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MINNEAPOLIS, Jan 18, 2005 /PRNewswire-FirstCall via COMTEX/ -- Piper Jaffray & Co. is pleased to announce that Roger Norris and Karen Heintz have been named branch managers of the firm's Private Client Services business in Minneapolis and Bloomington respectively. Prior to his new position, Norris served as branch manager in the firm's Bloomington office for the past three years. Additionally, Heintz served six months as assistant branch manager in the firm's Minneapolis office before accepting her new role.

Norris is assuming the Minneapolis branch manager role left by Steve Berghs, who is retiring from his position after 25 years of exceptional service. Berghs will remain with Piper Jaffray as a member of the Private Client Services operating committee and will provide strategic advice on the continuing development of the firm's branch managers.

"Steve has been a tremendous leader both within the firm and his community and we are grateful for his many years of exceptional service," said Andrew Duff, chairman and chief executive officer of Piper Jaffray Companies. "His presence as a branch manager will certainly be missed."

"Steve has had a truly remarkable career at Piper Jaffray and we thank him for his service and dedication to the firm over the past 25 years," said Paul D. Grangaard, head of Private Client Services at Piper Jaffray. "In turn, we are excited to have Roger step into this role in Minneapolis and to promote Karen to take over as branch manager in Bloomington. They are both proven leaders in this industry and we are very fortunate to have them in these important roles to serve our clients and grow our business going forward."

Norris has more than 13 years of exceptional experience serving the financial needs of clients. In those 13 years, Norris has served as assistant branch manager in St. Paul and branch manager in the firm's Duluth office. Norris earned numerous company awards for his work as a branch manager and financial advisor, including the Dan Lastavich Award for Top Branch Management Performance and Top Recruiting Award. Prior to joining Piper Jaffray, he was president of Norris Management Company in St. Paul, a private real estate and financial services firm. Norris is a graduate of the University of Minnesota with a bachelor's degree in Agri-Business.

Prior to joining Piper Jaffray, Heintz worked at RBC Dain Rauscher for 12 years most recently as the branch manager in Wayzata. Heintz began at RBC Dain Rauscher as a human resources manager for the Private Client Group, then was a financial consultant in the Edina branch and the assistant branch manager in the Minneapolis branch. Heintz graduated from the University of Wisconsin at Madison with a bachelor's degree in retail management after which she spent three years as an U.S. Army Officer in Europe.

Piper Jaffray & Co. is the chief operating subsidiary of Piper Jaffray Companies (NYSE: PJC), a focused securities firm dedicated to delivering superior financial advice, investment products and transaction execution within selected sectors of the financial services marketplace. The company operates through two primary revenue-generating segments: Capital Markets and Private Client Services. Investment Research, an independent group reporting to the CEO, supports clients of both segments. Piper Jaffray & Co. has served corporations, government and non-profit entities, institutional investors and the financial advisory needs of private individuals since 1895. Headquartered in Minneapolis, Piper Jaffray has approximately 3,000 employees in 111 offices in 23 states across the country and in London. For more information about Piper Jaffray, visit us online at http://www.piperjaffray.com .

Since 1895. Member SIPC and NYSE.

SOURCE Piper Jaffray & Co.

Susan Beatty of Piper Jaffray & Co., +1-612-303-5680