 11,700 Earnings per common share Basic $ 1.10 $ 1.12 $ 0.90 $ 0.77 Diluted $ 1.10 $ 1.11 $ 0.90 $ 0.77 Weighted average number of common shares Basic 14,612 14,958 15,066 15,241 Diluted 14,657 15,013 15,129 15,293

Organization and Basis of Pre57

Organization and Basis of Presentation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

Additional Disclosures (Details

Additional Disclosures (Details)	12 Months Ended
	Dec. 31, 2015
Minimum
Property, Plant and Equipment [Line Items]
Finite-lived intangible asset, useful life	1 year
Employee loans term	2 years
Maximum
Property, Plant and Equipment [Line Items]
Lease term	12 years
Finite-lived intangible asset, useful life	10 years
Employee loans term	5 years
Furniture and equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Furniture and equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Internal use software | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Internal use software | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years

Recent Accounting Pronounceme59

Recent Accounting Pronouncements Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Item Effected [Line Items]
Deconsolidated assets of certain investment partnerships	$ 2,138,518	$ 2,623,917
Adjustments for New Accounting Pronouncement [Member]
Item Effected [Line Items]
Deconsolidated assets of certain investment partnerships	$ 9,400

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands	Oct. 09, 2015	Jul. 16, 2013	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill acquired				$ 6,098	$ 0
Identifiable intangible assets				7,534
River Branch Holdings LLC and BMO Capital Markets GKST Inc.
Business Acquisition [Line Items]
Goodwill acquired	$ 6,098
Transaction costs				$ 800
Seattle-Northwest Securities Corporation and Edgeview Partners, L.P.
Business Acquisition [Line Items]
Goodwill acquired		$ 15,000
Transaction costs					$ 1,100
Consideration transferred		32,700
Acquisition related compensation arrangements		14,300
Goodwill amount expected to be deducted for income tax purposes		9,100
Seattle-Northwest Securities Corporation and Edgeview Partners, L.P. | Customer Relationships
Business Acquisition [Line Items]
Identifiable intangible assets		6,000
Seattle-Northwest Securities Corporation and Edgeview Partners, L.P. | Noncompete Agreements
Business Acquisition [Line Items]
Identifiable intangible assets		$ 700
Seattle-Northwest Securities Corporation and Edgeview Partners, L.P. | Minimum
Business Acquisition [Line Items]
Acquisition related compensation arrangement award vesting period		2 years
Seattle-Northwest Securities Corporation and Edgeview Partners, L.P. | Maximum
Business Acquisition [Line Items]
Acquisition related compensation arrangement award vesting period		5 years
Seattle-Northwest Securities Corporation and Edgeview Partners, L.P. | Weighted Average
Business Acquisition [Line Items]
Acquisition related compensation arrangement award vesting period		2 years
Simmons & Company International | Forecasted total consideration
Business Acquisition [Line Items]
Consideration transferred			$ 139,000
Acquisition related compensation arrangements			$ 21,000
Capital stock acquired			100.00%
Expected cash payment			$ 91,000
Restricted stock as part of total consideration			$ 48,000

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax benefit	$ 0	$ 0	$ (2,935)
Loss on sale, net of tax	0	0	(1,876)
Loss from discontinued operations, net of tax	$ 0	$ 0	(4,739)
Hong Kong Capital Markets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other expenses			1,197
Loss from discontinued operations before income tax benefit			(1,197)
Income tax benefit			(415)
Loss from discontinued operations, net of tax			(782)
FAMCO
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues			1,650
Operating expenses			5,057
Loss from discontinued operations before income tax benefit			(3,407)
Income tax benefit			(1,326)
Loss from discontinued operations			(2,081)
Loss on sale, net of tax			(1,876)
Loss from discontinued operations, net of tax			$ (3,957)

Discontinued Operations (Deta62

Discontinued Operations (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of FAMCO, cash proceeds	$ 1,500	$ 2,000	$ 250
FAMCO
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of FAMCO, sale price			4,000
Sale of FAMCO, cash proceeds			250
Sale of FAMCO, note receivable received			$ 3,700

Financial Instruments and Oth63

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Equity securities	$ 9,505	$ 50,365
Convertible securities	18,460	156,685
Fixed income securities	48,654	48,651
Taxable securities	111,591	312,753
Tax-exempt securities	416,966	559,704
Short-term securities	33,068	68,717
Mortgage-backed securities	121,794	125,065
U.S. government agency securities	188,140	244,046
U.S. government securities	7,729	2,549
Derivative contracts	35,027	47,826
Total financial instruments and other inventory positions owned	990,934	1,616,361
Equity securities	15,740	154,589
Fixed income securities	39,909	21,460
U.S. government agency securities	21,267	27,735
U.S. government securities	159,037	523,527
Derivative contracts	3,202	10,813
Total financial instruments and other inventory positions sold, but not yet purchased	239,155	738,124
Financial instruments and other inventory positions owned and pledged as collateral	707,355	1,108,567
Municipal Bond Fund
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Taxable securities	7,500	123,300
Tax-exempt securities	35,100	139,500
Derivative contracts	800	4,900
Total financial instruments and other inventory positions owned	43,397	267,742
U.S. government securities	4,600	97,600
Derivative contracts		1,100
Total financial instruments and other inventory positions sold, but not yet purchased	4,586	98,669
Parent Company
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Total financial instruments and other inventory positions owned	947,537	1,348,619
Total financial instruments and other inventory positions sold, but not yet purchased	$ 234,569	$ 639,455

Financial Instruments and Oth64

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 [Member] - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Notional amount	$ 7,122,347	$ 5,444,728
Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative assets (1)	412,463	454,011
Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative liabilities (2)	394,648	438,846
Interest rate derivative contract | Customer matched-book
Derivative [Line Items]
Notional amount	4,392,440	4,860,302
Interest rate derivative contract | Customer matched-book | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative assets (1)	406,888	447,987
Interest rate derivative contract | Customer matched-book | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative liabilities (2)	386,284	425,227
Interest rate derivative contract | Trading securities
Derivative [Line Items]
Notional amount	290,600	297,250
Interest rate derivative contract | Trading securities | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative assets (1)	0	140
Interest rate derivative contract | Trading securities | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative liabilities (2)	7,685	8,242
Credit default swap index contract | Trading securities
Derivative [Line Items]
Notional amount	94,270	267,796
Credit default swap index contract | Trading securities | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative assets (1)	5,411	5,808
Credit default swap index contract | Trading securities | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative liabilities (2)	530	5,188
Equity option derivative contract | Trading securities
Derivative [Line Items]
Notional amount	2,345,037	19,380
Equity option derivative contract | Trading securities | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative assets (1)	164	76
Equity option derivative contract | Trading securities | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative liabilities (2)	$ 149	$ 189

Financial Instruments and Oth65

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 [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives Instruments	$ 10,236	$ (4,511)	$ (6,208)
Interest rate derivative contract | Investment banking
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives Instruments	(2,274)	(2,790)	(1,529)
Interest rate derivative contract | Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives Instruments	534	(1,678)	(2,511)
Credit default swap index contract | Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives Instruments	12,228	(1,080)	(1,522)
Equity option derivative contract | Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives Instruments	$ (252)	$ 1,037	$ (646)

Financial Instruments and Oth66

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	Dec. 31, 2015USD ($)
Counterparties not required to post collateral [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollateralized credit exposure	$ 24.4
Notional contract amount	186.4
One unnamed financial institutional not required to post collateral [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollateralized credit exposure	$ 16.9

Fair Value of Financial Instr67

Fair Value of Financial Instruments Fair Value Option (Details) - Merchant Banking Investments - Level III - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments at fair value	$ 19.7	$ 18.4
Gains from changes in fair value	$ 1.3	$ 2.7	$ 10.6

Fair Value of Financial Instr68

Fair Value of Financial Instruments - Information about Significant Unobservable Inputs used in Fair Value Measurement (Details) - Level III	12 Months Ended
	Dec. 31, 2015
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	9.9
Equity investment in private company | Investments | Maximum | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Revenue multiple	5.8
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	4.4
EBITDA multiple	10.4
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	0.005%
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	0.323%
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	0.0652%
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	1.00%
Prepayment rates	2.00%
Loss severity	30.00%
Valuation yields	2.30%
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	12.00%
Prepayment rates	21.00%
Loss severity	90.00%
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	4.20%
Prepayment rates	9.97%
Loss severity	62.27%
Valuation yields	4.63%

Fair Value of Financial Instr69

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 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	1,224,071,000	$ 1,853,935,000
Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 236,744,000	$ 200,960,000
Percentage of Level III assets to financial instruments measured at fair value	18.70%	11.70%
U.S. government agency securities | Minimum | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Conditional prepayment rate	14.00%
Market yields basis points spreads to treasury securities (as a percent)	2.00%
U.S. government agency securities | Maximum | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Conditional prepayment rate	16.00%
Market yields basis points spreads to treasury securities (as a percent)	3.00%

Fair Value of Financial Instr70

Fair Value of Financial Instruments - Valuation of Financial Instruments by Pricing Observability Levels (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	$ 9,505,000	$ 50,365,000
Convertible securities	18,460,000	156,685,000
Fixed income securities	48,654,000	48,651,000
Taxable securities	111,591,000	312,753,000
Tax-exempt securities	416,966,000	559,704,000
Short-term securities	33,068,000	68,717,000
Mortgage-backed securities	121,794,000	125,065,000
U.S. government agency securities	188,140,000	244,046,000
U.S. government securities	7,729,000	2,549,000
Derivative contracts	35,027,000	47,826,000
Derivative contracts	(377,436,000)	(406,185,000)
Total financial instruments and other inventory positions owned	990,934,000	1,616,361,000
Equity securities	15,740,000	154,589,000
Fixed income securities	39,909,000	21,460,000
U.S. government agency securities	21,267,000	27,735,000
U.S. government securities	159,037,000	523,527,000
Derivative contracts	3,202,000	10,813,000
Derivative contracts	(391,446,000)	(428,033,000)
Total financial instruments and other inventory positions sold, but not yet purchased	239,155,000	738,124,000
Securities posted as collateral to its counterparties	0	0
Level I
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	7,569,000	39,191,000
U.S. government securities	7,729,000	2,549,000
Derivative contracts	164,000	76,000
Total financial instruments and other inventory positions owned	15,462,000	41,816,000
Cash equivalents	130,138,000	1,562,000
Investments at fair value	34,874,000	20,704,000
Total assets	180,474,000	64,082,000
Equity securities	13,489,000	153,254,000
U.S. government securities	159,037,000	523,527,000
Derivative contracts	149,000	189,000
Total financial instruments and other inventory positions sold, but not yet purchased	172,675,000	676,970,000
Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	1,936,000	11,174,000
Convertible securities	18,460,000	156,685,000
Fixed income securities	48,654,000	48,651,000
Taxable securities	105,775,000	312,753,000
Tax-exempt securities	415,789,000	558,518,000
Short-term securities	32,348,000	67,997,000
Mortgage-backed securities	670,000	316,000
U.S. government agency securities	188,140,000	244,046,000
Derivative contracts	412,299,000	453,795,000
Total financial instruments and other inventory positions owned	1,224,071,000	1,853,935,000
Total assets	1,224,071,000	1,853,935,000
Equity securities	2,251,000	1,335,000
Fixed income securities	39,909,000	21,460,000
U.S. government agency securities	21,267,000	27,735,000
Derivative contracts	387,351,000	430,835,000
Total financial instruments and other inventory positions sold, but not yet purchased	450,778,000	481,365,000
Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Taxable securities	5,816,000
Tax-exempt securities	1,177,000	1,186,000
Short-term securities	720,000	720,000
Mortgage-backed securities	121,124,000	124,749,000
Derivative contracts		140,000
Total financial instruments and other inventory positions owned	128,837,000	126,795,000
Investments at fair value	107,907,000	74,165,000
Total assets	236,744,000	200,960,000
Derivative contracts	7,148,000	7,822,000
Total financial instruments and other inventory positions sold, but not yet purchased	7,148,000	7,822,000
Measured on a recurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	9,505,000	50,365,000
Convertible securities	18,460,000	156,685,000
Fixed income securities	48,654,000	48,651,000
Taxable securities	111,591,000	312,753,000
Tax-exempt securities	416,966,000	559,704,000
Short-term securities	33,068,000	68,717,000
Mortgage-backed securities	121,794,000	125,065,000
U.S. government agency securities	188,140,000	244,046,000
U.S. government securities	7,729,000
Derivative contracts	35,027,000	47,826,000
Total financial instruments and other inventory positions owned	990,934,000	1,616,361,000
Cash equivalents	130,138,000	1,562,000
Investments at fair value	142,781,000	94,869,000
Total assets	1,263,853,000	1,712,792,000
Equity securities	15,740,000	154,589,000
Fixed income securities	39,909,000	21,460,000
U.S. government agency securities	21,267,000	27,735,000
U.S. government securities	159,037,000	523,527,000
Derivative contracts	3,202,000	10,813,000
Total financial instruments and other inventory positions sold, but not yet purchased	$ 239,155,000	$ 738,124,000

Fair Value of Financial Instr71

Fair Value of Financial Instruments - Changes in Fair Values Associated with Level III Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 200,960	$ 171,919
Purchases	153,276	179,670
Sales	(139,963)	(164,455)
Transfers into Level III		3,552
Realized gains/ (losses)	2,865	7,961
Unrealized gains/ (losses)	19,606	2,313
Ending balance	236,744	200,960
Unrealized gains/(losses) for assets held at period end	20,383	4,916
Unrealized gains/(losses) for liabilities held at period end	7,148	7,822
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	7,822	6,643
Purchases	(10,349)	(16,751)
Realized gains/(losses)	10,349	16,751
Unrealized gains/ (losses)	(674)	1,179
Ending balance	7,148	7,822
Financial instruments and other inventory positions sold, but not yet purchased | Derivative contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gains/(losses) for liabilities held at period end	7,148	7,822
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	7,822	6,643
Issuances	10,349	16,751
Settlements	0	0
Transfers out	0	0
Realized gains/(losses)	10,349	16,751
Unrealized gains/ (losses)	(674)	1,179
Ending balance	7,148	7,822
Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	126,795	122,679
Purchases	136,187	157,940
Sales	(138,874)	(162,087)
Transfers into Level III		3,552
Realized gains/ (losses)	2,781	5,593
Unrealized gains/ (losses)	1,948	(882)
Ending balance	128,837	126,795
Unrealized gains/(losses) for assets held at period end	2,831	1,721
Financial instruments and other inventory positions owned | Fixed income securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		100
Sales		(100)
Unrealized gains/(losses) for assets held at period end		0
Financial instruments and other inventory positions owned | Taxable securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Purchases	5,133
Unrealized gains/ (losses)	683
Ending balance	5,816
Unrealized gains/(losses) for assets held at period end	683
Financial instruments and other inventory positions owned | Tax-exempt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,186	1,433
Unrealized gains/ (losses)	(9)	(247)
Ending balance	1,177	1,186
Unrealized gains/(losses) for assets held at period end	(9)	(247)
Financial instruments and other inventory positions owned | Short-term securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	720	656
Sales		(25)
Realized gains/ (losses)		6
Unrealized gains/ (losses)		83
Ending balance	720	720
Unrealized gains/(losses) for assets held at period end		83
Financial instruments and other inventory positions owned | Mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	124,749	119,799
Purchases	130,534	154,338
Sales	(138,874)	(161,962)
Realized gains/ (losses)	3,301	9,189
Unrealized gains/ (losses)	1,414	(167)
Ending balance	121,124	124,749
Unrealized gains/(losses) for assets held at period end	2,157	1,745
Financial instruments and other inventory positions owned | Derivative contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	140	691
Issuances	520	3,602
Realized gains/ (losses)	(520)	(3,602)
Unrealized gains/ (losses)	(140)	(551)
Ending balance		140
Unrealized gains/(losses) for assets held at period end		140
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	74,165	49,240
Purchases	17,089	21,730
Sales	(1,089)	(2,368)
Realized gains/ (losses)	84	2,368
Unrealized gains/ (losses)	17,658	3,195
Ending balance	107,907	74,165
Unrealized gains/(losses) for assets held at period end	$ 17,552	$ 3,195

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Variable interest entities, nonconsolidated net assets	$ 400,000,000	$ 600,000,000
Variable interest entities, exposure to loss	8,000,000
Variable interest entities, liabilities	$ 0	$ 0

Receivables from and Payables73

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Amounts Receivable from Brokers, Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Brokers and Dealers [Abstract]
Receivable arising from unsettled securities transactions	$ 62,105	$ 52,571
Deposits paid for securities borrowed	47,508	57,572
Receivable from clearing organizations	3,155	4,933
Deposits with clearing organizations	27,019	33,799
Securities failed to deliver	2,100	1,753
Other	6,062	10,381
Brokers, dealers and clearing organizations	$ 147,949	$ 161,009

Receivables from and Payables74

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Amounts Payable to Brokers, Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Brokers and Dealers [Abstract]
Payable arising from unsettled securities transactions	$ 34,445	$ 11,048
Payable to clearing organizations	3,115	5,185
Securities failed to receive	4,468	2,430
Other	6,103	6,901
Brokers, dealers and clearing organizations	$ 48,131	$ 25,564

Receivables from and Payables75

Receivables from and Payables to Customers Amounts Receivable from Customers (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Receivables From and Payables to Customers [Abstract]
Cash accounts	$ 39,415	$ 6,135
Margin accounts	1,752	3,523
Total receivables	$ 41,167	$ 9,658

Receivables from and Payables76

Receivables from and Payables to Customers Amounts Payable to Customers (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Receivables From and Payables to Customers [Abstract]
Cash accounts	$ 19,650	$ 13,172
Margin accounts	17,714	156
Total payables	$ 37,364	$ 13,328

Collateralized Securities Tra77

Collateralized Securities Transactions - Summary of Repurchase Liabilities, Fair Market Value of Related Collateral Pledged and Interest Rate Charged (Details) $ in Thousands	Dec. 31, 2015USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Fair Market Value	$ 56,760
Repurchase Liability	45,319
Maturity up to 30 days | Mortgage-backed securities
Assets Sold under Agreements to Repurchase [Line Items]
Fair Market Value	39,202
Repurchase Liability	$ 27,269
Maturity up to 30 days | Mortgage-backed securities | Minimum [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate	2.137%
Maturity up to 30 days | Mortgage-backed securities | Maximum [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate	2.2695%
On demand maturities | U.S. government securities
Assets Sold under Agreements to Repurchase [Line Items]
Fair Market Value	$ 17,558
Interest Rate	0.05%
Repurchase Liability	$ 18,050

Collateralized Securities Tra78

Collateralized Securities Transactions - Additional Information (Detail) - USD ($)	Dec. 31, 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	$ 185,800,000	$ 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	175,800,000	$ 338,800,000
Reverse Repurchase, Offset Value	0
Securities loaned	$ 0

Investments Investments (Detail

Investments Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investments, All Other Investments [Abstract]
Investments at fair value	$ 142,781	$ 94,869
Investments at cost	3,299	8,214
Investments accounted for under the equity method	17,781	23,757
Total investments	163,861	126,840
Less investments attributable to noncontrolling interests	(40,069)	(32,563)
Investments less portion attributable to noncontolling interests	$ 123,792	$ 94,277

Investments - Additional Inform

Investments - Additional Information (Details)	Dec. 31, 2015USD ($)
Investment [Line Items]
Estimated fair market value of investments carried at cost	$ 4,900,000
Debt investment in private company
Investment [Line Items]
Valuation allowance	$ 0

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Net deferred income tax assets	$ 66,810	$ 45,851
Fee receivables	18,362	23,959
Accrued interest receivables	6,145	10,061
Forgivable loans, net	10,234	8,366
Prepaid expenses	6,161	6,067
Other	11,490	5,995
Total other assets	$ 119,202	$ 100,299

Fixed Assets - Summary of Fixed

Fixed Assets - Summary of Fixed Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Fixed assets before accumulated depreciation and amortization	$ 70,858	$ 65,498
Accumulated depreciation and amortization	(51,874)	(47,327)
Fixed assets	18,984	18,171
Furniture and equipment
Property, Plant and Equipment [Line Items]
Fixed assets before accumulated depreciation and amortization	31,953	28,669
Leasehold improvements
Property, Plant and Equipment [Line Items]
Fixed assets before accumulated depreciation and amortization	25,213	23,697
Software
Property, Plant and Equipment [Line Items]
Fixed assets before accumulated depreciation and amortization	$ 13,692	$ 13,132

Fixed Assets - Additional Infor

Fixed Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 5.1	$ 5.3	$ 5.6

Goodwill and Intangible Asset84

Goodwill and Intangible Assets - Changes in Carrying Value of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Goodwill
Goodwill beginning balance	$ 211,878	$ 210,634
Goodwill acquired	6,098	0
Measurement period adjustment		1,244
Goodwill ending balance	217,976	211,878	$ 210,634
Intangible assets
Intangible assets beginning balance	30,658	39,930
Finite-lived Intangible Assets Acquired	7,534	0
Amortization of intangible assets	(7,662)	(9,272)	(7,993)
Intangible assets ending balance	30,530	30,658	39,930
Capital Markets
Goodwill
Goodwill beginning balance	15,034	13,790
Goodwill acquired	6,098	0
Measurement period adjustment		1,244
Goodwill ending balance	21,132	15,034	13,790
Intangible assets
Intangible assets beginning balance	2,344	5,316
Finite-lived Intangible Assets Acquired	7,534	0
Amortization of intangible assets	(1,622)	(2,972)	(1,349)
Intangible assets ending balance	8,256	2,344	5,316
Asset Mgmt
Goodwill
Goodwill beginning balance	196,844	196,844
Goodwill acquired		0
Measurement period adjustment		0
Goodwill ending balance	196,844	196,844	196,844
Intangible assets
Intangible assets beginning balance	28,314	34,614
Finite-lived Intangible Assets Acquired	0	0
Amortization of intangible assets	(6,040)	(6,300)	(6,644)
Intangible assets ending balance	$ 22,274	$ 28,314	$ 34,614

Short-Term Financing - Summary

Short-Term Financing - Summary of Short Term Financing and Weighted Average Interest Rate on Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Oustanding Balance	$ 446,190	$ 377,767
Commercial paper (secured)
Short-term Debt [Line Items]
Oustanding Balance	$ 276,894	$ 238,013
Weighted Average Interest Rate	1.7376%	1.48%
Prime broker arrangement
Short-term Debt [Line Items]
Oustanding Balance	$ 169,296	$ 127,754
Weighted Average Interest Rate	1.0745%	0.91%
Bank lines (secured)
Short-term Debt [Line Items]
Oustanding Balance	$ 0	$ 12,000
Weighted Average Interest Rate		1.50%

Goodwill and Intangible Asset86

Goodwill and Intangible Assets - Additional Information (Details)	12 Months Ended
	Dec. 31, 2015USD ($)segment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Goodwill And Intangible Assets Disclosure [Line Items]
Number of Reportable Segments | segment	2
Goodwill impairment	$ 0	$ 0	$ 0
Impairment of Intangible Assets	0	$ 0	$ 0
Acquired intangible assets	$ 7,534,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	2 years 26 days
Minimum
Goodwill And Intangible Assets Disclosure [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 year
Maximum
Goodwill And Intangible Assets Disclosure [Line Items]
Finite-Lived Intangible Asset, Useful Life	10 years

Short-Term Financing - Addition

Short-Term Financing - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)banksprogram	Dec. 31, 2014USD ($)
Short-term Debt [Line Items]
Short-term financing	$ 446,190,000	$ 377,767,000
Commercial paper (secured)
Short-term Debt [Line Items]
Number of commercial paper programs | program	3
Short-term financing	$ 276,894,000	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	55 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	21 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

Goodwill and Intangible Asset88

Goodwill and Intangible Assets - Aggregate Future Intangible Asset Amortization Expense (Details) $ in Thousands	Dec. 31, 2015USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,016	$ 10,412
2,017	6,109
2,018	5,497
2,019	4,989
Thereafter	663
Total	$ 27,670

Senior Notes Senior Notes (Deta

Senior Notes Senior Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total senior notes	$ 175,000	$ 125,000
Senior Notes
Debt Instrument [Line Items]
Total senior notes	175,000	125,000
Senior Notes | Class A Variable Rate Senior Notes Due May 2017
Debt Instrument [Line Items]
Total senior notes	50,000	50,000
Senior Notes | Class B Variable Rate Senior Notes Due November 2015
Debt Instrument [Line Items]
Total senior notes	0	75,000
Senior Notes | Class C Fixed Rate Senior Notes Due October 2018
Debt Instrument [Line Items]
Total senior notes	$ 125,000	$ 0

Senior Notes - Additional Infor

Senior Notes - Additional Information (Details) - Senior Notes - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Oct. 08, 2015
Debt Instrument [Line Items]
Minimum net capital required	$ 120
Class C Fixed Rate Senior Notes Due October 2018
Debt Instrument [Line Items]
Face amount		$ 125
Fixed rate		5.06%
Class A Variable Rate Senior Notes Due May 2017 | LIBOR
Debt Instrument [Line Items]
Reference rate	P3M
Basis spread on variable rate	3.00%

Contingencies, Commitments, and

Contingencies, Commitments, and Guarantees - Aggregate Minimum Lease Commitments under Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]
2,016	$ 12,872
2,017	10,169
2,018	9,694
2,019	9,103
2,020	8,578
Thereafter	17,884
Total	68,300
Rentals Received Under Noncancelable Subleases	6,100
Operating Leases, Rent Expense	$ 13,700	$ 13,800	$ 12,900

Contingencies, Commitments, a92

Contingencies, Commitments, and Guarantees - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)unit	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Loss Contingencies [Line Items]
Number of complaints | unit	3
Settlement agreement amount | $	$ 9.8
Litigation Related Reserve Activity, Net | $	9.7	$ 0.8	$ (4.1)
Remaining Capital Commitments To Investment Vehicles | $	$ 32.8
CALIFORNIA
Loss Contingencies [Line Items]
Number of complaints | unit	18
NEW YORK
Loss Contingencies [Line Items]
Number of complaints | unit	2

Restructuring - Additional Info

Restructuring - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2013USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring-related expense	$ 9.4	$ 3.6
Termination of employees	70
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring-related expense	$ 8.8	2.4
Leased Office Space
Restructuring Cost and Reserve [Line Items]
Restructuring-related expense		0.5
Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring-related expense	$ 0.6	$ 0.7

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Defined Benefit Plans And Defined Contribution Plans Disclosures [Table] [Line Items]
Compensation and benefits expense related to health plans	$ 15.1	$ 13.2	$ 12.1
Retirement Plan
Schedule of Defined Benefit Plans And Defined Contribution Plans Disclosures [Table] [Line Items]
Maximum 401(k) plan contribution rates as percentage of employee earnings	100.00%
Retirement plan, employer matching contribution as a percentage of employees' gross pay	6.00%
Health and Welfare Plans
Schedule of Defined Benefit Plans And Defined Contribution Plans Disclosures [Table] [Line Items]
Compensation and benefits expense related to health plans	$ 9.1	$ 7.7	$ 7.2

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details)	12 Months Ended
	Dec. 31, 2015USD ($)vote / shares$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares	Aug. 14, 2015USD ($)	Oct. 01, 2014USD ($)
Equity, Class of Treasury Stock [Line Items]
Aggregate purchase price of share repurchases | $	$ 132,925,000	$ 10,854,000	$ 71,462,000
Shares of common stock purchased from restricted stock award related to recipients' employment tax obligations | shares	281,180	256,055	386,713
Repurchase of common stock for employee tax withholding | $	$ 14,500,000	$ 10,854,000	$ 15,533,000
Common stock, shares authorized | shares	100,000,000	100,000,000
Common stock, par value | $ / shares	$ 0.01	$ 0.01
Preferred stock, shares authorized | shares	5,000,000
Preferred stock, par value | $ / shares	$ 0.01
Common stock, number of votes per share | vote / shares	1
Preferred stock, shares outstanding | shares	0
Number of common stock issued for retirement plan obligations | shares	0	103,598	96,049
Issuance of treasury shares for 401k match | $	$ 0	$ 4,156,000	$ 3,939,000
Reissuance of treasury shares as a result of employee vesting | shares	503,571	774,194	786,467
2012 Plan
Equity, Class of Treasury Stock [Line Items]
Shares repurchased | shares			1,719,662
Share repurchases, average price per share | $ / shares			$ 32.52
Aggregate purchase price of share repurchases | $			$ 55,923,000
2014 Plan
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, authorized amount | $					$ 100,000,000
2015 Plan
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, authorized amount | $				$ 150,000,000
Remaining authorization under share repurchase program | $	$ 131,500,000
2014 and 2015 Plans
Equity, Class of Treasury Stock [Line Items]
Shares repurchased | shares	2,459,400
Share repurchases, average price per share | $ / shares	$ 48.17
Aggregate purchase price of share repurchases | $	$ 118,500,000

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Noncontrolling Interest [Line Items]
Noncontrolling interests	$ 49,161,000	$ 149,548,000
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest	0	0	$ 0
Municipal bond fund
Noncontrolling Interest [Line Items]
Noncontrolling interests	7,000,000	117,000,000
Merchant banking fund
Noncontrolling Interest [Line Items]
Noncontrolling interests	31,800,000	24,700,000
Other private equity investments
Noncontrolling Interest [Line Items]
Noncontrolling interests	$ 10,400,000	$ 7,800,000

Compensation Plans - Summary of

Compensation Plans - Summary of Outstanding Equity Awards (Details) - shares	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding	157,201	217,873	469,289	486,563
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock or units outstanding	1,287,915	1,095,305	1,582,062	2,322,438
Leadership grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock or units outstanding	356,242	405,826	290,536	173,271
Amended And Restated 2003 Annual And Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding	157,201
Amended And Restated 2003 Annual And Long-Term Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock or units outstanding	1,287,915
Amended And Restated 2003 Annual And Long-Term Incentive Plan | Sign On Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock or units outstanding	355,538
Amended And Restated 2003 Annual And Long-Term Incentive Plan | Annual Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock or units outstanding	932,377
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 or units outstanding	356,242

Compensation Plans - RSU Valuat

Compensation Plans - RSU Valuation Assumptions (Details) - Restricted Stock Units	12 Months Ended
	Dec. 31, 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%
Grant Year 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	0.82%
Expected Stock Price Volatility	41.30%
Grant Year 2013
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) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Unvested Restricted Stock or Stock Units
Beginning Balance	1,095,305	1,582,062	2,322,438
Granted	783,758	421,728	682,760
Vested	(575,716)	(883,761)	(1,165,989)
Cancelled	(15,432)	(24,724)	(257,147)
Ending Balance	1,287,915	1,095,305	1,582,062
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance	$ 36.51	$ 35.25	$ 37.01
Granted	51.08	40.57	38.35
Vested	34.72	36.22	39.83
Cancelled	40.83	36.02	38.30
Ending Balance	$ 46.20	$ 36.51	$ 35.25

Compensation Plans - Unveste100

Compensation Plans - Unvested Restricted Stock Units (Details) - Leadership grants - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Unvested Restricted Stock or Stock Units
Beginning Balance	405,826	290,536	173,271
Granted	123,687	115,290	117,265
Vested	(149,814)	0	0
Cancelled	(23,457)	0	0
Ending Balance	356,242	405,826	290,536
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance	$ 17.99	$ 15.83	$ 12.12
Granted	21.83	23.42	21.32
Vested	12.12	0	0
Cancelled	12.12	0	0
Ending Balance	$ 22.18	$ 17.99	$ 15.83

Compensation Plans - Stock Opti

Compensation Plans - Stock Options (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2011	Dec. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Intrinsic value of options exercised	$ 900,000	$ 1,700,000
Options Outstanding
Beginning Balance	217,873	469,289	486,563
Granted	0	0	0
Exercised	(50,671)	(137,864)	0
Cancelled	0	(55)	(17,274)
Expired	(10,001)	(113,497)
Ending Balance	157,201	217,873	469,289
Options exercisable at period end	157,201	217,873	469,289
Weighted Average Exercise Price (in dollars per share)
Beginning Balance	$ 46.66	$ 44.83	$ 44.76
Granted	0	0	0
Exercised	36.62	39.55	0
Cancelled	0	39.62	42.85
Expired	39.62	47.72
Ending Balance	50.35	46.66	44.83
Options exercisable at period end	$ 50.35	$ 46.66	$ 44.83
Weighted Average Remaining Contractual Term (in Years)
Weighted Average Remaining Contractual Term (in Years)	1 year 7 months 6 days	2 years	2 years	2 years 10 months 24 days
Options exercisable at period end	1 year 7 months 6 days	2 years	2 years
Aggregate Intrinsic Value
Aggregate Intrinsic Value of Stock Options	$ 0	$ 3,066,839	$ 288,318		$ 94,150
Options exercisable at end of period	$ 0	$ 3,066,839	$ 288,318

Compensation Plans - Additional

Compensation Plans - Additional Stock Option Activity (Details)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
$ 41.09
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices, upper	$ 41.09
Options outstanding, shares | shares	99,147
Options outstanding, weighted average contractual life (in Years)	2 years 1 month 6 days
Options outstanding, weighted average exercise price	$ 41.09
Exercisable options, shares | shares	99,147
Exercisable options, weighted average exercise price	$ 41.09
$47.30 - $51.05
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices, upper	$ 47.85
Options outstanding, shares | shares	10,641
Options outstanding, weighted average contractual life (in Years)	1 month 6 days
Options outstanding, weighted average exercise price	$ 47.85
Exercisable options, shares | shares	10,641
Exercisable options, weighted average exercise price	$ 47.85
$70.13 - $70.65
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices, lower	70.13
Range of exercise prices, upper	$ 70.65
Options outstanding, shares | shares	47,413
Options outstanding, weighted average contractual life (in Years)	10 months 24 days
Options outstanding, weighted average exercise price	$ 70.26
Exercisable options, shares | shares	47,413
Exercisable options, weighted average exercise price	$ 70.26

Compensation Plans - Additio103

Compensation Plans - Additional Information (Detail)	May. 15, 2012	Dec. 31, 2016shares	Dec. 31, 2015USD ($)planshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)shares	Dec. 31, 2010USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock-based compensation plans | plan			1
Compensation expense related to employee restricted stock awards | $			$ 48,200,000	$ 28,200,000	$ 21,000,000
Forfeitures recorded as a result of violating post-termination restrictions | $			500,000	700,000	1,000,000
Tax benefit related to compensation costs for stock-based compensation arrangements | $			18,800,000	11,000,000	$ 8,200,000
Intrinsic value of options exercised | $			900,000	1,700,000
Resulting tax benefit realized | $			$ 300,000	$ 700,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares			50,671	137,864	0
Shares of common stock purchased from restricted stock award related to recipients' employment tax obligations | shares			281,180	256,055	386,713
2,016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock purchased from restricted stock award related to recipients' employment tax obligations | shares		300,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted, share | shares			783,758	421,728	682,760
Fair value of restricted stock vested during the period | $			$ 20,000,000	$ 32,000,000	$ 46,400,000
Unrecognized compensation cost related to restricted stock | $			$ 15,200,000
Weighted average period over which restricted stock expense expected to be recognized			2 years 3 months 18 days
Annual Grant
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 Grant | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sign on grants requisite service period			2 years
Sign On Grant | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sign on grants requisite service period			5 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sign on grants 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	115,290	117,265
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to restricted stock | $			$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares					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
Shares available for future issuance | shares			1,600,000
Employment Inducement Award Plan 2010
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) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Compensation expense related to employee MFRS awards	$ 48.2	$ 28.2	$ 21
Nonqualified Deferred Compensation Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred compensation plan assets	14.6	6.6
Deferred compensation plan liabilities	$ 14.5	6.6
Mutual Fund Restricted Shares Investment Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred compensation awards vesting period	3 years
Compensation expense related to employee MFRS awards	$ 26.6	$ 20	$ 15.2
New Employees | Mutual Fund Restricted Shares Investment Plan | 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 Investment Plan | 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								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net income from continuing operations applicable to Piper Jaffray Companies									$ 52,075	$ 63,172	$ 49,829
Net loss from discontinued operations									0	0	(4,739)
Net income applicable to Piper Jaffray Companies	$ 13,273	$ 4,831	$ 16,999	$ 16,972	$ 12,543	$ 14,668	$ 18,213	$ 17,748	52,075	63,172	45,090
Earnings allocated to participating securities (1)									4,015	5,031	4,494
Net income applicable to Piper Jaffray Companies’ common shareholders (2)	$ 12,147	$ 4,448	$ 15,699	$ 15,810	$ 11,700	$ 13,552	$ 16,717	$ 16,089	$ 48,060	$ 58,141	$ 40,596
Shares for basic and diluted calculations:
Average shares used in basic computation	13,775,000	13,938,000	14,487,000	15,294,000	15,241,000	15,066,000	14,958,000	14,612,000	14,368,000	14,971,000	15,046,000
Average shares used in diluted computation	13,782,000	13,952,000	14,513,000	15,332,000	15,293,000	15,129,000	15,013,000	14,657,000	14,389,000	15,025,000	15,061,000
Earnings/(loss) per basic common share
Income from continuing operations									$ 3.34	$ 3.88	$ 2.98
Loss from discontinued operations									0	0	(0.28)
Earnings per basic common share	$ 0.88	$ 0.32	$ 1.08	$ 1.03	$ 0.77	$ 0.90	$ 1.12	$ 1.10	3.34	3.88	2.70
Earnings/(loss) per diluted common share
Income from continuing operations									3.34	3.87	2.98
Loss from discontinued operations									0	0	(0.28)
Earnings per diluted common share	$ 0.88	$ 0.32	$ 1.08	$ 1.03	$ 0.77	$ 0.90	$ 1.11	$ 1.10	$ 3.34	$ 3.87	$ 2.70
Weighted average participating shares outstanding									1,201,610	1,299,827	1,667,067
Stock options
Shares for basic and diluted calculations:
Stock options									21,000	54,000	15,000

Segment Reporting - Reportable

Segment Reporting - Reportable Segment Financial Results (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Investment banking									$ 414,118	$ 369,811	$ 248,563
Institutional sales and trading									154,889	156,809	146,648
Management and performance fees									75,017	85,062	83,045
Investment income									10,736	12,813	21,566
Net revenues	$ 197,364	$ 149,617	$ 164,066	$ 161,871	$ 150,548	$ 159,426	$ 170,031	$ 168,133	672,918	648,138	525,195
Non-interest expenses	174,880	142,829	138,207	130,579	129,059	133,734	139,614	135,420	586,495	537,827	449,582
Pre-tax operating income	$ 22,484	$ 6,788	$ 25,859	$ 31,292	$ 21,489	$ 25,692	$ 30,417	$ 32,713	$ 86,423	$ 110,311	$ 75,613
Pre-tax operating margin									12.80%	17.00%	14.40%
Intangible asset amortization expense									$ 7,662	$ 9,272	$ 7,993
Capital Markets
Segment Reporting Information [Line Items]
Investment banking									414,826	370,591	248,928
Institutional sales and trading									172,889	174,411	167,444
Management and performance fees									4,642	5,398	3,891
Investment income									24,468	24,046	30,404
Long-term financing expenses									7,494	6,655	7,420
Net revenues									609,331	567,791	443,247
Non-interest expenses									530,937	478,661	393,231
Segment pre-tax operating income/(loss)									$ 78,394	$ 89,130	$ 50,016
Pre-tax operating margin									12.90%	15.70%	11.30%
Intangible asset amortization expense									$ 1,622	$ 2,972	$ 1,349
Capital Markets | Equities financing
Segment Reporting Information [Line Items]
Investment banking									114,468	109,706	94,472
Capital Markets | Debt financing
Segment Reporting Information [Line Items]
Investment banking									91,195	63,005	71,164
Capital Markets | Advisory services
Segment Reporting Information [Line Items]
Investment banking									209,163	197,880	83,292
Capital Markets | Equities
Segment Reporting Information [Line Items]
Institutional sales and trading									78,584	82,211	91,169
Capital Markets | Fixed income
Segment Reporting Information [Line Items]
Institutional sales and trading									94,305	92,200	76,275
Asset Mgmt
Segment Reporting Information [Line Items]
Management fees									70,167	78,772	71,314
Performance fees									208	892	7,840
Management and performance fees									70,375	79,664	79,154
Investment income									6,788	683	2,794
Net revenues									63,587	80,347	81,948
Non-interest expenses									55,558	59,166	56,351
Segment pre-tax operating income/(loss)									$ 8,029	$ 21,181	$ 25,597
Pre-tax operating margin									12.60%	26.40%	31.20%
Intangible asset amortization expense									$ 6,040	$ 6,300	$ 6,644

Segment Reporting Segment Repor

Segment Reporting Segment Reporting - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Reportable segment assets	$ 2,138,518	$ 2,623,917
Capital Markets
Segment Reporting, Asset Reconciling Item [Line Items]
Reportable segment assets	1,870,272	2,352,404
Asset Mgmt
Segment Reporting, Asset Reconciling Item [Line Items]
Reportable segment assets	$ 268,246	$ 271,513

Net Capital Requirements and108

Net Capital Requirements and Other Regulatory Matters - Additional Information (Detail)	Dec. 31, 2015USD ($)
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	$ 187,900,000
Minimum net capital required	186,900,000
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

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal									$ 33,818	$ 37,331	$ 20,468
State									7,030	8,117	3,795
Foreign									58	161	183
Current Income Tax Expense (Benefit), Total									40,906	45,609	24,446
Deferred:
Federal									(11,620)	(8,641)	(1,582)
State									(1,901)	(1,317)	(4,041)
Foreign									556	335	1,567
Deferred Income Tax Expense (Benefit)									(12,965)	(9,623)	(4,056)
Total income tax expense from continuing operations	$ 7,336	$ 1,573	$ 9,542	$ 9,490	$ 7,514	$ 8,596	$ 10,049	$ 9,827	27,941	35,986	20,390
Total income tax benefit from discontinued operations									$ 0	$ 0	$ (2,935)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Federal Income Taxes at Statutory Rates to Effective Tax Rates (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Federal income tax expense at statutory rates									$ 30,248	$ 38,609	$ 26,464
State income taxes, net of federal tax benefit									3,155	3,857	2,785
Net tax-exempt interest income									(4,299)	(3,693)	(3,917)
Foreign jurisdictions tax rate differential									191	(63)	(185)
Change in valuation allowance									0	0	(4,182)
Income attributable to noncontrolling interests									(2,243)	(3,903)	(1,888)
Other, net									889	1,179	1,313
Total income tax expense from continuing operations	$ 7,336	$ 1,573	$ 9,542	$ 9,490	$ 7,514	$ 8,596	$ 10,049	$ 9,827	$ 27,941	$ 35,986	$ 20,390

Income Taxes - Net Deferred Tax

Income Taxes - Net Deferred Tax Asset Included in Other Assets on Consolidated Statements of Financial Condition (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Deferred compensation	$ 74,127	$ 56,893
Net operating loss carry forwards	3,947	4,854
Liabilities/accruals not currently deductible	5,454	1,601
Other	5,175	2,930
Total deferred tax assets	88,703	66,278
Valuation allowance	(159)	(159)
Deferred tax assets after valuation allowance	88,544	66,119
Deferred tax liabilities:
Goodwill amortization	16,951	15,028
Unrealized gains on firm investments	2,917	3,221
Fixed assets	1,189	945
Other	677	1,074
Total deferred tax liabilities	21,734	20,268
Net deferred tax assets	$ 66,810	$ 45,851

Income Taxes - Changes in Amoun

Income Taxes - Changes in Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 2,323	$ 2,200	$ 290
Additions based on tax positions related to the current year	0	0	0
Additions for tax positions of prior years	0	123	2,000
Reductions for tax positions of prior years	(2,000)	0	(90)
Settlements	(200)	0	0
Ending Balance	$ 123	$ 2,323	$ 2,200

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Valuation allowance	$ (159)	$ (159)
Unrecognized tax benefits that would impact effective tax rate	100
Accruals related to the payment of interest and penalties	$ 0	$ 200

Piper Jaffray Companies (Par114

Piper Jaffray Companies (Parent Company only) - Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets
Cash and cash equivalents	$ 189,910	$ 15,867	$ 123,683	$ 105,371
Other assets	119,202	100,299
Total assets	2,138,518	2,623,917
Liabilities and Shareholders’ Equity
Senior notes	175,000	125,000
Accrued compensation	251,638	228,877
Other liabilities and accrued expenses	62,901	43,151
Total liabilities	1,305,698	1,654,457
Total common shareholders’ equity	783,659	819,912
Total liabilities and shareholders’ equity	2,138,518	2,623,917
Parent Company
Assets
Cash and cash equivalents	48	200	$ 336	$ 1,069
Investment in and advances to subsidiaries	982,426	956,609
Other assets	15,843	13,819
Total assets	998,317	970,628
Liabilities and Shareholders’ Equity
Senior notes	175,000	125,000
Accrued compensation	36,347	24,618
Other liabilities and accrued expenses	3,311	1,098
Total liabilities	214,658	150,716
Total common shareholders’ equity	783,659	819,912
Total liabilities and shareholders’ equity	$ 998,317	$ 970,628

Piper Jaffray Companies (Par115

Piper Jaffray Companies (Parent Company only) - Condensed Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Interest									$ 41,557	$ 48,716	$ 50,409
Total revenues	$ 203,044	$ 154,732	$ 170,110	$ 168,431	$ 157,394	$ 165,947	$ 175,976	$ 173,894	696,317	673,211	550,231
Net revenues	197,364	149,617	164,066	161,871	150,548	159,426	170,031	168,133	672,918	648,138	525,195
Expenses:
Total non-interest expenses	174,880	142,829	138,207	130,579	129,059	133,734	139,614	135,420	586,495	537,827	449,582
Income tax expense	7,336	1,573	9,542	9,490	7,514	8,596	10,049	9,827	27,941	35,986	20,390
Net income	15,148	5,215	16,317	21,802	13,975	17,096	20,368	22,886	58,482	74,325	50,484
Net income/(loss) from continuing operations									52,075	63,172	49,829
Income/(loss) from discontinued operations, net of tax									0	0	(4,739)
Net income applicable to Piper Jaffray Companies	$ 13,273	$ 4,831	$ 16,999	$ 16,972	$ 12,543	$ 14,668	$ 18,213	$ 17,748	52,075	63,172	45,090
Parent Company
Revenues:
Dividends from subsidiaries									37,649	50,333	46,000
Interest									650	662	254
Other revenues									(2,033)	275	198
Total revenues									36,266	51,270	46,452
Interest expense									6,406	5,463	5,850
Net revenues									29,860	45,807	40,602
Expenses:
Total non-interest expenses									3,487	5,318	3,096
Income from continuing operations before income tax expense and equity in undistributed/(distributed in excess of) income of subsidiaries									26,373	40,489	37,506
Income tax expense									9,191	14,795	13,263
Net income									17,182	25,694	24,243
Equity in undistributed/(distributed in excess of) income of subsidiaries									34,893	37,478	25,200
Net income/(loss) from continuing operations									52,075	63,172	49,443
Income/(loss) from discontinued operations, net of tax									0	0	(4,353)
Net income applicable to Piper Jaffray Companies									$ 52,075	$ 63,172	$ 45,090

Piper Jaffray Companies (Par116

Piper Jaffray Companies (Parent Company only) - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Activities:
Net income/(loss)	$ 13,273	$ 4,831	$ 16,999	$ 16,972	$ 12,543	$ 14,668	$ 18,213	$ 17,748	$ 52,075	$ 63,172	$ 45,090
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Share-based and deferred compensation									48,754	28,764	21,598
Net cash provided by/(used in) operating activities									379,524	(50,069)	42,163
Investing Activities:
Repayment of FAMCO note									1,500	2,000	250
Net cash used in investing activities									(16,153)	(5,387)	(29,952)
Financing Activities:
Issuance of variable rate senior notes									125,000	50,000	0
Repurchase of common stock									(132,925)	(10,854)	(71,462)
Net cash provided by/(used in) financing activities									(188,959)	(52,017)	5,798
Net increase/(decrease) in cash and cash equivalents									174,043	(107,816)	18,312
Cash and cash equivalents at beginning of year				15,867				123,683	15,867	123,683	105,371
Cash and cash equivalents at end of year	189,910				15,867				189,910	15,867	123,683
Supplemental disclosures of cash flow information Cash received/(paid) during the year for:
Interest									(24,668)	(25,345)	(23,487)
Income taxes									(31,950)	(58,599)	(745)
Parent Company
Operating Activities:
Net income/(loss)									52,075	63,172	45,090
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Share-based and deferred compensation									70	180	60
Equity distributed in excess of/(in undistributed) income of subsidiaries									(34,893)	(37,478)	(25,200)
Net cash provided by/(used in) operating activities									17,252	25,874	19,950
Investing Activities:
Repayment of FAMCO note									1,500	2,000	250
Net cash used in investing activities									1,500	2,000	250
Financing Activities:
Issuance of variable rate senior notes									125,000	50,000	0
Repayment of variable rate senior notes									(75,000)	(50,000)	0
Advances from/(to) subsidiaries									49,560	(28,010)	34,996
Repurchase of common stock									(118,464)	0	(55,929)
Net cash provided by/(used in) financing activities									(18,904)	(28,010)	(20,933)
Net increase/(decrease) in cash and cash equivalents									(152)	(136)	(733)
Cash and cash equivalents at beginning of year				$ 200				$ 336	200	336	1,069
Cash and cash equivalents at end of year	$ 48				$ 200				48	200	336
Supplemental disclosures of cash flow information Cash received/(paid) during the year for:
Interest									(5,756)	(4,801)	(5,596)
Income taxes									$ (9,191)	$ (14,795)	$ (13,263)

Quarterly Information (unaud117

Quarterly Information (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 203,044	$ 154,732	$ 170,110	$ 168,431	$ 157,394	$ 165,947	$ 175,976	$ 173,894	$ 696,317	$ 673,211	$ 550,231
Interest expense	5,680	5,115	6,044	6,560	6,846	6,521	5,945	5,761	23,399	25,073	25,036
Net revenues	197,364	149,617	164,066	161,871	150,548	159,426	170,031	168,133	672,918	648,138	525,195
Non-interest expenses	174,880	142,829	138,207	130,579	129,059	133,734	139,614	135,420	586,495	537,827	449,582
Income from continuing operations before income tax expense	22,484	6,788	25,859	31,292	21,489	25,692	30,417	32,713	86,423	110,311	75,613
Income tax expense	7,336	1,573	9,542	9,490	7,514	8,596	10,049	9,827	27,941	35,986	20,390
Net income from continuing operations									58,482	74,325	55,223
Loss from discontinued operations, net of tax									0	0	(4,739)
Net income	15,148	5,215	16,317	21,802	13,975	17,096	20,368	22,886	58,482	74,325	50,484
Net income applicable to noncontrolling interests	1,875	384	(682)	4,830	1,432	2,428	2,155	5,138	6,407	11,153	5,394
Net income applicable to Piper Jaffray Companies	13,273	4,831	16,999	16,972	12,543	14,668	18,213	17,748	52,075	63,172	45,090
Net income applicable to Piper Jaffray Companies' common shareholders	$ 12,147	$ 4,448	$ 15,699	$ 15,810	$ 11,700	$ 13,552	$ 16,717	$ 16,089	48,060	58,141	40,596
Amounts applicable to Piper Jaffray Companies
Net income from continuing operations									52,075	63,172	49,829
Net loss from discontinued operations									$ 0	$ 0	$ (4,739)
Earnings/(loss) per basic common share
Income from continuing operations									$ 3.34	$ 3.88	$ 2.98
Loss from discontinued operations									0	0	(0.28)
Earnings per basic common share	$ 0.88	$ 0.32	$ 1.08	$ 1.03	$ 0.77	$ 0.90	$ 1.12	$ 1.10	3.34	3.88	2.70
Earnings/(loss) per diluted common share
Income from continuing operations									3.34	3.87	2.98
Loss from discontinued operations									0	0	(0.28)
Earnings per diluted common share	$ 0.88	$ 0.32	$ 1.08	$ 1.03	$ 0.77	$ 0.90	$ 1.11	$ 1.10	$ 3.34	$ 3.87	$ 2.70
Weighted average number of common shares outstanding
Basic	13,775	13,938	14,487	15,294	15,241	15,066	14,958	14,612	14,368	14,971	15,046
Diluted	13,782	13,952	14,513	15,332	15,293	15,129	15,013	14,657	14,389	15,025	15,061