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 投行系列：美国汉鼎风险投资有限公司 Chase H&Q（转贴） |
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安普若
[博客]
[个人文集]
头衔: 海归元勋
声望: 大师
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加入时间: 2004/02/21
文章: 26038
来自: 中国美国的飞机上
海归分: 4196257
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作者：安普若 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Chase H&Q
One Bush St., San Francisco, CA 94104
www.hq.com
(415) 439-3000
Fax: (415) 439-3638
The Scoop
A turnaround in the valley
Founded in 1968 by William Hambrecht and the late George Quist to find and support the best entrepreneurs in the fastest-growing sectors of the economy, Hambrecht & Quist has not always been the Silicon Valley success story it is now. In the early 1990s, the firm was on the verge of bankruptcy, reporting an annual loss of $10 million. Part of the firm's problem was that it had underwritten IPOs of several companies that failed. The firm was turned around largely because of the efforts of CEO Daniel Case, who took over in 1992. Case, the older brother of America Online CEO Steve Case, beefed up the firm's research, brokerage and M&A businesses. Case took over as chairman of the firm when Hambrecht stepped down in 1998. (Hambrecht launched an investment banking and venture capital firm right after leaving.)
Stick to tech
H&Q is now a full-service investment bank that focuses on high-growth companies in the technology, health care, information services, and branded consumer products industries. However, Case concedes that H&Q's core business remains the technology market. "We have chosen, unlike other people, not to go into new areas," he told The Wall Street Journal. The firm's distinguished recent history includes having managed the initial public offerings (IPOs) for high-tech companies such as Apple, Next, Pixar, Netscape, Amazon.com, Network Solutions, and Adobe - some of most successful IPOs of all time. Other high-growth companies that are Hambrecht & Quist customers include U.S. Robotics, Genentech, The North Face, and Starbucks. Since 1995, the firm has had a hand in more than 380 equity offerings, raising more than $27 billion -- in the last four quarters as of July 1998, the firm had handled 95 offerings totalling $10.1 billion. For the same period, the firm advised on 63 M&A transactions totalling $9.1 billion in volume. Recent transactions have included theStreet.com's high-flying IPO in 1999, and advising Inprise Corporation, formerly known as Borland International in its business strategy and organization. In 1999, the firm established an office in Atlanta to serve the high tech market in the Southeast region.
Still, the past couple of years have not been particularly kind to Hambrecht & Quist. As former boutiques merge with big guns, and other banks show interest in the booming technology field, H&Q's market share is declining. In 1997, Merrill Lynch opened a technology banking office in Palo Alto, California, and in January 1998 Goldman Sachs opened an office in Menlo Park, California to beef up its growing San Francisco-based technology banking operation. Tech companies admit that the names of the Goldmans and Morgan Stanleys of the world are viewed as important in bringing a successful IPO. Rambus CEO Geoff Tate explained to Fortune in 1998 why the company's board of directors picked Morgan Stanley to lead manage its IPO, leaving H&Q with a role as a co-manager. "They felt that Morgan Stanley has a worldwide reputation," said Tate. "And there's the perception that if Morgan Stanley picked you, then you're really in the top tier."
Sold to Chase
After months of speculation, during which I-bank giants like Merrill Lynch and Deutsche Bank were said to be courting H&Q, the firm was finally snapped up by Chase for $1.35 billion in September 1999. H&Q will serve as a foundation on top of which, Chase hopes to build a strong I-bank. H&Q's reputation for taking technology companies public made it an attractive acquistion for Chase, as the bank has been looking to enter the equity underwriting business, particularly in the lucrative technology field. The firm was renamed Chase H&Q after the acquisition.
Getting Hired
Hambrecht & Quist recruits self-motivated individuals distinguished by their academic accomplishments and extracurricular activities. Recent graduates are hired as corporate finance analysts and research associates in each office. The firm recruits undergrads at Princeton, Penn, Yale, Berkeley, Stanford, Dartmouth, and Harvard, as well as other undergraduate campuses. The recruiting e-mail address is [email protected].
MBA associates are hired into corporate finance, research, and sales & trading through an interview process on business campuses and at the corporate offices in San Francisco, New York and Boston. The firm recruits MBAs at Harvard, Kellogg, Stanford, Wharton, UCLA, and other business schools. Corporate finance associates are hired as generalists and work with senior investment banking professionals on public equity and debt offerings, mergers and acquisitions, and private placements.
Our Survey Says
A cutting edge culture
Hambrecht & Quist cultivates a "rapidly changing," "entrepreneurial" culture, in which analysts "pour their energies" into staying on top of the current developments in the "hottest fields around," such as technology, information services, and health care. Employees work "long," "hectic" schedules. "The work hours depend on where you work," reports one employee, "from 40 to 50 in sales and trading to 70 or so in research to 80 to 100 in corporate finance." However, they say that the office environment is "less formal" and "more social" than the firm's New York-based competitors. "Friday is casual day for all departments," according to one insider. "The dress is corporate but not stuffy," says another. "Everyone I work with is young and enthusiastic and fun," says another employee. "We do fun stuff as a company: we went on a rafting trip in August, we did Habitat for Humanity, [and] a bunch of us are going skiing in February." Working in "cutting-edge" industries, moreover, enables employees to leave the firm for "high-paying and high-prestige" industry positions "easily."
Green light
Although "the pay relative to other investment banks is said to be slightly lower," H&Q employees are far from struggling. "Our IRA is matched by the company up to 10 percent of your income," reports one insider. (The company match is up to $4,000.) "Depending on your position, there is an opportunity to invest in some (company) ventures." The firm also offers a leveraged employee fund. In conclusion, says one: "I give H&Q a green light." Go for it!
Employment Contact
Patricia L. Buckman
Director of Human Resources
One Bush St.1
San Francisco
CA
94104
Products and Services
Executive Financial Services;M&A Advisory;Research;Underwriting;Venture Capital
Key Competitors
Banc of America Securities;Robertson Stephens;Deutsche Banc Alex. Brown;Goldman Sachs;Merrill Lynch;Morgan Stanley Dean Witter;SG Cowen
作者：安普若 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 投行系列：美国汉鼎风险投资有限公司 Chase H&Q（转贴） -- 安普若 - (6840 Byte) 2004-4-27 周二, 13:08 (2653 reads)
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