Chase HQ Exec Joins Private Equity Fund

NEW YORK - Dennis Purcell, a managing director of health-care investment banking at Chase H&Q, has stepped down to become a senior managing partner of a private equity fund backed by the merchant bank Perseus LLC and Soros Private Equity Partners.Mr. Purcell will continue to be an advisory director at San Francisco-based Chase H&Q, said Carole Newman, a spokeswoman.

Other bankers who have left the firm to join noncompetitive businesses such as venture capital firms have stayed on in similar roles.

Another senior executive left Chase H&Q on Jan. 25. Jamie Streator, also a managing director in health-care investment banking, joined Thomas Weisel Partners as a director and partner in its health-care practice.

Chase H&Q was formed after Chase Manhattan Corp. bought Hambrecht & Quist Group, an independent investment bank that focuses on emerging growth companies.

Chase Manhattan also has a team of investment bankers targeting health-care companies within its mergers and acquisition group, which is co-headed by managing director Douglas Braunstein.

Mr. Purcell will be responsible for running the Perseus Soros BioPharmaceutical Fund LP, which makes private equity investments in life sciences companies.

Before joining Chase H&Q in 1994, Mr. Purcell was a managing director in PaineWebber Inc.'s health-care group.

Separately, Chase H&Q said Monday that it had hired two equity research analysts. David Glaymon joined the firm's telecommunications services group last week as a senior analyst from Salomon Smith Barney. Sudeep Balain, who worked at Soundview Technology Group, is now a senior analyst at Chase H&Q covering semiconductors.


First Security-Zions Shareholder Votes Set

SALT LAKE CITY - Shareholders of First Security Corp. and Zions Bancorp will vote March 22 on a merger that would create the second-largest banking company in the West.The votes were originally scheduled for Dec. 28, but were postponed after the Securities and Exchange Commission ordered Zions to restate its financial results for the previous three years using the purchase accounting method rather than pooling of interests.

In June, Zions announced a deal to buy its Salt Lake City rival for $5.9 billion. The deal would form a $40 billion banking company.

In an SEC filing Tuesday, the two banking companies also said they had to agreed to pay a combined $40 million to the investment banks advising them on their impending merger.

First Security said it would pay $25 million to J.P. Morgan and Zions will pay Goldman Sachs $15 million, the filing said.

- Compiled by Laura Mandaro

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