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CONCORD HOLDING CORPORATION INCREASES MUTUAL FUND ASSETS UNDER ADMINISTRATION BY 71 PERCENT IN ONE YEAR TO OUTPACE INDUSTRY GROWTH

 NEW YORK, Nov. 23 ~PRNewswire~ -- Concord Holding Corporation announced today that it saw its mutual fund assets under administration grow by 71 percent during the year ended Sept. 30, 1992, outpacing the industry growth rate of 42 percent for the same period.
 Concord Holding Corporation, the second largest administrator of bank-related proprietary mutual funds, increased its mutual fund assets under administration from $12.5 billion on Sept. 30, 1991, to nearly $21.5 billion one year later.
 By comparison, total bank-related mutual fund assets increased from $110.6 billion on Sept. 30, 1991, to $156.8 billion on Sept. 30, 1992 (the latest data available), according to Lipper Analytical Services, Inc.
 "Concord's rapid growth represents not only the assets contributed by our clients, but also the results of Concord's own sales efforts," said Richard E. Stierwalt, chief executive officer and co-founder of Concord Holding Corp. "By working jointly with our clients as well as independently, we've been able to grow our clients' mutual funds beyond expectations. In addition to ranking No. 2 out of 24 distributors of proprietary mutual funds. Concord is at the top in generating new assets for bank clients. We are very proud of our achievements."
 As of Nov. 1, 1992, Concord's assets under administration reached $24 billion. More than a third of this total -- or $9.6 billion -- has been generated independently by Concord's own national sales force and marketing activities on behalf of its clients.
 Concord Holding Corporation serves as administrator for eight bank- related mutual fund families and one non-bank group.
 Concord and its subsidiaries serve as administrator, distributor and sponsor of Bank of America's Pacific Horizon Funds; The Bank of New York's BNY Hamilton Fund and Infinity Mutual Funds~Alpha Portfolios; Barnett Banks Trust Company's Emerald Funds, and Credit Suisse~BEA Associates Inc.'s Infinity Mutual Funds~Pegasus Portfolio.
 Concord and its subsidiaries also serve as co-administrator, distributor and sponsor of the United States Trust Company's UST Master Funds, and as sub-administrator, distributor and sponsor of Chase Manhattan Bank's Vista Funds and Trinity Assets Trust. Concord is also sub-administrator for Bank of America's Bunker Hill Securities (a closed-end mutual fund).
 In the non-bank area, Concord is administrator, distributor and sponsor for the Infinity Mutual Funds~Correspondent Cash Reserves Money Market Portfolio of Correspondent Services Corporation (CSC), a subsidiary of PaineWebber Incorporated.
 Concord works with financial institutions around the country to sponsor, distribute and administer 50 proprietary mutual funds where banks, brokerage firms and investment management companies serve as investment advisers. Concord has offices in Boston, Chicago, Dublin, La Jolla, New York, Pittsburgh, San Francisco and St. Petersburg.
 Concord Financial Group, Inc., is the distributor of the Pacific Horizon and Infinity Mutual Funds. BNY Hamilton Distributors, Inc., is the distributor of the BNY Hamilton Funds. Emerald Asset Management, Inc. is the distributor of the Emerald Funds. UST Distributors, Inc., is the distributor of the UST Master Funds. Vista Broker-Dealer Services, Inc., is the distributor of the Vista Family of Mutual Funds.
 The distributors of the funds are unaffiliated with the banks, which act as investment advisers to the funds. Investments in the funds are neither guaranteed by nor obligations of the banks and are not FDIC insured.
 -0- 11~23~92
 ~CONTACT: Laura Berger or Stan Appenzeller of Arlen Financial Communications, 212-966-5100, for Concord Holding Corporation~


CO: Concord Holding Corporation ST: New York IN: FIN SU:

GK-TS -- NY019 -- 0394 11~23~92 10:31 EST
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Date:Nov 23, 1992
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