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LOS ANGELES--(BUSINESS WIRE)--July 21, 2008--Piper Jaffray & Co. has hired three new public finance bankers to further strengthen its municipal finance banking platform and help build the firm's large issuer business in the California region. Bernie Mikell, Russell Reyes and Rosalyn Chen are part of a significant growth initiative at Piper Jaffray as they join nine other recent public finance banking hires from UBS in California and the existing team of Piper Jaffray bankers in this region. This group will focus on growing the firm's state and local government financing business in California. Piper Jaffray now has 25 bankers serving California and the surrounding region.

"We have made a significant investment in growing our platform in California," said Frank Fairman, head of public finance services at Piper Jaffray. "Bernie, Russell and Rosalyn bring a depth of expertise and relationships to our team. They complement our existing group and the other recent hires that we have made and will further enhance our leadership in California."

Mikell, a former banker at UBS, joins Piper Jaffray as a senior vice president in the Sacramento, Calif. office. With significant industry experience and strong relationships with a variety of large issuers in California and other western states, he will be responsible for developing new business with large issuers and leading the firm's efforts in building the municipal finance banking business at the state level. Mikell holds a bachelor's degree from Hamilton College and a J.D. degree from the University of Virginia School of Law.

Reyes joins Piper Jaffray from UBS where he was part of the western infrastructure group and worked with large issuers in California and other states. With more than 14 years of public finance experience, he has participated in more than 100 senior managed financings, collectively worth more than $16 billion. His financing experience includes general obligation, COP/lease revenue, water/wastewater, pension obligation bonds and other types of debt. He will primarily concentrate on coverage of large issuers in the western region. Reyes earned a bachelor's degree from the University of California - Los Angeles, and will be based in the firm's Los Angeles office.

Chen also joins Piper Jaffray from UBS where she was an associate director on the land secured financing team. She has provided structuring and execution for 65 bond issues totaling more than $1 billion in municipal infrastructure financing and has nine years of experience in financial advisory, debt structuring, special tax and real estate consulting and general analytical support tax-exempt bond transactions. At Piper Jaffray, Chen will work out of the Orange County, Calif. office, covering municipalities and land-based finance. She earned a bachelor's degree from the University of California - San Diego and a Master of Business Administration degree from the University of Southern California.

About Piper Jaffray

Piper Jaffray Companies is a leading, international middle-market investment bank and institutional securities firm, serving the needs of middle-market corporations, private equity groups, public entities, nonprofit clients and institutional investors. Founded in 1895, Piper Jaffray provides a comprehensive set of products and services, including equity and debt capital markets products; public finance services; mergers and acquisitions advisory services; high-yield and structured products; institutional equity and fixed-income sales and trading; and equity and high-yield research. With headquarters in Minneapolis, Piper Jaffray has 25 offices across the United States and international locations in London, Hong Kong, and Shanghai. Piper Jaffray & Co. is the firm's principal operating subsidiary. (NYSE: PJC) (http://www.piperjaffray.com)

Since 1895. Member SIPC and FINRA.

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CONTACT: Piper Jaffray
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Rob Litt, 612-303-8266

SOURCE: Piper Jaffray Companies