Clarke J. Howatt, formerly a vice president of Kidder, Peabody & Co. in New York, has joined Rauscher Pierce Refsnes Inc. in San Francisco as a vice president to handle health-care financings.

Mr. Howatt, who worked in Kidder's health and education finance group, will emphasize small to medium-size health-care financings in the West for Rauscher Pierce, said Virginia Horler, senior vice president and co-manager of public finance for the firm.

"We see a fair number of firms doing well" in health-care finance in California, Ms. Horler said. She said she believes, however, that Rauscher can carve a market niche by focusing on small and medium-sized issuers.

Mr. Howatt worked at Kidder Peabody for six years and was involved in numerous transactions, including direct responsibility for the structure of the largest single-hospital bond issue ever brought to market, a $472 million New York State Medical Care Facilities Finance Agency issue for St. Luke's-Roosevelt Hospital Center in Manhattan.

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