Doug Aronstein Hired to Enhance Program Trading Capabilities at Piper Jaffray

Business Wire, June 18, 2008

NEW YORK -- Piper Jaffray has hired Doug Aronstein as head of program trading to enhance the firm's trading capabilities on the electronic trading team. He will be based in the New York office and lead the team in continuing to provide sophisticated algorithmic trading and order routing to secure the best price and market representation for clients.

With nearly 15 years of experience, Aronstein joins Piper Jaffray from Bank of America where he was previously a principal in electronic trading services and focused on growing the program trading business with North American and European clients. Prior to Bank of America, he was head of international program trading sales at Deutsche Bank where he was responsible for developing and leading a group that achieved the #1 Overall International Portfolio Trading Quality rating in the Greenwich Associates Survey in 2003 and 2004.

"Doug's strong experience with generating new domestic and international electronic trading relationships across electronic trading platforms will complement the already successful algorithmic business we have at the firm," said Jim Fehrenbach, head of equity sales and trading at Piper Jaffray.

Aronstein earned a bachelor's degree from the University of Virginia and a Master of Business Administration degree from the University of Michigan.

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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