Hambrecht & Quist

Hambrecht & Quist

Hambrecht & Quist (H&Q) was an investment bank based in San Francisco, California noted for its focus on the technology and internet sectors. H&Q was founded by William Hambrecht and George Quist in California, 1968.

H&Q was an early player in the technology sector, underwriting IPOs for Apple Computer, Genentech and Adobe Systems in the 1980s. In the 1990s, H&Q also backed the IPOs of Netscape, MP3.com, and Amazon.com. [cite news|url=http://www.motherjones.com/news/special_reports/mojo_400/64_hambrecht.html?welcome=true|title= William R. Hambrecht (with Sally)|date=2001-03-05|publisher=Mother Jones|author=Scherer, Michael]

Competition in the investment banking industry in the late 1990s limited H&Q's ability to grow as an independent firm and in 1999 Hambrecht & Quist was acquired for $1.35B by Chase Manhattan Bank. H&Q was renamed Chase Securities West and is currently part of JPMorgan Chase. [ [http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/1999/09/29/MN74839.DTL Big S.F. Bank Sold to Chase In New York] (San Francisco Chronicle, 1998)]

After leaving H&Q, founder Bill Hambrecht popularized the "OpenIPO" model, in which Dutch auctions allowed anyone, not just investing insiders, to buy stock in an IPO, potentially raising more money for startups. Among the companies that adopted this model were Overstock.com, Ravenswood Winery and Salon Media Group [cite web|url=http://www.fastcompany.com/magazine/103/open_34-hambrecht.html|title=2006 Fast 50|publisher=fastcompany.com|accessdate=2007-05-30]

ee Also

*WR Hambrecht + Co - investment bank founded by William Hambrecht after acquisition of H&Q

References


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