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CHANCELLOR CAPITAL MANAGEMENT EMPLOYEES SIGN DEFINITIVE AGREEMENT FOR ACQUISITION OF CONTROLLING INTEREST IN CHANCELLOR

CHANCELLOR CAPITAL MANAGEMENT EMPLOYEES SIGN DEFINITIVE AGREEMENT
 FOR ACQUISITION OF CONTROLLING INTEREST IN CHANCELLOR
 BALTIMORE, Feb. 28 /PRNewswire/ -- USF&G Corporation (NYSE: FG) today announced that it had entered into a definitive agreement pursuant to which a controlling interest in the Chancellor group of investment management subsidiaries, including USF&G's principal investment management subsidiary, Chancellor Capital Management, Inc., will be acquired by a group of Chancellor employees. USF&G had previously announced the signing of an agreement in principle with respect to the transaction. The consummation of the transaction is subject to the satisfaction of certain conditions, including certain regulatory approvals and the completion of equity financing by the employee group for its investment in the transaction. USF&G does not expect to book any current gain or loss in connection with the consummation of this transaction.
 Upon consummation of the acquisition, the Chancellor group of companies will be direct, wholly owned subsidiaries of Chancellor, Inc., a recently formed Delaware corporation. The employee group will initially own 51 percent and USF&G will retain 49 percent of the equity of Chancellor, Inc., on a fully diluted basis.
 The Chancellor group of companies manages assets of approximately $24 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 securities, alternative assets and quantitatively-based investment products.
 Baltimore-based USF&G Corporation, with assets of $14.5 billion, is composed of property/casualty insurance and life insurance subsidiaries. Its primary operation is United States Fidelity and Guaranty Company, one of the nation's largest property/casualty insurers.
 -0- 2/28/92
 /CONTACT: Kerrie Burch-DeLuca of USF&G Corporation, 301-547-3573/
 (FG) CO: USF&G Corporation; Chancellor ST: Maryland IN: SU:


SB -- DC002 -- 3594 02/28/92 09:04 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Feb 28, 1992
Words:307
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