Asahi Life and Nvest Form Joint Venture; Nvest to Manage Assets for $100 Billion Japanese Company.

BOSTON--(BUSINESS WIRE)--Feb. 26, 1999--Nvest Companies, L.P., the operating partnership of Nvest, L.P. (NYSE:NEW), and Asahi Life Investment Management Company (ALIMCO), an affiliate of Asahi Mutual Life Insurance Company of Tokyo, today announced their intentions to form a joint venture that will provide investment management services to Japanese institutions and individuals.

As part of the joint venture, ALIMCO would utilize its highly regarded investment expertise in Japanese investments and Nvest Companies, one of the largest publicly traded investment management firms in America through its partnership with Nvest, would use its extensive U.S. equity, U.S. fixed income and global fixed income capabilities to manage assets for ALIMCO and Asahi. It would also manage their investment products for the pension market. In addition, the alliance will develop, manage and market investment trusts that are expected to be introduced by Asahi and its affiliates in Japan when deregulation permits Japanese life insurance companies to offer a greater breadth of investment products.

In addition to the joint venture in the investment management field, Asahi is pursuing with MetLife, Nvest's largest unitholder, other possible alliances in Japan where the anticipated evolution in the financial markets is expected to offer significant opportunities to financial services firms.

"Nvest Companies has developed a premier reputation in America for its strong performance for managing equity and fixed income assets for institutional and individual investors," said Yuzuru Fujita, President of Asahi. "Through this alliance, Asahi Life will be able to provide enhanced services to its clients by utilizing the impressive investment management expertise of Nvest Companies affiliates."

"The venture with ALIMCO and Asahi Life, one of the largest insurance companies in Japan with more than $100 billion in assets under management, reflects our commitment to providing superior investment services and effectively penetrating the Japanese market," said Peter S. Voss, Chairman and Chief Executive Officer of Nvest.

The joint venture will set up an office in Tokyo that will be eventually staffed by employees of both ALIMCO and Nvest. The agreement is subject to approval by Japanese regulators. Nvest expects to begin managing assets for ALIMCO in mid-1999.

Established in 1888, Asahi is the fifth largest insurance company in Japan with $100 billion in assets under management. It has international offices in Brussels, Hong Kong, London and New York.

Through its partnership with Nvest Companies, L.P., Nvest has 17 affiliates and divisions with $135 billion in assets under management, as of December 31, 1998. These affiliates and divisions offer a wide array of investment styles and products to institutional and individual clients. They are: AEW Capital Management; Back Bay Advisors; Capital Growth Management; Graystone Partners; Harris Associates; Jurika & Voyles; Loomis, Sayles & Co.; New England Funds; Nvest Advisor Services; Nvest Associates; Nvest Retirement Services; Nvest Services Company; Reich & Tang Capital Management; Reich & Tang Funds; Snyder Capital Management; Vaughan, Nelson, Scarborough & McCullough; and Westpeak Investment Advisors.

Certain statements in this news release may constitute forward-looking statements within the meaning of the federal securities laws. Such statements should be considered in light of the risks and uncertainties associated with Nvest, L.P. and Nvest Companies, L.P. and their businesses; economic and market conditions prevailing from time to time; and the application and interpretation of federal and state tax laws and regulations, all of which are subject to material changes and which may cause actual results and the timing of certain events to vary materially from what had been anticipated. Certain factors that affect Nvest, L.P. and Nvest Companies, L.P. have been described in Nvest, L.P.'s Annual Report on Form 10-K for the year ended December 31, 1997, particularly under Item 1, "Business - Forward-Looking Statements" and include factors such as conditions affecting fee revenues, reliance on key personnel, competition, regulatory and legal factors, and tax considerations. Readers are encouraged to review these factors carefully.