Piper Jaffray Inc., Minneapolis, said Paul P. Karos has rejoined it as a managing director, director of institutional equity sales, and product manager in equity capital markets.

Mr. Karos, 33, a research analyst who has specialized in the airline industry, had worked at CS First Boston since 1988. He had joined Piper Jaffray in 1981 and moved to L.F. Rothschild & Co., New York, in 1986.

He will lead Piper Jaffray's institutional equity marketing and sales effort and help further develop the company's research product.

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