Columbia Management Group Recruits Colin Moore to Head Active U.S. Equity Management; Former Putnam Executive to Head Team Managing $70 Billion in Equity Portfolios.

Business Editors

BOSTON--(BUSINESS WIRE)--Sept. 4, 2002

Colin Moore, CFA, has joined Columbia Management Group, Inc., the asset management arm of FleetBoston Financial (NYSE: FBF), as Managing Director and Head of Active Equity Management.

Mr. Moore will be based in Boston and will direct portfolio managers responsible for some $70 billion in active equity assets under management. He will report to Roger A. Sayler, Managing Director in charge of equities, said Keith Banks, Chief Investment Officer and Chief Executive of Columbia Management Group.

"Colin Moore is well known and respected in the investment community, and we are very pleased that he has joined our senior management team as we continue to build our capabilities across all investment specialties," said Mr. Banks. "In his role at Columbia Management Group, Colin will help insure that our active U.S. equity portfolio managers adhere to well-defined investment objectives related to risk, return, and asset class. This consistency of investment process is important in an organization as large as ours, which ranks among the world's 30 largest in assets under management, and among the top 20 mutual fund managers in the United States."

"We are focused upon the opportunity to build our overall equity business, and Colin will play a key role as we insure that Columbia is known for high quality portfolio management along with excellent research, trading capabilities, and innovative structured equity products," said Mr. Sayler.

"Columbia Management Group is clearly determined to build upon its strong team of portfolio managers," said Mr. Moore. "The current investment climate has underscored the value of active equity management, and this is a firm with an asset management culture, in which successful portfolio managers are recognized and rewarded. The ability to retain, recruit and reward portfolio management talent is an important factor as clients select money managers to add value to the investment process. I was attracted by the opportunity to contribute to this growth strategy based on commitment to investment excellence."

"The asset management business continues to be a core growth business and a high priority for Fleet," said Brian Moynihan, Executive Vice President in charge of Brokerage and Wealth Management at FleetBoston Financial. "Recruiting Colin Moore is another indication of our stated corporate commitment to investing in this attractive business, under Columbia Management Group, our asset management arm."

Mr. Moore joins Columbia Management Group from Putnam Investments, where he was Chief Investment Officer for Global/International Equities and Associate Director of Research, personally managing $3 billion and also managing 29 analysts and a portfolio management team of five. Prior to joining Putnam in 2000, Mr. Moore was Director of Research and Chief Investment Officer for Rockefeller & Co. in New York and London, which he joined in 1993. Between 1987 and 1993, Mr. Moore held portfolio manager positions with three London-based asset management firms, Touche Remnant, Lincoln National, and Municipal Life Assurance. Previously, for eight years he was with Commercial Union in Scotland and Belfast where he was a member of a newly established investment team to develop products for the high net worth market. Mr. Moore graduated from Belfast College of Business, Belfast, Ireland.

Columbia Management Group has $160 billion in investment assets under management, ranking it among the world's 30 largest asset managers. This includes more than $50 billion in mutual fund assets under management, ranking the Columbia Management Group among the top 20 U.S. mutual fund managers. Columbia's investment portfolio is diversified by asset classes, with approximately 50 percent in equity, 30 percent in fixed income, and 20 percent in money market funds. Its asset management businesses comprise such well-known names as Liberty Funds, Stein Roe & Farnham, Columbia Management, Galaxy Funds, Liberty Wanger Asset Management, and Newport Pacific Management.

FleetBoston Financial is the seventh-largest financial holding company in the United States. A $191 billion diversified financial services company, it offers a comprehensive array of innovative financial solutions to 20 million customers.