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REGISTRATION STATEMENT FILED FOR SECONDARY OFFERING OF PIPER JAFFRAY SHARES

 REGISTRATION STATEMENT FILED FOR SECONDARY OFFERING
 OF PIPER JAFFRAY SHARES
 MINNEAPOLIS, Jan. 31 /PRNewswire/ -- Piper Jaffray Incorporated (NASDAQ: PIPR), parent company of the Minneapolis-based investment firm, Piper, Jaffray & Hopwood Incorporated, today announced the filing of a registration statement with the Securities and Exchange Commission for a proposed offering of 2.175 million shares of common stock offered by two selling shareholders.
 Piper, Jaffray & Hopwood Incorporated and Morgan Stanley are underwriters of the offering. Sale of the stock will be made by prospectus only. A copy of the prospectus related to these securities may be obtained from Piper, Jaffray & Hopwood Incorporated, 222 South Ninth Street, Minneapolis, Minn., 55402, or from Morgan Stanley & Co. Incorporated, Merchant Banking Department, 1251 Avenue of the Americas, New York, N.Y. 10020.
 The shares will be available from the sale of shares held by ITT Hartford Insurance Group, which owns 22 percent, or 1,852,902 shares of Piper Jaffray stock, and 322,098 shares held by the Harry C. Piper Estate Trust. The trust holds the shares of common stock formerly held by H.C. Piper, former chairman and chief executive officer of Piper Jaffray who died in August 1990.
 ITT Hartford is selling its shares because it believes that its holdings in Piper Jaffray are no longer consistent with its long-term business strategy.
 The Harry C. Piper Estate Trust executors have recommended the sale of a significant portion of the shares held by the estate in order to diversify the assets of the charitable trust. The terms of the trust dictate that all shares held by the estate be distributed to a charitable trust administered by the Minneapolis Foundation, a community foundation.
 Once the offering is completed, Piper Jaffray Chairman and Chief Executive Addision L. Piper said the firm intends to list its stock on the New York Stock Exchange, provided that there are a sufficient number of round lot shareholders added after the offering.
 Piper Jaffray Incorporated is the parent company of Piper, Jaffray & Hopwood Incorporated, a full-service investment firm with 64 offices in 16 Midwest, Mountain and Pacific Northwest states. Piper, Jaffray & Hopwood Incorporated has capital markets offices in Minneapolis, New York, Seattle, Portland, Los Angeles, Kansas City, Denver and London. Other subsidiaries include Piper Capital Management, an asset management company with more than $6.4 billion under management, and Piper Trust, which provides trust services to individuals and institutions. Founded in 1895, Piper, Jaffray & Hopwood is a member of the New York Stock Exchange and other major stock, futures and options exchanges.
 -0- 1/31/92
 /CONTACT: Marie Uhrich of Piper Jaffray, 612-342-6583/
 (PIPR) CO: Piper Jaffray Incorporated, Piper, Jaffray & Hopwood Incorporated ST: Minnesota IN: FIN SU: OFR


AL -- MN004 -- 5643 01/31/92 13:08 EST
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Publication:PR Newswire
Date:Jan 31, 1992
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