Carol W. Proffer Joins Pilgrim Baxter to Lead Private Equity Advisory Unit.

WAYNE, PA--(BUSINESS WIRE)--July 1, 1999--

Carol W. Proffer was named to lead the private equity advisory unit at Pilgrim Baxter & Associates, Ltd., effective immediately, announced Harold J. Baxter, Chief Executive Officer of the firm.

Proffer will develop funds which will invest in well known venture capital partnerships and directly in late stage private investments. The funds are designed primarily for medium and large ERISA plans, foundations and endowments.

"We are delighted to have Carol join us," said Baxter. "She is one of the brightest people in the industry and her experience will be crucial in developing these new products for our institutional clients."

The new fund of funds products will be designed to provide "one stop shopping" for ERISA plans seeking diversified and prudent exposure to the private equity asset class. Investors will obtain exposure to professionally managed venture capital partnerships, late stage private investments, and post-venture securities, while avoiding the substantial administrative demands associated with private equity and venture investments.

"This is a great opportunity for me to use my experience to develop products in an exciting and burgeoning asset class," said Proffer. "I am joining a wonderful group of people who have the same desire that I do to create the type of private equity product that institutional clients are demanding. I am fortunate to be joining an organization that already has significant expertise in private equity investing and private equity fund management. I hope to build on the firm's success with the Pilgrim Baxter Hybrid Partners private equity partnerships."

Proffer was formerly a managing director at one of the nation's well established fund of funds advisers. Prior to 1997, Proffer was Chairperson of William M. Mercer Investment Consulting and was a principal and managing director at William M. Mercer, Incorporated. Her career at Mercer spanned nearly 20 years.

A graduate of Milligan College, Proffer holds an M.S. in Mathematics from Oklahoma State University. She is a fellow of the Society of Actuaries and a Member of the American Academy of Actuaries.

Pilgrim Baxter & Associates manages over $11 billion in mutual fund and institutional assets. The firm is the investment adviser to The PBHG Funds, a family of 16 no-load mutual funds. Founded in 1982, Pilgrim Baxter & Associates, a wholly-owned subsidiary of United Asset Management Corporation (NYSE: UAM), is an SEC-registered investment advisory firm established to provide specialized equity management for mutual funds, pension and other institutional accounts.