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SHAWMUT NATIONAL ADOPTS NEW NAME FOR INVESTMENT MANAGEMENT BUSINESS, SHAWMUT INVESTMENT ADVISERS

 Rothmeier Cites Milestones in Business Expansion
 HARTFORD, Conn., and BOSTON, Oct. 27 -- Shawmut National Corporation


(NYSE: SNC) announced today that it had changed the name of its investment management business, including its One Federal Asset Management subsidiary, to Shawmut Investment Advisers.
 Michael J. Rothmeier, executive vice president for investment services, said, "We are changing the name for three reasons. First, the new name, Shawmut Investment Advisers, describes more accurately what we do. Secondly, it reflects our commitment to building our asset management business. Lastly, it associates us more closely with the tradition and quality signified by the Shawmut name."
 The name change caps six months of numerous marketing and product initiatives and additions of key executives to the Shawmut Investment Advisers management team.
 Accomplishments during this period include:
 -- Assets under management grew to over $14 billion.
 -- The family of Shawmut Funds grew to 11 mutual funds
 from seven. The new funds are intermediate municipal
 bond funds for Connecticut and Massachusetts residents
 and tax-free money market funds for residents of both states.
 -- The number of registered representatives selling the
 Shawmut Funds has grown to more than 100 from 70. Plans
 call for adding another 25 by year-end.
 -- Shawmut Personal Portfolio Service, a managed asset
 allocation product aimed at investors with $100,000 to
 $500,000 in investible funds, was introduced on a pilot
 basis in Framingham, Mass., and Hartford, Conn.
 -- A mid-capitalization value specialty portfolio has
 been introduced, targeted at large separately managed
 institutional assets.
 -- Three new marketers have been added to target large
 institutions (the market served by One Federal Asset
 Management.)
 -- Value Plus 401(k) pension plan product for growing
 companies with between 20 and 100 employees was
 introduced. The product is one of the few 401(k) plans
 available to companies this small.
 -- Shawmut also began offering a new 401(k) "wrap"
 product for nonqualified deferred compensation plans
 designed for key corporate executives.
 Shawmut Investment Advisers' strategic plan emphasizes growth in both institutional and personal asset management. Its goal is to reestablish itself as a significant player among larger institutions and to expand the product and service offerings for smaller institutions. For individual clients, Shawmut aims to provide a seamless, integrated line of products appropriate to their particular needs and resources.
 Shawmut Investment Advisers has about $14 billion in assets under management and about $11 billion of non-managed assets, such as custody accounts. Shawmut Investment Advisers is a unit of Shawmut National Corporation, a $27 billion banking company based in Hartford, Conn., and Boston.
 -0- 10/27/93
 /CONTACT: Robert L. Guenther, 203-240-1267, or Brent S. Di Giorgio, 203-240-7632, both of Shawmut National Corp./
 (SNC)


CO: Shawmut National Corporation ST: Connecticut, Massachusetts IN: FIN SU:

JL -- NE011 -- 7196 10/27/93 10:48 EDT
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Publication:PR Newswire
Date:Oct 27, 1993
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