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WALTON TO JOIN WERTHEIM SCHRODER AS CHIEF INVESTMENT OFFICER OF WERTHEIM SCHRODER INVESTMENT SERVICES INCORPORATED

 WALTON TO JOIN WERTHEIM SCHRODER AS CHIEF INVESTMENT OFFICER OF
 WERTHEIM SCHRODER INVESTMENT SERVICES INCORPORATED
 NEW YORK, July 14 /PRNewswire/ -- J. Richard Walton will join Wertheim Schroder & Co. Incorporated on Aug. 1, 1992, as chief investment officer of the firm's investment management subsidiary, Wertheim Schroder Investment Services Inc. (WSIS), it was announced today by Tony Coelho, president and chief executive officer of WSIS. Walton joins the team of William Smethurst, chairman; Coelho; and Kenneth Malamed, director of fixed income investments. Walton will also become a managing director of Wertheim Schroder & Co. Incorporated.
 "I am excited about someone with Rick Walton's background and experience joining our team as we continue to grow and expand," said Coelho. "Rick's addition continues an effort started three years ago to develop the highest caliber team of investment professionals, to grow our assets under management, and to maintain aggressive performance numbers in all investment sectors," he continued.
 Walton comes to Wertheim from Pitcairn Financial Management Group, where he was chief investment officer. Previously, from 1986 to 1990, he was president and chief investment officer of Morgan Grenfell Capital Management, where he initiated the British merchant bank's entry into U.S. domestic asset management, building their business to $2.3 billion in assets under management. He started his career as a securities analyst in the media and entertainment areas.
 Smethurst, WSIS chairman and current chief investment officer, will remain chairman of the organization. Said Smethurst: "This is something that Tony and I have been working on for quite some time. Our goals are to provide an orderly transition in overall management of the investment process, and to augment the investment fire power of the firm. We are both delighted that Rick Walton is absolutely the right person for the job. We have achieved an excellent record of success and I know that Rick, with his superb management skills and excellent investment track record, will continue it brilliantly." Smethurst continued, "There will be no change in our basic investment philosophy or style of investment management. I plan to remain actively involved in the investment process."
 Said Coelho, "Rick now completes the investment team that Bill and I have been working on for the last three years. It is part of our deliberate plan to aggressively build our business. We have already experienced significant success, and with Rick Walton on our team, I am confident that we will continue to expand."
 Wertheim Schroder Investment Services Inc., a registered investment advisor, currently manages over $2.4 billion -- $1.2 billion in equities and $1.2 billion in fixed income. On March 2, 1992, WSIS announced it had acquired Financial Management Advisors, a fixed income investment management firm with over $350 million under management.
 WSIS clients include Taft-Hartley, public and welfare funds, endowments, foundations, corporations and individual investors, both domestic and overseas. Equity, bond, cash equivalent and balanced accounts are actively managed. The firm has 12 investment professionals, and maintains offices in New York, Boston, Dallas, and Beverly Hills. Investment research support is provided by the 26 industry specialists and economists of Wertheim Schroder & Co. Incorporated, which has long been recognized as an industry leader in the area of fundamental research.
 Since its founding in 1927, asset management has been a key professional and strategic activity for Wertheim Schroder & Co. Incorporated. Wertheim Schroder emphasizes creating value for clients, superior performance, stability, research, and a long-term commitment to clients' success.
 Walton received an M.B.A. from Columbia Business School and a B.S. in finance from Siena College. He is a member of the Association for Investment Management and Research and the New York, Washington and Philadelphia Societies of Security Analysts.
 -0- 7/14/92
 /CONTACT: Davia Temin of Wertheim Schroder, 212-492-6532/ CO: Wertheim Schroder & Co. Incorporated; Wertheim Schroder Investment
 Services Incorporated ST: New York IN: FIN SU: PER


GK-HB -- NY010 -- 8960 07/14/92 09:04 EDT
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Date:Jul 14, 1992
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