Alliance Capital appoints new chief executive officer of cash management services division.

NEW YORK--(BUSINESS WIRE)--Dec. 19, 1994--Alliance Capital Management L.P. announces the appointment of Ronald M. Whitehill to President and Chief Executive Officer of its Alliance Cash Management Services Division. Whitehill will succeed James P. Syrett, who will be relinquishing the President and CEO titles in anticipation of his retirement within the next year. Syrett has been with Alliance for 16 years and has worked in the securities industry for almost 40 years. He will remain with Alliance on a part-time basis through 1995 to ensure an orderly transition.

Whitehill joined Alliance in June 1993 as Executive Vice President of Cash Management Services. Prior to joining Alliance, Whitehill was Senior Vice President and Managing Director of The Reserve Fund. He previously served as Vice President, Sales/Marketing Brokerage Services Division, for Automatic Data Processing and President of Ace Fastener Co., a division of American Brands. Whitehill holds a B.A. from Brown University.

Alliance Capital Management L.P. is a diversified global investment adviser with over $123 billion in assets under management, offering institutions and individuals a broad line of investment services which include mutual funds and cash management products.

CONTACT: Linda Finnerty, 212/969-1316