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SHAWMUT NATIONAL COMPLETES FIRST PHASE OF STRATEGIC EXPANSION OF INVESTMENT SERVICES -- NEW MUTUAL FUNDS HEAD ROUNDS OUT MANAGEMENT TEAM

 BOSTON, and HARTFORD, Conn., June 17 /PRNewswire/ -- Shawmut National Corporation (NYSE: SNC) said today that it had completed the first phase of the expansion of its investment services unit with the hiring of Robert J. Shurman to be senior vice president and manager of mutual funds.
 Michael J. Rothmeier, executive vice president in charge of investment services, said, "With the addition of Robert Shurman to run the marketing, operations, and product development for the Shawmut Mutual Funds, we have assembled one of the finest investment management teams in banking. Our charge is to broaden and deepen Shawmut's penetration among the institutional and personal markets for investment services.
 "Our strategy," Rothmeier continued, "is to be a superior distributor of high-quality, competitive investment products to targeted market segments. Our ambitions go far beyond the typical bank trust department. We are positioning ourselves as a true asset management business."
 Prior to joining Shawmut, Shurman managed the growth of New York- based U.S. Trust Corporation's U.S.T. Master mutual funds to $3.5 billion under management from $1.5 billion in 1990. Shurman will be based in Boston.
 In addition to Shurman, other senior executives hired recently include:
 -- Michael R. McKenzie, senior vice president for institutional client services. Previously, McKenzie was executive vice president and chief administrative officer for Dreyfus Management Corporation's 401(k) and trust services business.
 -- James M. O'Donnell, senior vice president for personal investment services. Prior to joining Shawmut, O'Donnell was head of high-networth marketing at Scudder, Stevens and Clark.
 -- Maliz E. Beams, senior vice president and marketing group manager. Beams formerly was at American Express Co. where she was divisional vice president and business manager of the ultra service cardmember business.
 They join the other veteran members of the investment services management team: Rudy Abel Jr., senior vice president and chief investment officer; T. Kevin Beatty, group financial officer; and Marcia Lamb, vice president for administration.
 Rothmeier said, "With our management team in place, we are entering the next phase of our plan. We are now focusing on increasing our penetration of select market segments, enhancing our product offerings and capitalizing on opportunities for cross-selling."
 Shawmut National is a leading investment manager in New England with more than $13 billion of individual, corporate and institutional assets under management. In February, Shawmut introduced its own family of six mutual funds -- the Shawmut Funds -- which are offered to both institutional and personal clients.
 Shawmut offers investment services through its One Federal Asset Management and Shawmut Bank subsidiaries.
 -0- 6/17/93
 /CONTACT: Robert L. Guenther, 203-240-1267, or Marjorie M. Seus. 617-292-3239, both of Shawmut/
 (SNC)


CO: Shawmut National Corporation ST: Massachusetts IN: FIN SU: PER

CM -- NE001 -- 2884 06/17/93 08:00 EDT
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Publication:PR Newswire
Date:Jun 17, 1993
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