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BANKERS TRUST ANNOUNCES LESSER TO RETIRE AT YEAR-END; CONSOLIDATES FUNDS MANAGEMENT BUSINESSES

 NEW YORK, May 17 /PRNewswire/ -- Edward A. Lesser, vice chairman and member of the Management Committee of Bankers Trust Company and its parent, Bankers Trust New York Corporation (NYSE: BT), has announced his intention to retire from the firm and its boards of directors at the end of this year. Succession plans will be announced at a later date.
 Mr. Lesser's retirement will bring to a close a nearly 40-year career with Bankers Trust. He joined Bankers Trust in 1955 after receiving his B.S. in economics from the Wharton School of the University of Pennsylvania. In 1971 he assumed responsibility for the bank's operations division, including its computer systems and data centers. Mr. Lesser was named a senior vice president in 1971, executive vice president in 1974 and a member of the Management Committee in 1977. He was elected a director in 1982 and was named vice chairman in 1992.
 After heading the Fiduciary Department for seven years, Mr. Lesser was instrumental in the 1984 reorganization of the firm's processing, fiduciary, investment management and trust units into an organizational model which became the standard for the industry. Not content with the widely recognized success of the unit he ran, Mr. Lesser once again addressed the strategic direction of these businesses and last year recast them into their current form, known as Global Assets. The name and organizational structure were changed to reflect Bankers Trust's mission of becoming the global leader in helping clients manage their assets more productively.
 Concurrent with the news of Mr. Lesser's intent to retire, the firm also announced the consolidation of its Global Assets - Investment Management group with the funds management activities in the Global Trading group, which include the management of foreign exchange and derivatives funds. Ivan Wheen, managing director, will assume responsibility for the combined group, which will be known as Global Investment Management.
 Mr. Wheen, an Australian, joined Bankers Trust's Sydney office in 1980 and has held a variety of positions in global markets businesses around the world. Most recently he has been located in London with responsibility for global trading in Europe and the development of funds management activities worldwide. Mr. Wheen will report both to Mr. Lesser and to R. Kelly Doherty, managing director and head of the Global Trading group. H. Kent Atkins, managing director an head of Global Assets - Investment Management, will report to Mr. Wheen.
 This consolidation will allow the firm to leverage its risk management capabilities in order to best serve its institutional and individual clients through a full spectrum of investment and risk management opportunities. This new group will be one of the world's largest funds managers, with nearly $150 billion in assets under management.
 "Changes in risk management techniques, technology and new markets, combined with increasing globalization, will present great challenges and tremendous opportunities to both customers and fund managers. The merging of our funds management activities allows us to more effectively address these opportunities and meet the challenges of the future," said Bankers Trust Chairman Charles S. Sanford Jr.
 Bankers Trust New York Corporation is the seventh largest U.S. bank holding company, with assets of $79.5 billion.
 -0- 5/17/93
 /CONTACT: Kenneth A. Brause of Banker Trust New York Corporation, 212-454-1120/
 (BT)


CO: Bankers Trust New York Corporation ST: New York IN: FIN SU: PER

SH-OS -- NY033 -- 9071 05/17/93 10:04 EDT
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Publication:PR Newswire
Date:May 17, 1993
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