Cornelia M. Small Named Chief Investment Officer of Scudder Kemper Investments, Inc.

NEW YORK--(BUSINESS WIRE)--March 25, 1999--Scudder Kemper Investments, Inc. announced today that Cornelia M. Small has been named as the firm's Chief Investment Officer. In this capacity, she is responsible for the management of Scudder Kemper's Global Bond and Equity Groups.

"I am pleased to announce that Cornelia Small will assume the position of Chief Investment Officer of the firm," said Edmond D. Villani, President and CEO of Scudder Kemper Investments, Inc. "In instituting the position of CIO, we accomplish two important objectives. First, we are ensuring a focused strategic and management perspective in guiding our entire investment process and the efficient allocation of resources in a rapidly expanding business. This leads directly to our second and overarching objective, the delivery of consistent and competitive investment results."

Ms. Small, a Managing Director of the firm, served most recently as head of Global Equity Investments, overseeing investment policy for the firm's global equity management, as well as equity product design, definition and review. She also serves as Chairman of the Capital Markets Group and is a member of the firm's Board of Directors and Office of the Chief Executive. She joined the firm in 1969 as an economist and served as Director of Global Equity Research from 1989 - 1995.

Reporting to Ms. Small from the Global Bond Group are Scott Roberts, Director of Fixed Income Institutional Products, including all Zurich U.S. assets, and Robert Peck, Director of Fixed Income Mutual Fund Products. Upon the completion of the planned integration of Threadneedle Asset Management and Scudder Kemper Investments organizations, Robert Stirling, Director of Global Fixed Income of Threadneedle, will assume responsibility for oversight of traditional international and global fixed income assets. Victor Hymes, Institutional Group Director of Fixed Income, will work closely with Mr. Roberts and Mr. Stirling in the management of our North American institutional business. Helen Frame Peters, who served as Head of the firm's Global Bond Group, has left the organization to pursue other opportunities.

Reporting to Ms. Small, Nick Bratt will continue in his role as Director of the Global Equity Group. He will oversee all global and international equity portfolio managers. Kathleen Millard, Associate Director of Equity Investments, responsible for oversight of all domestic portfolio managers, and Ted Truscott, Director of Global Equity Research, responsible for management of the firm's 60 analysts, will report to Mr. Bratt.

Scudder Kemper Investments, Inc., the global investment management business of Zurich Financial Services Group, is one of the largest and most experienced investment management organizations in the world, managing more than $280 billion in assets for institutional and corporate clients, retirement and pension plans, insurance companies, mutual fund investors, and individuals. Scudder Kemper Investments offers a full range of investment counsel and asset management capabilities, based on a combination of proprietary research and disciplined, long-term investment strategies.

Headquartered in Zurich, Switzerland, Zurich Financial Services Group is one of the global leaders in the financial services industry, providing its customers with products and solutions in the area of financial protection and asset accumulation. The Group has four core businesses: non-life and life insurance, reinsurance and asset management.