In the first quarter of 2011, net revenues were $124.8m, compared to $109.6m in the year-ago period.
Capital markets segment of the firm posted pre-tax operating income of $7.07m in the first quarter of 2010, compared to $7.40m in the corresponding quarter of 2010.
Asset management division reported a pre-tax operating income of $4.27m for the first quarter of 2011, compared to $1.74m in the first quarter of 2010.
Piper Jaffray chairman and CEO Andrew Duff said that the capital markets and asset management businesses generally performed well during the quarter.
"Our results reflect lower equity financing activity from China-based issuers, and were negatively impacted by historically low municipal underwriting levels industry-wide. The municipal market remains very challenging, and we believe it will remain so further into 2011," Duff said.
