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SALTUS AND SWEENEY FORM WOMEN-OWNED INSTITUTIONAL INVESTMENT MANAGEMENT FIRM

 SALTUS AND SWEENEY FORM WOMEN-OWNED INSTITUTIONAL
 INVESTMENT MANAGEMENT FIRM
 MORRISTOWN, N.J., March 16 /PRNewswire/ -- Susan E. Saltus and Sandi H. Sweeney have formed Seneca Capital, a women-owned and managed institutional investment management firm. Seneca Capital will provide equity and cash management for taxable and non-taxable accounts using securities of medium and large capitalization companies. The principals of Seneca Capital, in their positions at First Quadrant, were responsible for the equity and cash portfolios of Crum and Forster, which total over $1 billion. They anticipate that Crum & Forster will be the initial client of Seneca Capital.
 Saltus, 51, president of Seneca Capital, and Sweeney, 35, managing director, were previously managing director and vice president respectively of First Quadrant, an institutional investment management company. Saltus and Sweeney have extensive investment experience, Saltus as equity portfolio manager for First Quadrant for the last eleven years, and Sweeney with nine years as senior energy analyst and principal of Sanford C. Bernsterin & Co. Their equity performance record has been a successful one, outperforming the Standard and Poor's 500 over the last decade.
 Altogether, there are six women employee owners of Seneca Capital, all of whom worked together as a team at First Quadrant. Other owners include Claudia K. Tiger, managing director; Jeanette M. Carey, vice president; Maria McNiece, secretary; and Cathy Y. Duffany, associate. Patrick Tuohy joins the firm as vice president, marketing, after prior experience with Prudential Home Mortgage, Salomon Brothers and Price Waterhouse.
 Together the women employees own 51 percent of the common stock of Seneca Capital, which is named for Seneca Falls, N.Y., birthplace of the suffragist movement which began there in 1948 at the Women's Rights Convention. First Quadrant, a Xerox Financial Services Company, owns 25 percent of the new firm, while the remainder is owned by the continuing principals of First Quadrant.
 "We are establishing Seneca Capital because we believe that there is a market for our value style of equity management, which combines the long-term performance benefits of value with a pragmatic view of short- term earnings prospects," Saltus said. "We concentrate on determining whether the value investment style will be in favor in the prevailing economic environment and level of the stock market, and then decide whether high-ranking stocks are currently benefiting from structural changes or from merely transitory factors. Seneca Capital's approach generates portfolios that have low price-earnings ratios on long-term projections and superior short-term earnings momentum."
 -0- 3/16/92
 /CONTACT: Susan Saltus and Sandi Sweeney of Seneca Capital, 201-285-7500/ CO: Seneca Capital ST: New Jersey IN: FIN SU:


AH-OS -- NY004 -- 8154 03/16/92 09:10 EST
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Publication:PR Newswire
Date:Mar 16, 1992
Words:434
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