TWST: Please start with the background of FAMCO and your relationship with Piper Jaffray.
Mr. Cunnane: FAMCO was founded when three members of General Dynamics' internal investment group outsourced themselves in 1994, and it was really a win-win situation. General Dynamics Corp. was able to convert the fixed cost of an investment department to a variable cost. It also enables the investment people to retain oversight of the corporation's investment plan, while providing the principals the ability to grow a business and bring on external clients. That was the founding of Fiduciary Asset Management.
After the founding, the decision was made to manage assets not just on an institutional level, but also for high-net-worth individuals, and that's where our MLP investment platform was born. About three years ago, we were purchased by Piper Jaffray Investment Management, and Piper came to us with a good proposition that they were able to bring to us some capital to help us grow, to help us transition our ownership and bolster our capabilities in certain areas, such as compliance and risk management. As we've seen in the last couple of years, having more of a competency in compliance and risk management has become a more and more significant attribute that investors are seeking in investment management firms.
TWST: It was just the right thing at the right time.
