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COMMON FUND NAMES DAVID STORRS TO SUCCEED GEORGE KEANE AS PRESIDENT

 COMMON FUND NAMES DAVID STORRS TO SUCCEED GEORGE KEANE AS PRESIDENT
 FAIRFIELD, Conn., July 14 /PRNewswire/ -- David K. Storrs, executive vice president of The Common Fund, has been chosen by the board of trustees to succeed George F. Keane as president and CEO, effective Jan. 1, 1993. Keane has served as chief executive officer since the organization was established in 1971. The Common Fund is a cooperative undertaking of more than 1,100 educational institutions throughout the United States that have placed $14 billion of their endowments and operating funds under the management of this unique nonprofit organization.
 Storrs, 48, was director of investments at Yale University before joining the staff of the Common Fund in January of 1987 as senior vice president. For the preceding five years he had served as a member of The Common Fund board of trustees, a governing body elected by the participating schools. "This is the culmination of a leadership transition plan proposed by George Keane three years ago," said Lyn Hutton, vice president and treasurer of Dartmouth College and chair of The Common Fund's board of trustees. "David was the unanimous choice of the board of trustees because of the exceptional talent he has demonstrated in the management of our investment programs, and in helping our member schools. His background in endowment management and investment consulting makes him uniquely qualified to lead The Common Fund towards our continuing goal of earning superior returns for our member schools, to help them fulfill their educational mission."
 Keane, 62, plans to continue in an active role, serving members of The Common Fund as president emeritus and senior investment advisor. "We have spent the past several years building our professional staff and grooming David Storrs as my successor," said Keane. "He has the energy, the professional skills and the vision to develop the great potential that still lies ahead for this important educational organization."
 The Common Fund employs 64 professional investment management firms which manage a comprehensive set of investment programs for member schools, including domestic and foreign stocks and bonds, money market securities, real estate, venture capital and oil & gas. Over the past 15 years, its active management strategies have resulted in the endowment investments of its member schools achieving 40 percent greater cumulative growth than the average college in the nationwide endowment survey conducted by the National Association of College and University Business Officers. Endowment income of member schools is also correspondingly larger. For the fiscal year ended June 30, its broadly diversified common stock fund earned a 16.1 percent return, compared with 13.5 percent for the S&P 500 Sock index, and its bond investments returned 15.4 percent compared with 14 percent for the Lehman Government/Corporate bond index.
 The Common Fund is headquartered in Fairfield, Conn., and has regional offices in California and Kentucky. Its professional and support staff of 55 people supervises investments and performs investment accounting for the 1,183 participating member schools.
 -0- 7/14/92
 /CONTACT: George Keane, president of The Common Fund, 203-255-7050, or Desmond Towey or Bernadette McLaughlin of Desmond Towey & Associates, 212-888-7600, for The Common Fund/ CO: The Common Fund ST: Connecticut IN: FIN SU: PER


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Date:Jul 14, 1992
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