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PERSHING ACTIVATES MORE ENHANCEMENTS TO MONTHLY BROKERAGE STATEMENTS

 JERSEY CITY, N.J., March 10 /PRNewswire/ -- The Pershing Division of Donaldson, Lufkin & Jenrette will activate a new level of customization in its recently enhanced brokerage statements. Beginning with May 1993 month-end statements, the regional and independent brokers who clear through Pershing will be able to customize the format of their statements based on the specific preference of individual account executives and their clients. Pershing executes and clears securities transactions and maintains 1.5 million accounts for more than 650 independent brokerage firms worldwide.
 According to Alton C. Jones, Pershing Managing Director, "No other securities firm produces a brokerage statement that accommodates the personal needs of the individual with such flexibility and convenience. For example, an account executive may request a format that lists holdings by maturity date for a client who invests in bonds. For other clients, one of the many other options that the Pershing Select statement offers, such as listing activity chronologically, may be more appropriate."
 "Pershing's more than 650 correspondent firms come in all shapes and sizes, and so do their sales executives' accounts. As a result, their needs vary widely depending on their product offerings and customer profiles," Mr. Jones said.
 The availability of Pershing Select enables Pershing correspondents to deliver an easy-to-read, consolidated statement superior to those offered by many of the larger brokerage firms. Features of the new statement include:
 -- Account Valuation -- The asset values of each account are consolidated and summarized in a highly readable format. Current market value is broken down by investment type (e.g. municipal bonds, stocks, cash) and by the percentage of the account total it represents. Comparison to prior period is an available option.
 -- Activity Summary -- All activity since the previous statement is listed for each account, including net amounts of all security transactions, income, deposits, withdrawals and opening and closing balances.
 -- Dividend, Interest & Distribution Summary -- A summary of income posted during the statement period and a year-to-date total for each type of income is given and is also categorized as taxable or non- taxable.
 -- Transactions -- This section gives a detailed description of all transactions which have been posted to the account during the account period. It is available in chronological or type of activity sequence.
 -- Portfolio Holdings -- A description of all holdings, quantity, price, market value and other information are listed as of the close of business on the last day of the statement period.
 -- Open Orders -- A section cataloging equity and option open orders may be included in the statement if orders are still open or are not fully executed by the close of business on the last day of the statement period.
 -- Money Market Fund Summary & Money Market Fund Detail -- The statement may include transaction and balance information for money market funds linked to your brokerage account.
 -- Income/Securities Not Yet Received -- A statement may include a section detailing income earned in the account but not yet posted to the account; for example, a stock split whose distribution date falls in the next statement period.
 -- Retirement Account Summary -- For retirement accounts, the statement totals all contributions, distributions and taxes withheld in the statement period as well as the current year, year-to-date and the previous year.
 Pershing, the nation's largest provider of correspondent brokerage services, is a division of Donaldson, Lufkin & Jenrette Securities Corporation. Pershing executes and clears equity, fixed income, mutual funds and option transactions for more than 650 independent brokerage firms and provides account administration, management information and investment-related services to the securities industry.
 -0- 3/10/93
 /CONTACT: Alton C. Jones, 201-413-3343, for Donaldson, Lufkin & Jenrette/


CO: Pershing Division; Donaldson, Lufkin & Jenrette ST: New York IN: FIN SU:

SM -- NY035 -- 4639 03/10/93 11:31 EST
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Publication:PR Newswire
Date:Mar 10, 1993
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