Credit Suisse Asset Management Americas Names Jim McCaughan as Chief Executive Officer and William W. Priest, Jr. to Newly Created Position of Chairman.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 1, 2000

In the wake of significant growth after the successful integration of Warburg Pincus Asset Management last year, Credit Suisse Asset Management (CSAM) Americas today announced it has named Jim McCaughan, most recently president and chief operating officer of Oppenheimer Capital, as the new chief executive officer for CSAM/Americas.

William Priest, formerly CEO of CSAM/Americas, has been appointed to the newly created position of chairman of CSAM/Americas.

McCaughan brings more than 20 years experience in asset management to CSAM. Prior to joining Oppenheimer, he was president and chief executive officer of UBS Asset Management in New York. He also spent more than 10 years as an equity fund manager specializing in UK, Japanese and international securities with Phillips & Drew and was a partner with the firm when it was acquired by UBS in 1985.

"I'm delighted to be joining a firm that is so well regarded and well positioned," said McCaughan. "I am particularly looking forward to working with Bill Priest in a strategic partnership. I'm sure our experience and skill sets will complement each other and work to the advantage of our clients and our firm."

Priest, who had been at the helm of CSAM/Americas and its predecessor, BEA Associates, as chief executive officer since 1989, joined the firm in 1972. During his tenure, the firm has grown from 15 people in 1972 to over 600, and from $100 million in assets under management in 1972 to over $75 billion.

McCaughan will chair the firm's Management Committee in New York and will also be a member of CSAM's worldwide Operating Committee. Priest will continue as chairman of the boards of trustees for funds managed by the firm, as well as a member of CSAM's worldwide Operating Committee.

"The successful evolution of the firm requires an increased awareness of CSAM in our marketplace," said Priest. "I look forward to the prospect of focusing on building stronger client relationships and raising the firm's visibility so we can further capitalize on our strong market position."

In making the announcement, Phillip Colebatch, CSAM's global CEO, said, "these appointments reflect a commitment to maintaining a strong senior management team for a rapidly growing global organization. They are also part of our plans to continue the rapid growth which we have achieved in key markets over the last three years."

Credit Suisse Asset Management is the institutional asset management and mutual fund arm of Credit Suisse Group, one of the world's largest financial organizations with over $735 billion in assets under management. Credit Suisse Asset Management, with global investment management activities, employs over 2,000 people worldwide and has global assets under management of $266 billion.