Exhibit 99.1
Contacts: Juliana M. Coyle (Investors)
Jonathan V. Hubbard (Media)
(617) 330-8900
Internet: http://www.uam.com
For Immediate Release
UNITED ASSET MANAGEMENT CORPORATION ANNOUNCES
ELECTION OF CHARLES E. HALDEMAN, JR. AS PRESIDENT
Senior Investment Management Executive With Philadelphia-Based
Cooke & Bieler Has Served As UAM Director for Three Terms
BOSTON, February 2, 1998--United Asset Management Corporation (NYSE: UAM)
today announced that Charles E. Haldeman, Jr., 49, a Partner and Director of
Cooke & Bieler, Inc. of Philadelphia, will join UAM as President and Director
effective March 1, 1998. Norton H. Reamer, President and Chief Executive
Officer since founding UAM in 1980, will become Chairman and remains chief
executive. Cooke & Bieler has been an investment management affiliate of UAM
since 1986.
"Ed Haldeman will be an exceptional addition to UAM's senior management
team," said Mr. Reamer. "His industry experience, intelligence and character,
as well as his familiarity with UAM's unique culture and his invaluable service
on our Board make him the ideal person for this position. I've known and
admired Ed as a professional colleague ever since we negotiated the Cooke &
Bieler/UAM transaction in 1986, and I'm convinced that he'll make an outstanding
contribution to the future growth and shareholder value of UAM."
"United Asset Management is a diverse organization with an immensely
talented group of investment managers and executives," said Mr. Haldeman.
"Having been part of the UAM family for 12 years as well as having been a
Director, I'm excited at being selected to serve as the Company's President.
It's a great opportunity, and I look forward to helping guide UAM through its
next period of growth and development."
Cooke & Bieler is an investment management firm serving both institutional
and personal clients whose objective is to achieve a superior rate of total
return over the long term with minimal risk in both equity and balanced
portfolios. Its strategy, implemented primarily through internal research and a
team approach, involves investing in high quality, low risk companies with
strong management capabilities. The firm's equity portfolios have achieved
positive performance for 23 consecutive years. Cooke & Bieler also advises
three portfolios in the UAM Funds family:
UAM C&B Balanced Fund, UAM C&B Equity Fund, and UAM C&B Equity Fund for Taxable
Investors.
Mr. Haldeman joined Cooke & Bieler in 1974, becoming a Principal and
Director in 1976 and helping build the firm's assets under management from $250
million to its current level of approximately $5.5 billion. While at Cooke &
Bieler, he has had senior responsibility for a range of functions including firm
administration, portfolio management, investment research, client service and
new business development. He also served as Director of UAM from 1987 to 1989,
1990 to 1991, and 1995 to 1996 in seats on UAM's Board that rotate annually
among senior executives of the Company's affiliates.
He received an A.B. degree summa cum laude in economics from Dartmouth
College in 1970. In 1974, he received both a J.D. degree cum laude from Harvard
Law School and an M.B.A. degree with high distinction from Harvard Business
School, where he was a George F. Baker Scholar. He served on the Board of
Governors of the Investment Counsel Association of America from 1982 to 1991 and
was elected to the positions of President and Chairman of this industry
association. His community activities in the Philadelphia area include having
served as board member and as Chairman of Abington Memorial Hospital and Trustee
of The Episcopal Academy and The Baldwin School.
United Asset Management Corporation provides investment management
services, primarily to institutional investors. These services are offered
through a broad range of operating firms which managed over $197 billion on
December 31, 1997 for clients located throughout the United States and abroad.
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