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EQUITABLE ANNOUNCES NEW CHIEF INVESTMENT OFFICER AND OTHER PROMOTIONS

EQUITABLE ANNOUNCES NEW CHIEF INVESTMENT OFFICER AND OTHER PROMOTIONS
 NEW YORK, April 16 /PRNewswire/ -- The Equitable Life Assurance Society today announced the election of Brian S. O'Neil as executive vice president and chief investment officer of The Equitable. O'Neil succeeds Brian F. Wruble, who has resigned and will become president of Delaware Management Holdings, Inc. in Philadelphia. O'Neil was senior vice president and deputy chief investment officer of The Equitable.
 In related developments at Equitable Capital Management Corporation, a wholly-owned investment management subsidiary of The Equitable, Frank Savage has been named chairman, John D. Miller has been elected president and chief executive officer, and David K. Downes has been elected vice chairman.
 Wruble was chairman, president and chief executive officer of Equitable Capital. Savage was vice chairman of the firm. He remains chief international officer and also continues as a senior vice president of the Equitable Life Assurance Society. Miller was executive vice president and will continue to serve as chief investment officer of Equitable Capital. Downes was executive vice president and will continue as treasurer, chief financial officer, and chief administrative officer.
 The promotions were announced by Ri ?H. Jenrette, chairman and chief executive officer of the Equitable Life Assurance Society. "We are fortunate to have a depth of experience and talent in place," said Jenrette. "These four individuals have already proven to be a highly effective and cohesive team, and we are confident they will help us continue The Equitable's leadership role as one of the world's largest and most successful asset managers."
 The Equitable, founded in 1859, is among the nation's largest life insurance companies. Through its four investment subsidiaries, the company currently has more than $150 billion in assets under management. Equitable Capital manages $36 billion for clients, about half of which represents assets managed for the Equitable Life Assurance Society. Other principal Equitable affiliates include Alliance Capital Management L.P., Donaldson, Lufkin & Jenrette, Inc., and Equitable Real Estate Investment Management, Inc.
 Brian O'Neil, 40, joined The Equitable in 1980 in the corporate finance department. He was named vice president, portfolio manager of Equitable Capital in 1985 and two years later assumed responsibility for the firm's Portfolio Management Division. In 1988 he became deputy to Jenrette, who was chief investment officer at the time, and in 1989 was elected a senior vice president of the Equitable Life Assurance Society.
 O'Neil received a B.A. degree from Princeton University in 1974 and an M.B.A from Columbia Graduate School of Business in 1980. He is a director of Equitable Realty Assets Corporation and president and director of FHJV Holdings Inc. He is a director of the Equitable Foundation and a trustee of the Brooklyn Children's Museum. O'Neil and his family reside in Brooklyn, N.Y.
 Frank Savage, 53, joined The Equitable in 1970 as a president of Equico Capital Corporation and has served in a variety of positions in The Equitable's Investment Organization. He became vice chairman of Equitable Capital in 1986. In addition to general management responsibilities at Equitable Capital, he heads up the firm's international operations. Prior to his career at The Equitable, Savage served in New York, Africa and the Far East with the International Division of Citicorp.
 Savage earned a B.A. in 1962 from Howard University and an M.A. in 1964 from the Johns Hopkins University School of Advanced International Studies. He is a Trustee of the Johns Hopkins University and the Council on Foreign Relations and a director of the Boys Choir of Harlem, the Lockheed Corporation, and Essence Communications, Inc. He is also a former U.S. Presidential appointee to the board of directors of U.S. Synthetic Fuels Corporation. Savage lives with his family in Stamford, Conn.
 John Miller, 47, joined The Equitable in 1969 as an investment analyst specializing in private placement financings. Upon his promotion to investment manager, he headed a team which negotiated direct placements in all sectors of the economy. In 1978, Miller organized The Equitable's investment recovery operation, and he played a key role in a number of major corporate restructurings between 1979 and 1982.
 Miller was appointed head of the corporate finance department in 1983. He was named an executive vice president of Equitable Capital upon its formation in 1985, and was appointed chief investment officer of Equitable Capital last year. In this role, he oversaw the growth of private placements in all sectors of the economy, particularly in venture capital, high technology, and project financing.
 Miller is a director of Equitable Capital Management Corporation, Equico Capital Corporation, and Caterair International. He is a member of the board of the Temple of Understanding, an interfaith organization headquartered at the Cathedral of St. John the Divine in New York. He received a B.S. from the University of Utah in 1967 and an M.B.A from the University of Santa Clara in 1968. He lives with his wife in Manhattan.
 David Downes, 52, joined Equitable Capital in 1985 as executive vice president with responsibility for the firm's financial, accounting, legal, systems, and administrative operations. Downs also directs the marketing ventures for Equitable Capital's array of products developed in the equities, fixed-income, and corporate finance departments.
 Prior to joining Equitable Capital, he served as vice president and corporate controller of Merrill Lynch, Inc. He received a B.A. degree from Pennsylvania State University in 1963 and is a Certified Public Accountant. Downes and his family live in Philadelphia.
 -0- 4/16/92
 /CONTACT: Nancy M. Amiel of The Equitable, 212-554-4293/ CO: The Equitable Life Assurance Society ST: New York IN: FIN SU: PER


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Date:Apr 16, 1992
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