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NEW YORK, March 20, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Piper Jaffray & Co. is pleased to announce that Michael Gebo has joined the firm as a managing director in the Financial Services Investment Banking Group. Gebo will head the insurance practice within financial services and will be located in New York.

"We are pleased to have Michael join our financial services group," said Jon Salveson, head of Investment Banking at Piper Jaffray. "His extensive knowledge and expertise in financial services banking are a welcomed addition as we look to continue to grow our financial institutions group at Piper Jaffray."

Gebo joins the firm from Banc of America Securities in New York, where he was in the financial institutions group focusing on the insurance sector. Prior to that, he worked in the financial institutions group and leveraged finance group at Prudential Securities in New York. Overall, Gebo has over 14 years of investment banking experience.

Gebo graduated from Southern Methodist University in Dallas with a bachelor's degree in finance. He received his master's of business administration in finance and international business from the Leonard N. Stern School of Business at New York University in New York, NY.

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 2,900 employees in 107 offices in 23 states across the country and in London. For more information about Piper Jaffray, visit us online at .

Since 1895. Member SIPC and NYSE.

SOURCE Piper Jaffray & Co.

Susan Beatty, Media Relations, of Piper Jaffray & Co., +1-612-303-5680