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DLJ PROMOTES TWO IN EQUITIES DIVISION: STUART ROBBINS ASSUMES NEW MANAGERIAL ROLE, DAVID MOORE NAMED RESEARCH DIRECTOR

 NEW YORK, Dec. 13 /PRNewswire/ -- Donaldson, Lufkin & Jenrette announced today that it has promoted its director of equity research, Stuart M. Robbins, to work alongside Robert M. Dewey Jr. in managing the firm's Institutional Equities Division. DLJ equity analyst David Moore will replace Mr. Robbins as director of equity research. Mr. Moore covers the multi-industry sector and will continue to do so. The promotions are effective Jan. 1, 1994.
 DLJ's Institutional Equities Division consists of the firm's research, sales and trading activities in listed and over-the-counter equities and employs more than 400 in the United States, Europe and the Far East.
 Mr. Dewey, 62 years old, is a DLJ managing director. He joined the firm in 1974 in institutional equity sales and assumed responsibility for overall management of the division in 1984. He said: "Stu has achieved tremendous success in expanding our research presence worldwide. This move allows us to broaden his exposure within the firm and utilize his leadership skills to DLJ's greatest advantage. Given the division's robust growth, particularly in the last five years, Stu's promotion benefits us all as we work toward an eventual succession of management in the division."
 Under Mr. Dewey's leadership, DLJ has broadened its capabilities in institutional research, strengthened its franchise in trading listed and over-the-counter stocks and enlarged its domestic and international distribution capabilities, especially in the sale of underwritten product. Its Equities Division has consistently increased its profitability, even during periods of difficult market conditions, as market share and revenues continued to rise. DLJ's customer revenues from institutional equities activities have grown at an average of 40% in each of the last three years.
 Mr. Robbins, 50, is also a DLJ managing director. He joined DLJ as an equity analyst to cover the retail industry in 1984 from Paine Webber and was named director of equity research in 1987. Under his leadership, DLJ's reputation for excellence in equities research steadily increased as the firm continued to hire and train analysts who dominate coverage of their industries. In each of the last three years, DLJ has ranked first in both the weighted and per capita segments of Institutional Investor magazine's All-America Research Team survey.
 David Moore, 36 years old, joined DLJ in 1981 as one of the early members of DLJ's program to train young professionals as institutional equity analysts. More than 50% of DLJ's current industry specialists developed their careers in this program. Mr. Moore left DLJ in late 1985 and, after a three-year stint in money management, returned to resume his award-winning coverage of the multi-industry sector. According to Institutional Investor magazine, Mr. Moore has been the top-ranked analyst in the multi-industry area in each of the last three years and has earned a place on the All-America Team in every year he covered the industry.
 In the past, the position of director of equity research at DLJ was filled by the firm's co-founder Richard Jenrette, by John Chalsty, currently DLJ's president and chief executive officer, then by Theodore Shen, presently the chairman of DLJ's Capital Markets Group, and by Francis LeCates, who is now the division's national sales manager. Mr. Robbins succeeded Mr. LeCates in 1987. DLJ's Institutional Equities Division reports to Mr. Shen.
 Founded in 1959, DLJ was a pioneer in the institutional equities business. Today, the firm is one of the nation's leading investment banking and securities firms. Its diversified operations include investment and merchant banking services, sales and trading in the institutional equities and fixed-income markets and institutional investment research, public finance activities, financial and correspondent brokerage services, venture capital and investment management.
 -0- 12/13/93
 /CONTACT: Catherine Conroy of Donaldson, Lufkin & Jenrette, 212-504-3275/


CO: Donaldson, Lufkin & Jenrette ST: New York IN: FIN SU: PER

TW -- NY047 -- 3097 12/13/93 10:36 EST
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Date:Dec 13, 1993
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