Columbia Management Group Recruits Robert McConnaughey to Head Equity Research.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 1, 2002

Former Citigroup Executive to Head Team of 20 Equity Analysts

Specializing in Large Cap Research by Industry Sector

Robert K. McConnaughey has joined Columbia Management Group, Inc., the asset management arm of FleetBoston Financial (NYSE: FBF), as Managing Director and head of equity research.

In this role, Mr. McConnaughey will be based in Boston and will report to Keith T. Banks, Chief Executive Officer of Columbia Management Group. A team of 20 equity analysts, specializing in large capitalization companies and organized by industry sector, will report to Mr. McConnaughey.

"We are very pleased to recruit an individual of Robert McConnaughey's talent as we ensure that we have one of the best proprietary research teams in the industry," said Keith Banks, Chief Executive Officer. "Because research is the cornerstone of a disciplined investment process at Columbia Management Group, we will continue to invest in talented individuals who help us add value on behalf of our clients. We are determined to build on our $170 billion in assets under management, including institutional assets, mutual fund assets, and investment management assets for the high net worth clients of Fleet Private Client Group."

"Strong research capability is the hallmark of a leading money manager," said Mr. McConnaughey. "We intend to build upon our existing team of analysts and we are confident that our in-house research will be recognized as a competitive strength as institutions and individuals evaluate the advantages of choosing Columbia Management Group to manage their assets."

Mr. McConnaughey joins Columbia Management Group from Citigroup Asset Management, where for two years he was Managing Director and Associate Director of Research, overseeing equity research globally for all growth sectors including technology, healthcare, consumer products, and media/telecom. He managed some 135 investment professionals globally who served Citigroup and its Salomon Smith Barney asset management unit. Previously, he was Managing Director for Prudential Asset Management from 1997 to 2000. At Prudential, Robert hired and trained the dedicated seven-person real estate securities research team, as well as taking responsibility for directly managing portfolios. From 1993 to 1997, he was an analyst and associate portfolio manager at Fidelity Investments in Boston.

Columbia Management Group has $170 billion in investment assets under management, ranking it among the world's 30 largest asset managers. Some 39 percent of these investment assets are institutional, 34 percent are in mutual funds (ranking Columbia Management Group among the top 20 mutual fund companies in the United States), and 27 percent managed for high net worth individuals in Fleet's Private Clients Group. Columbia's asset management business is also diversified by asset classes, with 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 Colonial Management Associates, Stein Roe & Farnham, Columbia Management, Galaxy Funds, Wanger Asset Management, and Newport Pacific Management.

FleetBoston Financial is the seventh-largest financial holding company in the United States. A $200 billion diversified financial services company, it offers a comprehensive array of innovative financial solutions to 20 million customers in more than 20 countries and territories.