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MURRAY JOHNSTONE TO JOIN UNITED ASSET MANAGEMENT; UAM'S FIRST LARGE OVERSEAS ACQUISITION; LEADING SCOTTISH FIRM MANAGES $6.6 BILLION

 BOSTON, Sept. 20 /PRNewswire/ -- United Asset Management Corporation (NYSE: UAM), which manages more than $86 billion of assets through 35 affiliates, announced today that an agreement has been signed under which Murray Johnstone, a leading Scottish investment management house, will join the UAM family of companies.
 Under the agreement, all of the outstanding shares of Murray Johnstone Holdings will be exchanged for UAM common stock in a transaction that will be accounted for as a pooling of interests. The offer values Murray Johnstone at approximately $75 million.
 Murray Johnstone is a Glasgow-based company which manages approximately 4.3 billion pounds sterling ($6.6 billion) for a broad range of U.K. and international clients covering investment trusts, unit trust, mutual funds, off-shore funds, pension funds, foundations, private clients and venture capital. Murray Johnstone will continue to operate under its own name, continue to be led by its existing management team and will maintain its investment and operating independence in keeping with UAM's long-standing policy with regard to its affiliates.
 Norton H. Reamer, president of UAM, said: "Murray Johnstone will be UAM's third affiliate in the U.K. and our first major overseas acquisition. As a leading Scottish international investment house, it has a distinguished record and will play a key role in our plans to develop an increased presence in the international investment arena and in diversifying our investment management services across the globe."
 Nick McAndrew, chairman of Murray Johnstone, commented: "This is an excellent opportunity for us to take Murray Johnstone forward having the freedom of an independent investment house but with the resources for ongoing improvement and expansion. UAM has demonstrated a perceptive understanding of our activities, and it supports our commitment to continuing our business in Glasgow and maintaining our autonomy in operations. The employment contracts and incentive arrangements will enhance our ability to keep and attract talented staff and increase our determination to perform well for our clients."
 Lord Younger of Prestwick, chairman of the Murray Trusts, said: "This represents an extremely positive move both for Murray Johnstone and its clients. I look forward to continuing our excellent relationship with Murray Johnstone, and I am delighted that our funds will remain under independent management in Scotland."
 UAM has been selectively acquiring investment management companies for the past 10 years, focusing primarily on highly regarded institutional investment managers. UAM went public and was listed on the New York Stock Exchange in 1986 and has a total market capitalization of approximately $1.1 billion. The affiliated companies of UAM together manage more than $86 billion for over 4,700 clients located throughout the United States and abroad.
 -0- 9/20/93
 /CONTACT: William H. Park or Gregory S. Dimit of United Asset Management, 617-330-8900, or George Sard or Anna Cordasco of Sard Verbinnen & Co., 212-687-8080/
 (UAM)


CO: United Asset Management Corporation; Murray Johnstone ST: Massachusetts IN: FIN SU: TNM

SM-TW -- NY023 -- 3510 09/20/93 09:14 EDT
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Publication:PR Newswire
Date:Sep 20, 1993
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