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CIC ACQUIRES RCM ASSETS

 RICHMOND, Va., Aug. 27 /PRNewswire/ -- Commonwealth Investment Counsel, Inc., a division of Investment Management Group (IMG), a WFS Financial Corporation subsidiary, today announced the acquisition of the assets of Ryland Capital Management, Inc. (RCM), a wholly owned subsidiary of The Ryland Group, Inc. (NYSE: RYL). Ryland Group is a $2.6 billion, publicly traded home construction and mortgage financial services company headquartered in Columbia, Md.
 Ryland Capital Management, a registered investment advisor based in Richmond, specializes in fixed income securities with $135 million in assets under management and provides consulting services for an additional $2.5 billion in assets. RCM has provided portfolio management and administrative services to RAC Income Fund, Inc. (NYSE: RMF), a closed-end fund investing primarily in mortgage-backed securities.
 "This acquisition is consistent with Commonwealth's mission of having superior investment professionals, thereby providing our clients with money management services that are second to none in our industry," Investment Management Group Chairman Danny Ludeman said. "This gives Commonwealth a talented management team of fixed-income professionals, which will offer our clients investment management services across all sectors of the fixed income market."
 Under the terms of the acquisition, eight RCM employees will join Commonwealth. The employees and their new titles are: Charles W. Grant, chief fixed income officer; P. Michael Jones, senior vice president and director of fixed income research; William H. West Jr., vice president and portfolio manager; Steven C. Henderson, associate vice president and portfolio analyst; Terry L. Perkins, vice president, fund administration and accounting; Thomas J. O'Hara, senior financial analyst; B. Keith Wantling, financial systems analyst; and Linda W. Ritchey, administrative assistant.
 "We are excited about the additional benefits we will be able to provide clients because of our access to the financial resources and research capabilities of Commonwealth Investment Counsel," Grant said. "Although we now have a new home, our investment philosophy and personnel have not changed." Grant was president and chief investment officer of RCM.
 The RAC Income Fund trades on the New York Stock Exchange and will begin trading under the name Mentor Income Fund, Inc., and the stock symbol MRF shortly. The fund's investment objective is to achieve high monthly income, consistent with the preservation of capital. At least 80 percent of the fund's securities must be guaranteed by the U.S. government, its agencies or instrumentalities or rated no lower than AA by a nationally recognized credit rating organization.
 Commonwealth Investment Counsel, located in Richmond, is a registered investment adviser with $600 million under management. Commonwealth is an indirect subsidiary of WFS, which is a Richmond-based investment banking, brokerage and advisory firm with more than 2,000 employees in 11 states and the District of Columbia. WFS is comprised of two main subsidiaries, Wheat, First Securities, Inc., which includes its Butcher & Singer division, and Investment Management Group, Inc. Investment Management Group, Inc., owns three investment advisory subsidiaries, Commonwealth, Charter Asset Management, and the Cambridge Family of Funds. These IMG subsidiaries currently manage $1.4 billion in assets.
 -0- 8/27/93
 /CONTACT: Barb Henderson of WFS Financial Corporation, 804-782-3534/
 (RYL RMF)


CO: Commonwealth Investment Counsel, Inc.; Investment Management Group;
 WFS Financial Corp.; Ryland Capital Management; The Ryland Group,
 Inc. ST: Virginia IN: FIN SU: TNM PER


KD-TW -- DC027 -- 6722 08/27/93 15:45 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
Words:544
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