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CONCORD HOLDING CORPORATION LAUNCHES THE PAINEWEBBER OFFSHORE FUNDS FOR FOREIGN INVESTORS

 NEW YORK, Dec. 15 /PRNewswire/ -- Concord Holding Corporation, which recently established an international office in Dublin, Ireland, has introduced its first offshore funds, the PaineWebber Offshore Funds PLC.
 Concord Management (Ireland), Limited, a subsidiary of Concord Holding Corporation, was organized in September 1992 to provide administrative services and distribute offshore mutual funds following approval from IDA-Ireland (Industrial Development Authority) and the Central Bank of Ireland.
 The PaineWebber Offshore Funds have been approved by the Central Bank of Ireland as a UCITS (or Undertaking for Collective Investment in Transferable Securities). This designation gives the funds special treatment concerning Irish taxes.
 "We are pleased that PaineWebber has become Concord's first partner in offering offshore mutual funds," said Richard E. Stierwalt, chief executive officer and co-founder of Concord Holding Corporation. "By having a subsidiary in Ireland, Concord was able to facilitate the creation of these offshore funds with all the benefits they provide foreign investors. This also represents a continuing relationship with PaineWebber, for whom Concord created a proprietary mutual fund last year."
 The PaineWebber Offshore Funds will be offered by PaineWebber investment executives to their offshore clients. Shares of the funds are not available to United States citizens or residents or to residents of Ireland. The funds' investment adviser is Mitchell Hutchins Asset Management, Inc., a wholly-owned subsidiary of PaineWebber Inc. Ulster Bank is the sub-manager.
 Initially the new funds will consist of three portfolios: The High Income Fund, investing in United States corporate bonds; The Short-Term Global Income Fund, investing in debt securities denominated in a range of currencies, and The Growth Fund, investing primarily in U.S. common stocks.
 Each portfolio will have two classes of shares, based on their sales charge and annual expenses, to allow investors to choose the one that best suits their particular circumstances and objectives. A third class of shares has been authorized but will not be offered at this time.
 With the successful introduction of the PaineWebber Offshore Funds, Mr. Stierwalt said: "Concord looks forward to working with other American or international investment companies or banks who want to take advantage of Concord's international capabilities to structure similar funds or master feeder funds for their clients."
 -0- 12/15/92
 /CONTACT: Laura Berger or Stan Appenzeller, both of Arlen Financial Communications, 212-966-5100, for Concord Holding Corp./


CO: Concord Holding Corporation ST: New York IN: FIN SU: PDT

LD-TM -- NY002 -- 7068 12/15/92 09:18 EST
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Date:Dec 15, 1992
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