UNITED ASSET MANAGEMENT CORPORATION COMPLETES ACQUISITION OF PELL, RUDMAN & CO., INC.
BOSTON, March 30 /PRNewswire/ -- United Asset Management Corporation (NYSE: UAM) today announced that it has completed the previously announced acquisition of Pell, Rudman & Co., Inc., the Boston-based investment management firm. Pell, Rudman manages approximately $1.1 billion primarily in balanced (equity/fixed income) accounts for individuals, families and related accounts. The firm's equity philosophy emphasizes stocks with consistent, above-average growth in earnings and cash flow while the firm manages bonds to provide low volatility and predictable income. "The closing of the Pell, Rudman transaction adds another quality company to the UAM family of asset managers," said Norton H. Reamer, president of UAM. "The acquisition reflects our determination to continue to increase market share in the investment management industry, both by adding new affiliates and through the growth of our existing ones." Pell, Rudman will operate under its own name and maintain its investment and operational independence in keeping with UAM's long- standing policy for its affiliates. Boston Harbor Trust Co., N.A., and Atlantic Trust Co., N.A. will continue to operate as subsidiaries of Pell, Rudman. The firm is led by Edward I. Rudman, Anthony D. Pell, James S. McDonald and Jeffrey S. Thomas. UAM provides investment management services, primarily to institutional clients, through 33 operating firms which manage $78 billion for over 4,600 clients located throughout the United States and abroad. -0- 3/30/93 /CONTACT: William H. Park or Franklin H. Kettle of United Asset Management Corporation, 617-330-8900, or George Sard or Anna Cordasco of Sard Verbinnen & Co., 212-687-8080, for United Asset Management Corporation/ (UAM)
CO: United Asset Management Corporation ST: Massachusetts IN: FIN SU: TNM
TS-OS -- NY020 -- 0894 03/30/93 09:15 EST
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|Date:||Mar 30, 1993|
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