American asset manager Piper Jaffray has named Chad Abraham as its new CEO, replacing Andrew Duff who has decided to retire from the role.

Duff, who has been serving as CEO at the firm since 2000, will however retain his role of the chairman.

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Abraham currently is the firm’s global co-head of investment banking and capital markets, a position he has held since 2010. He joined the firm as an investment banking analyst in 1991.

In addition, the company has appointed Deb Schoneman, currently its CFO and global head of equities, as its new president. Schoneman has been serving as the firm’s CFO since 2008. He also held various other senior roles at the firm including finance director of equity and fixed income capital markets, and treasurer.

Both Abraham and Schoneman will take up their new responsibilities on 1 January 2018.

The company also announced that its current president and COO Stuart Harvey, Jr. will leave the firm on 31 December 2017.

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Duff said: “Chad and Deb have a track record that speaks for itself and they inherently understand our business, culture and values. They have successfully partnered together as leaders of this firm for more than a decade. I look forward to ensuring a smooth transition and am incredibly excited to watch them lead Piper Jaffray into our next era of growth.”