Hambrecht & Quist
| Company type | Private |
|---|---|
| Industry | Investment banking |
| Founded | 1968 |
| Founder | Bill Hambrecht, George Quist |
| Fate | Acquired by Chase Manhattan Bank in 1999; later absorbed into JPMorgan Chase |
| Successor | JPMorgan Chase (via Chase Manhattan Bank) |
| Headquarters | San Francisco , United States |
Area served | United States |
Key people | Bill Hambrecht, George Quist |
| Products | Investment banking services, IPO underwriting |
| Owner | Chase Manhattan Bank (from 1999) |
| Parent | Chase Manhattan Bank (from 1999) |
Hambrecht & Quist (commonly referred to as H&Q) was an investment bank headquartered in San Francisco, California, with a primary focus on the technology and Internet industries. Established in 1968 by Bill Hambrecht and George Quist, the firm was instrumental in underwriting the initial public offerings (IPOs) of prominent technology companies such as Apple Computer, Genentech, and Adobe Systems throughout the 1980s. During the 1990s, H&Q facilitated IPOs for notable firms including Netscape, MP3.com, and Amazon.com.
In response to growing competition at the end of the 1990s, H&Q was purchased by Chase Manhattan Bank in 1999 for $1.35 billion. Although there were initial plans to rename the entity "Chase Securities West," the decision was made to preserve the "Chase H&Q" branding due to its established market reputation. This division was later absorbed into JPMorgan Chase. The H&Q name persists today through healthcare-oriented closed-end funds managed by Hambrecht & Quist Capital Management, based in Boston.
Following his departure from H&Q, founder Hambrecht further developed the "OpenIPO" approach, which employs Dutch auction mechanisms to broaden IPO participation beyond conventional investors, thereby increasing capital raised for emerging companies. This method has been utilized by firms such as Overstock.com, Ravenswood Winery, and Salon Media Group.
See also
- WR Hambrecht + Co, an investment banking firm founded by William Hambrecht after H&Q's acquisition
- H&Q Asia Pacific, a private equity company focused on Asian markets
References
Further reading
- Chase Agrees to Acquire Hambrecht & Quist. The New York Times, September 29, 1999
- Culture shock -- J.P. Morgan jolts Hambrecht & Quist. San Francisco Business Times, March 16, 2001