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HAMBRECHT & QUIST ANNOUNCES NEW MANAGEMENT ALIGNMENT; WILLIAM HAMBRECHT TO BE NAMED CHAIRMAN; DANIEL CASE, PRESIDENT

 HAMBRECHT & QUIST ANNOUNCES NEW MANAGEMENT ALIGNMENT;
 WILLIAM HAMBRECHT TO BE NAMED CHAIRMAN; DANIEL CASE, PRESIDENT
 SAN FRANCISCO, March 17 /PRNewswire/ -- Hambrecht & Quist Group today announced that it expects approval of a new management alignment and new board members at its April 13 board meeting.
 The board is expected to elect William R. Hambrecht, 56, currently president and co-chief executive officer, as chairman. Hambrecht, who co-founded the firm along with the late George Quist in 1968, has spent his entire career in the investment banking and brokerage business. A cum laude graduate of Princeton University, he serves on its board of trustees. Hambrecht also has served as a director of numerous privately and publicly held companies. Gordon S. Macklin, 63, currently chairman and co-chief executive officer, will leave the company April 30.
 The board also will name Daniel H. Case III, 34, currently executive vice president, investment banking, to become president and to replace Macklin as co-chief executive officer.
 Case has been with Hambrecht & Quist since 1981 and has been responsible for the firm's investment banking activities since December 1987. He previously was co-head of mergers and acquisitions and also worked in venture capital and corporate finance. He also co-founded Hambrecht & Quist Guaranty Finance. A Rhodes Scholar originally from Hawaii, he graduated Phi Beta Kappa from Princeton University.
 William R. Timken, executive vice president, syndicate, and a 24-year veteran of Hambrecht & Quist, is expected to be elected vice chairman of the board -- a new position.
 In addition, two new directors will be added to the board: Roger F. Killion, executive vice president of sales and trading, and William E. Mayer, a former president and chief executive of CS First Boston, and currently dean of the William E. Simon Graduate School of Business Administration at the University of Rochester.
 "When Gordon Macklin joined us five years ago, he came with a clear set of goals designed to make this an operationally stronger firm," Hambrecht said. "He succeeded admirably, bringing our fixed costs down significantly. In addition, the company now is functioning with stronger management systems and a clear focus on an agreed-upon mission.
 "Most important, though, were his efforts in support of our shared belief that a public offering of an investment is not the end of a transaction but the beginning," Hambrecht said. "Thanks to him, our aftermarket support has no equal among our peer companies."
 Said Macklin: "After five years of ultra-fast-paced activity, my wife and I feel it is time to rejoin our family in the Washington, D.C., area. Hambrecht & Quist is functioning exceptionally well. Thus, the time is opportune for passing the baton to Dan Case, who has been carefully groomed to assume his new leadership role."
 Macklin will retain his directorships at Fund American Companies Inc., Martin Marietta Corp., and MCI Telecommunications Corp.
 "From 1988 through 1991, the aftermarket performance of Hambrecht & Quist companies has been the best of all major bracket underwriters in the country -- with an average 124 percent gain through year-end," Hambrecht said. "Our investment banking activity also has increased each year since Dan took over as head of that department. Hambrecht & Quist also has achieved an improvement in our competitive positioning in each of our core areas of focus -- life sciences, technology, and services -- as well as a build-up of our mergers-and-acquisitions and private placement capabilities. Dan has personally served as lead banker over the completion of more than 50 underwritings, financial advisory and private placement transactions."
 Hambrecht & Quist has seen a strong start to 1992, with $800 million raised in six IPOs and four follow-on financings. "This is a substantial increase over this time a year ago, and we have served as the lead manager in seven of these ten transactions," said Timken, executive vice president-syndicate, who will become vice chairman. "Eight companies are in registration, of which we have taken the lead in five."
 The firm also has seen its venture capital investments increase significantly, and Lipper Analytical Services recently named H & Q Healthcare Investors the top closed-end specialty fund for one-, two-, and three-year performance.
 Founded in 1968, Hambrecht & Quist is an investment banking and securities firm focused on the technology, life sciences and specialty services industries. The San Francisco-based firm provides venture capital, corporate finance and corporate transaction services to emerging growth companies and provides investment and trading services to institutional, retail and international investors.
 -0- 3/17/92
 /CONTACT: Michael Geczi, Karen Amrhine or Benjamin Cheney of Ogilvy Adams & Rinehart, 212-557-0100, for Hambrecht & Quist; or Carole Newman of Hambrecht & Quist, 415-576-3611/ CO: Hambrecht & Quist Group ST: California IN: FIN SU: PER


GK -- NY016 -- 8674 03/17/92 09:43 EST
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Date:Mar 17, 1992
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