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JAMES B. LOCKHART JOINS SMITH BARNEY'S CORPORATE FINANCE INSURANCE GROUP

 NEW YORK, March 18 /PRNewswire/ -- James B. Lockhart III, former executive director of the Pension Benefit Guaranty Corporation, has joined Smith Barney, Harris Upham & Co. as a managing director in its corporate finance division, it was announced today by Vice Chairman Lewis L. Glucksman, head of investment banking at the firm.
 Mr. Lockhart, who was the chief executive of the federal insurance corporation that covers over $900 billion of corporate pension liabilities, joins the Corporate Finance Insurance Group, one of the leading specialty financing units in the investment banking division.
 Mr. Lockhart had been executive director of the Pension Benefit Guaranty Corporation since 1989. In addition to insuring some 41 million employees covered under the $900 billion, the corporation manages more than $6 billion representing pension benefits owed nearly 425,000 people from terminated pension plans. During his tenure, Mr. Lockhart was instrumental in averting the termination of underfunded pension plans at major, financially troubled corporations. He also spearheaded efforts to reform the pension insurance program, including restructuring its portfolio and improving its internal controls.
 Before joining PBGC, Mr. Lockhart was vice president and treasurer of Alexander & Alexander Services Inc., New York, the world's second largest insurance brokerage firm, from 1983 to 1989. He also assumed a number of key senior management responsibilities, including serving as chairman of the company's Benefits Funds Investment Committee, chairman of its insurance premium finance subsidiary, and a director of Evanston and other insurance companies.
 Prior to his service with Alexander & Alexander, Mr. Lockhart held several treasury and finance posts at Gulf Oil Corporation, from 1974 to 1983, including assignments in London and Brussels.
 Mr. Lockhart is a 1968 graduate of Yale University, with a B.A. degree, and earned an M.B.A. from Harvard Graduate School of Business Administration in 1974. From 1969 to 1972, Mr. Lockhart served as a lieutenant in the U.S. Navy. He is married with two children.
 Smith Barney is a wholly owned subsidiary of Primerica Corporation (NYSE: PA), the diversified financial services company with assets of more than $23 billion.
 -0- 3/18/93
 /CONTACT: Bob Connor of Smith Barney, 212-698-3123/
 (PA)


CO: Smith Barney, Harris Upham & Co. ST: New York IN: FIN SU: PER

GK-LR -- NY020 -- 7387 03/18/93 10:25 EST
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Date:Mar 18, 1993
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