Piper Jaffray Cos. (NYSE: PJC) is buying BMO Capital Markets GKST Inc., a municipal bond sales, trading and origination business, to add services.

For Piper Jaffray, the deal for the Chicago-based group brings breadth to its institutional sales, trading and underwriting operations and strengthens its analytics capabilities. Earlier in July, the firm acquired River Branch Holdings, a boutique financial institution-focused investment bank.

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