LOS ANGELES -- Malcolm L. Jones, formerly a managing director of Public Resources Advisory Groups, has joined Kidder, Peabody & Co. as a vice president in the firm's Los Angeles public finance office.

Mr. Jones, a nine-year veteran in investment backing, said his new job allows him to "get back to the foundation of my business," which is underwriting.

Mr. Jones said he will still handle financial advisory work on a case-by-case basis, but underwriting will be his main focus.

In 1989, Mr. Jones joined Public Resources Advisory Group to help boost the firm's West Coast presence. Before that, Mr. Jones worked at Security Pacific Securities Inc. in Los Angeles; Smith Barney, Harris Upham & Co. in San Francisco; and Lehman Brothers in New York and San Francisco.

He has served as an adviser or underwriter on various transactions. His major municipal clients have included Los Angeles, San Diego, and the counties of Orange, Los Angeles, and San Diego.

Kidder Peabody has one other investment banker in its Los Angeles public finance office, Darryl Craig Avery, a vice president. Mr. Avery and Mr. Jones report to James W. Martling, senior vice president and manager of the firm's San Francisco municipal fiance office.

Mr. Jones said the opportunity at Kidder helps him meet "longer-term professional goals," adding that the firm is committed to expanding its public finance presence in California.

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