Ross Rogers has been replaced as head of retail at U.S. Bancorp Piper Jaffray, having been replaced by Paul D. Grangaard, the firm announced today.

A Piper Jaffray press release says Rogers “is leaving the firm to pursue other interests in the investment industry.” Rogers was not immediately available for comment.

Piper Jaffray’s Private Advisory Services division, with more than $55 billion in assets, has 120 offices with 1,200 financial advisers in 18 states.

Grangaard, 43, had been head of the firm’s Investment Banking business since 1994.

“I am excited about the opportunity to lead and build Private Advisory Services,” Grangaard said in a statement. “The business has all the elements needed to realize significant growth within the next decade. Today, investors are seeking a breadth and depth of expertise that we offer from top talent across our full-service financial firm.”

Rogers, 52, served as president of U.S. Bancorp Piper Jaffray Private Advisory Services beginning in 1996.

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