Adams, Harkness & Hill Expands Trading Operation as Kevin J. Ronayne Is Named Head of Listed Trading

Business Wire, March 17, 2003

Business Editors

BOSTON--(BUSINESS WIRE)--March 17, 2003

Adams, Harkness & Hill, a privately held institutional investment bank, today announced that Kevin J. Ronayne has joined the firm as a Managing Director and Head of Listed Trading. He is the company's first listed position trader, and Ronayne's addition to the firm's equity group gives Adams, Harkness & Hill the only institutional listed market-making desk in Boston.

"This expansion of our equity services allows us to offer our clients the best execution on all the emerging growth stocks we cover," said John Tesoro, Managing Director and Director of Equities at Adams, Harkness & Hill. "Emerging growth stocks are more consistently trading on both exchanges, so bringing Kevin on board is a business decision that helps us more completely service our clients and keep our strong focus in this category."

Ronayne has been trading listed securities for 10 years, working as a senior listed technology trader at Robertson Stephens and prior to that at Montgomery Securities. Most recently he was head of listed trading at Investec in New York, where he was hired to build a listed trading desk for the company. Ronayne began his career at Goldman Sachs and holds a B.S. in finance from Georgetown University.

"Our decision to add a listed trader is strongly influenced by our research team, which continues to find exciting emerging growth companies to track outside of NASDAQ," said Timothy J. McMahon, President and CEO of Adams, Harkness & Hill. "Trading acumen, not just trading capital, has gained in importance on the big board in the past few years, and that environment is one in which we thrive."

Adams, Harkness & Hill is a privately held institutional investment bank focused on emerging growth companies in the technology, healthcare and consumer sectors. With a focus on research-driven investment ideas, Adams, Harkness & Hill offers investment banking, institutional sales and trading, asset management and corporate services. Headquartered in Boston, Mass., and with an office in San Francisco, Calif., Adams, Harkness & Hill offers the expertise of a national investment bank with the personalized attention and long-term client relationships of a boutique investment bank. More information is available at www.ahh.com. Member NYSE/NASD/SIPC.