SAN FRANCISCO - Gary F. Craft has joined the equity research department of Deutsche Banc Alex. Brown as managing director.Mr. Craft heads research in electronic finance, with coverage including Internet banking, brokerage, insurance, and payment companies.

He and Cato Carpenter are the firm's core electronic commerce research team. Mr. Carpenter will continue to focus on the electronic transaction processing and electronic payments areas. Mr. Craft and Mr. Carpenter will work closely with Gaurang Desai, head of electronic commerce investment banking.

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