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MINNEAPOLIS, Oct 18, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Piper Jaffray & Co. is pleased to announce that Joel Denney has been promoted to head of Investment Research. Denney, who currently is head of Fixed-Income Research, will retain his current role in addition to heading up the Equity Research division. Denney has been with Piper Jaffray for more than 18 years working in sales, trading and fixed-income research roles.

"We are thrilled to promote Joel to this important leadership position," said Tom Schnettler, head of Corporate and Institutional Services at Piper Jaffray. "Joel's experience in working with our aircraft finance group as well as leading the Fixed-Income Research team will be very valuable in his new role as head of Investment Research. We look forward to Joel's expertise, strategic approach and proven team-building capability in his new role."

Denney has been head of Fixed-Income Research for four years. Prior to that, he was a senior research analyst covering aircraft finance with a focus on enhanced equipment trust certificates (EETC). Before starting at Piper Jaffray in 1987, Denney was a portfolio manager for Minnesota Power in Duluth, Minn. He earned his bachelor's degree in business administration with concentration in finance and economics from the University of Minnesota-Duluth and holds the Chartered Financial Analyst designation. He is a member of CFA Institute and the CFA Society of America.

"I look forward to this new challenge," said Denney. "It will be exciting to work with our strong research teams on both the equity and fixed-income side of the business to put forth top differentiated and proprietary research product for our clients."

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. Piper Jaffray & Co. has served corporations, government and non-profit entities, institutional investors and the financial advisory needs of private individuals since 1895. With headquarters in Minneapolis, Piper Jaffray has approximately 3,000 employees in 104 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, Media Relations of Piper Jaffray & Co., +1-612-303-5680,
susan.l.beatty@pjc.com
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