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LEXINGTON MUTUAL FUNDS JOIN SCHWAB PROGRAM

 NEW YORK, July 8 /PRNewswire/ -- Piedmont Management Company Inc. (NASDAQ-NMS: PMAN) today announced that the Lexington Family of Mutual Funds was selected to participate in Charles Schwab & Co.'s No Transaction Fee Program for the distribution of mutual funds. Lexington Management Corporation, a wholly owned subsidiary of Piedmont, is investment advisor to the Lexington Funds.
 The Schwab Program, which becomes effective July 12, gives participants access to an expanded group of investors and represents an extension of the initial pilot program begun by Schwab a year ago. In that first year, Schwab generated $4 billion in new assets for the 90 participating mutual funds. The expanded service will consist of 200 mutual funds from 25 of the most popular fund families. Ten mutual funds managed by Lexington will be available to Schwab customers without commissions or transaction fees. Since the beginning of 1993 Lexington mutual fund assets have increased by 22 percent. This growth is largely due to the superior performance of its gold, silver, global, strategic investments and worldwide emerging market funds.
 Participation in the Schwab Program and other similar type programs is expected to provide continued growth for the Lexington Funds.
 Piedmont Management Company Inc. is a financial services company whose principal subsidiaries include The Reinsurance Corporation of New York (RECO), a property and casualty reinsurer, and Lexington Management Corporation, an investment advisory and mutual fund management company.
 -0- 7/8/93
 /CONTACT: Peter Palenzona, chief financial officer of Piedmont Management Company Inc., 212-363-4650/
 (PMAN)


CO: Piedmont Management Company Inc. ST: New York IN: FIN SU:

TS-MP -- NY056 -- 9516 07/08/93 12:55 EDT
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Date:Jul 8, 1993
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