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CHANCELLOR CAPITAL MANAGEMENT EMPLOYEES ACQUIRE CONTROLLING INTEREST IN CHANCELLOR

 CHANCELLOR CAPITAL MANAGEMENT EMPLOYEES
 ACQUIRE CONTROLLING INTEREST IN CHANCELLOR
 BALTIMORE, April 2 /PRNewswire/ -- USF&G Corporation (NYSE: FG) and Chancellor, Inc., today announced that they have completed the sale of a controlling interest in the USF&G-owned Chancellor group of investment management subsidiaries, including USF&G's principal investment management subsidiary, Chancellor Capital Management, Inc., to a group of Chancellor employees. USF&G does not expect to book any current gain or loss in connection with this transaction.
 USF&G and Chancellor had announced in February the signing of a definitive agreement with respect to the transaction.
 The Chancellor group of companies are now direct, wholly-owned subsidiaries of Chancellor, Inc., a Delaware corporation. The Chancellor employee group owns 51 percent of the equity of Chancellor, Inc., and USF&G will retain 49 percent on a fully diluted basis.
 Norman P. Blake Jr., chairman, president and chief executive officer of USF&G, commented, "This transaction was consistent with USF&G's restructuring objective of focusing resources on its core insurance business." He noted, "Chancellor has an excellent track record with its clients," and added, "USF&G is pleased to continue its relationship with Chancellor going forward."
 "The signing of this agreement is an important step for Chancellor," said Robert G. Wade Jr., Chancellor's chief executive officer. "All of us are very excited about the transaction. We believe that our new ownership will ensure the continued stability of our organization and will reinforce our commitment to provide excellent client service."
 The Chancellor group of companies manages over $25 billion for public and private pension funds, insurance companies, mutual funds and charitable organizations. Chancellor, with offices in New York and San Francisco, provides a wide range of strategies for investments in equities, fixed income, alternative assets and quantitatively-based investment technology products.
 Baltimore-based USF&G Corporation, with assets of $14.5 billion, is composed of property/casualty and life insurance subsidiaries. Its primary subsidiary is United States Fidelity and Guaranty Company, one of the nation's largest property/casualty insurers.
 -0- 4/2/92
 /CONTACT: Kerrie Burch-DeLuca of USF&G, 301-547-3573, or Alexandra Trower of Chancellor Capital Management, 212-891-6662/
 (FG) CO: USF&G; Chancellor Capital Management ST: Maryland, New York IN: INS SU:


MP -- DC006 -- 4259 04/02/92 10:05 EST
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Publication:PR Newswire
Date:Apr 2, 1992
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