Acquisition of OSV Partners Further Expands United Asset Management's Global Presence; Fred J. Gatling, Senior Foreign Exchange Executive at Salomon Brothers, To Join OSV

Business Wire, April 23, 1996

BOSTON--(BUSINESS WIRE)--April 23, 1996--United Asset Management Corporation (NYSE: UAM), which manages over $143 billion through 45 affiliates, today announced that it has completed the acquisition of OSV Partners, the specialized currency risk management firm.

OSV, which manages approximately $1 billion and has offices in Frankfurt, Germany and Boston, will be the eighth UAM affiliate engaged in international investing. The transaction brings UAM's international assets under management to more than $12 billion.

In addition, OSV Partners announced that Fred J. Gatling is joining as Portfolio Manager and Principal in its Boston office. Mr. Gatling is a Vice President at Salomon Brothers, with 14 years of experience in the foreign exchange markets. He previously served as an economist at the Department of Commerce in Washington, D.C. "I am very pleased that Fred has joined us as one of the senior executives leading OSV Partners," stated Franz W. Schmadl, Chief Investment Officer. "Fred brings excellent research capabilities to OSV, in addition to his outstanding talents in trade execution and risk management."

Founded in 1992, OSV is an active currency overlay investment manager whose investment strategy is designed to reduce currency risk associated with exposure to international markets. The firm is led by Franz W. Schmadl, Chief Investment Officer, Christopher J. Carey, Director of Marketing, and Fred J. Gatling, Portfolio Manager. Each has signed long-term employment contracts that include performance and growth incentives.

OSV will retain its own name as well as its investment and operating independence in keeping with UAM's long-standing policy with regard to its affiliates. Terms were not disclosed for the acquisition, which will be accounted for as a purchase. OSV was previously owned by management and Oechsle International Advisors, which is in full support of the transaction. Oechsle will assist in an orderly transition and will continue to maintain a relationship with OSV.

"We are excited that the transaction has been completed, and that we are expanding our trading and research capabilities. We are looking forward to taking advantage of UAM's distribution affiliates, including United Asset Management (Japan), Inc. and UAM Investment Services, Inc.," added Carey.

"OSV has built an outstanding record providing currency management services to its clients, and adds an important international asset class to our existing international capabilities," stated Norton H. Reamer, UAM's President and Chief Executive Officer. "This acquisition is in keeping with UAM's strategy of further diversification by asset class, investment style and client mix, particularly in the high-growth area of international investing."

Other UAM affiliates involved in international investing include:

o Acadian Asset Management, Inc. (based in Boston);

o Alpha Global Fixed Income Managers (based in London);

o Jacobs Asset Management (based in Fort Lauderdale, Fl.);

o Ki Pacific Asset Management (based in London and Hong Kong);

o Murray Johnstone Limited (based in Glasgow, Scotland, with offices

in London, Paris, Singapore and Chicago; Manchester, Birmingham and

Sheffield, England);

o UAM Investment Services, Inc. (based in Boston, with an office in

Amsterdam);

o United Asset Management (Japan), Inc. (based in Tokyo).

United Asset Management Corporation provides investment management services, primarily to institutional investors, through 45 operating firms which manage over $143 billion for more than 6,000 clients located throughout the United States and abroad.

CONTACT: Investor Contact: William H. Park

Juliana M. Coyle

(617) 330-8900

Media Contact: Jonathan V. Hubbard

(617) 330-8900

George Sard/David Reno

Sard Verbinnen & Co.

(212) 687-8080

OSV Contact: Christopher J. Carey

(617) 342-6979