Piper, Jaffray & Hopwood is in business to make money, no question about that. But the firm also prides itself on its code of ethics, embodied in its "mission statement" and in its commitment to support charitable works in the communities in which it does business.

Five percent of PJH pre-tax profits go to help support a variety of non-profit entities in the arts and humanities, health care, social services, education and civic affairs. Over the past five years, the firm has contributed nearly $4 million to non-profit organizations. Even in 1990, not a profitable year for the firm, contributions totaled $835,000.The company's mission statement commits it to:

Work in partnership with our clients to understand their objectives and earn their confidence and respect; provide sound advice and investments which meet our clients' objectives; satisfy the financing needs of our investment banking clients in an effective and creative manner;

Communicate effectively and frequently with our clients; maintain the confidentiality of all client communications; cooperate with each other, promote the personal growth of each employee and preserve a high-quality work environment; contribute to the communities in which we live and work.