Bear Stearns Asset Management Launches New Wrap Product; Strategic Investment Services -STRATIS- For High-Net Worth Clients.

NEW YORK, NEW YORK--(BUSINESS WIRE)--Sept. 17, 1998--Bear, Stearns & Co. Inc. announced today that Bear Stearns Asset Management (BSAM) has launched Strategic Investment Services (STRATIS) for its high-net worth clientele. STRATIS is an all-inclusive investment program that provides investors with access to top money managers across a wide spectrum of investment disciplines.

With a minimum investment of $250,000, investment strategies will be developed for individual investors and will establish asset allocation mix and investment styles appropriate to each client. Portfolios will be allocated among approximately 25 money managers, including BSAM, in five asset classes: US large-cap equity, US small-cap equity, international equity, US fixed income and international fixed income.

A critical and distinguishing feature of the program is the selection of KPMG Peat Marwick Llp to provide objective consulting services to STRATIS. Participating investment managers will be required to pass a comprehensive screening process, in which Bear Stearns will not participate. KPMG will monitor the performance of each money manager on a quarterly basis and conduct an annual analysis to assess the level of risk assumed and the consistency of investment style.

Doni Fordyce, senior managing director and chief operating officer of BSAM said, "This is an exciting product to offer our sophisticated investors. Essentially clients are receiving institutional service enabling them to benefit from diversity across a wide spectrum of investment disciplines."

Bear Stearns Asset Management Inc., the investment management arm of Bear Stearns, manages over $9 billion in assets across a wide spectrum of investment disciplines, including US equities; domestic, global and emerging markets fixed income; and balanced accounts. BSAM's investment management expertise is made available to a broad range of investors through separate account management and the Bear Stearns family of mutual funds. Its diverse client base includes institutions, employee benefit plans, university endowments, charitable trusts, individuals and family groups.

Bear, Stearns & Co. Inc., a leading worldwide investment banking and securities trading and brokerage firm, is the major subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). With approximately $17.9 billion of total capital, Bear Stearns serves governments, corporations, institutions and private investors worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers professional and correspondent clearing, including securities lending. Headquartered in New York City, the company has approximately 9,300 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles and San Francisco; and an international presence in Beijing, Buenos Aires, Dublin, Geneva, Hong Kong, London, Lugano, Manila, Paris, Sao Paulo, Shanghai, Singapore and Tokyo.