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SHAWMUT NATIONAL NAMES MICHAEL J. ROTHMEIER TO HEAD EXPANDED INVESTMENT SERVICES UNIT

 SHAWMUT NATIONAL NAMES MICHAEL J. ROTHMEIER
 TO HEAD EXPANDED INVESTMENT SERVICES UNIT
 HARTFORD, Conn., and BOSTON, Sept. 28 /PRNewswire/ -- Shawmut National Corporation (NYSE: SNC) today announced that it had named Michael J. Rothmeier to head an expanded investment services group.
 Rothmeier, 43, is an executive vice president based in Boston and has responsibility for Shawmut National's $12 billion investment management and advisory business as well as institutional client services.
 "Michael Rothmeier comes to us to us with an extensive background in the marketing of investment products," said Gunnar S. Overstrom, president and chief operating officer of Shawmut National.
 Previously, Rothmeier worked at Fidelity Investments Inc. in a number of marketing positions. He joined Fidelity in 1989 as president of Fidelity Retail Marketing Services. During the 1990-1991 period, he was president and chief executive officer of Fidelity Retail Distribution Company and Fidelity Brokerage Services Inc.
 Most recently, he was one of three senior executives in the Office of the President for Fidelity Retail Investor Services, a unit of Fidelity Investments Inc. In that post, he was responsible for all financial, strategic planning, business implementation, systems technology and other administrative functions for Fidelity's 1,700- person retail telephone operation.
 Overstrom said, "With Michael Rothmeier at the head of investment services, we will be broadening our product base and deepening our relationships with our customers.
 "Banking as a business is changing, and we are attempting to anticipate our customers' needs, not only as a bank but as a provider of investment services. The investment services area will be an important area of growth for us in the future. Michael's wealth of experience in marketing investment services will prove invaluable."
 Rothmeier's mandate is to increase the focus and emphasis of this business line by developing and implementing strategic and operating plans that will enable us to provide innovative, high-quality service to institutional and individual clients. He will be targeting institutional opportunities for increasing the corporation's share of employee benefit fund management, including both defined contribution and defined benefit products, and the not-for-profit endowment market.
 On the consumer side, he will position the corporation's investment management, advisory and investment counseling capabilities to enhance investment services for high-net worth individuals. The investment services group is working closely on mutual funds with the consumer banking group, headed by Eileen S. Kraus, president of Connecticut National Bank.
 Rothmeier said, "I believe that the battle of the 1990s in financial services will be won by whoever can distribute products most effectively to meet customer needs. Banks possess distribution systems with tremendous potential. I joined Shawmut because I believe that its strong franchise in both the consumer and small- to medium-sized business markets position it to be a winner. Our franchise, coupled with Shawmut's strong performance as a money manager, gets us off to a running start."
 Despite the tremendous growth of mutual funds in the past decade, Rothmeier noted that much of the market remains untapped.
 According to industry estimates, about 66 percent of U.S. households have sufficient income that they should consider investing in mutual funds. However, only about 28 percent of households have invested money in mutual funds. Rothmeier believes that in southern New England slightly more households than the national average own shares in mutual funds.
 A widely reported Gallup poll conducted last year found that nearly half of those surveyed would buy a mutual fund from a bank, compared to 23 percent from a securities broker, 12 percent directly from a mutual fund and 7 percent from an insurance agent.
 "The opportunities for Shawmut are tremendous," said Rothmeier. Prior to joining Fidelity, Rothmeier spent five years with IDS Financial Services Inc. in Minneapolis where he rose to senior vice president of marketing and served as a member of the IDS board of directors. He also worked from 1973 to 1984 at General Mills Inc., also in Minneapolis, in a variety of marketing management positions.
 Rothmeier earned a master of management degree from Northwestern University's Kellogg Graduate School of Management in 1973. He graduated with a bachelor's degree in business administration from the University of Notre Dame in 1972.
 Shawmut National Corporation is a bank holding company with nearly $23 billion in assets. Its two flagship institutions are Boston-based Shawmut Bank and Hartford-based Connecticut National Bank. Shawmut National is the leading bank in southern New England serving consumers and small- to medium-sized businesses through a network of 334 branches. It is also the largest residential mortgage lender in the region and a regional leader in the trust business. The corporation also provides financial services to corporate customers, correspondent banks and governmental units in New England and select national markets.
 -0- 9/28/92
 /CONTACT: Robert L. Guenther, 617-292-2399, or Brent S. DiGiorgio, 203-240-7632, of Shawmut National/
 (SNC) CO: Shawmut National Bank ST: Connecticut, Massachusetts IN: FIN SU: PER


CN -- NE013 -- 3971 09/28/92 12:36 EDT
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Date:Sep 28, 1992
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