SOCIETY CORPORATION ANNOUNCES THE FORMATION OF SOCIETY ASSET MANAGEMENT, INC.
CLEVELAND, Jan. 19 / PRNewswire/ Society Corporation (NYSE: SCY), an Ohio-based financial services company, has announced the formation of Society Asset Management, Inc., an SEC-registered investment adviser. The new firm will serve as an adviser for client assets of nearly $15 billion, making it one of the region's largest money managers. Society Asset Management, Inc., which is a wholly-owned subsidiary of Society National Bank, will serve large corporate and public retirement plans, Taft-Hartley plans, foundations and endowments and high net worth individuals. In addition, the firm will be the investment adviser to the collective trust funds of Society National Bank and to The Emblem Fund(TM), a family of mutual fund portfolios. Robert W. Gillespie, chairman and chief executive officer of Society Corporation, explained that the formation of Society Asset Management, Inc. complements Society's high-performing trust capabilities. "Society Asset Management has a mandate to serve the large institutional and high net worth client, further enhancing our overall performance as a leading provider of trust and investment services." Society Corporation, through the trust departments of its subsidiary banks and through Society Asset Management, Inc., manages combined assets of over $28 billion. According to Frank Harding, president, Investment Management and Trust Services, "Society intends to be known nationally as a superior choice for money management performance and service. We feel Society has the capability to handle every aspect of investment management, and we already enjoy a reputation as one of the top players in the country. Society Asset management provides us with the opportunity to attract business that historically has not come to Society by concentrating Society's investment management expertise." According to Society Asset Management's Chairman and Chief Executive Officer, Richard C. Hyde, "This firm is a major presence in the region and nationwide, based on the amount of assets managed, the prominence of our clients and the quality of our people. Our ability to maintain a close-knit team of highly experienced investment professionals is key to our mission to provide clients with superior investment performance." The professional staff includes 20 portfolio managers, 14 research analysts, 15 fixed income specialists and three stock traders. Hyde noted that the firm offers an unusually broad selection of investment management alternatives, covering the major equity styles, all forms of fixed income, convertible securities and international equities. In addition to Hyde, the principal officers of Society Asset Management, Inc. include Donald Cruse, Jr., vice chairman; James R. Kirk, president and chief operating officer, who is responsible for Equity Asset Management; Frank J. Riccardi, senior vice president and managing director of Fixed Income Asset Management; Dennis M. Grapo, senior vice president and director of Employee Benefit Asset Management; Paul D. Neidhardt, senior vice president and director of Private Asset Management; Richard M. Siefert, managing director of the Southwest Division; Mary Jane Matts, vice president and director of Research; John D. Southworth, vice president and director of Endowment and Foundation Asset Management; and Paula T. Petero take advantage of our size through special ization." Society Asset Management, Inc. is headquartered in Cleveland and has a Southwest Division based in Dallas. As of Sept. 30, 1992, Society Corporation had $24.4 billion in assets, $1.8 billion in equity capital, over $3.3 billion of market capitalization and more than 465 banking and trust offices in Ohio, Michigan, Indiana, Texas, Florida, New York, Colorado and Missouri. The Investment Management and Trust Services business ranks in the top 15 nationally in terms of revenues and managed assets. Through its affiliates, Society engages in commercial banking, consumer banking, mortgage banking, leasing and investment management and trust services. -0- 1/19/93 /CONTACT: John Fuller (media), 216-689-8140, or Jay Gould (analysts), 216-689-4721, both of the Society Corporation/ (SCY)
CO: Society Corporation; Society Asset Management, Inc. ST: Ohio IN: FIN SU: PDT
BM -- CL009 -- 6234 01/19/93 10:41 EST
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|Date:||Jan 19, 1993|
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