Portfolio Management Consultants, Inc. To Work With Israel Discount Bank of New York To Provide Private Client Portfolio Management Program

Business Wire, Sept 13, 1999

DENVER--(BUSINESS WIRE)--Sept. 13, 1999--

Portfolio Management Consultants, Inc. (PMC) announced that it has entered into an agreement with Israel Discount Bank of New York (IDBNY) to provide advisory and support services as a part of IDBNY's private client managed account program.

Under the agreement, PMC will provide manager due diligence services, prepare performance measurement reports, and provide a variety of investment consulting and back office services for IDBNY's managed account program. IDBNY will assist clients in establishing long-term investment strategies, selecting investment managers and evaluating investment performance.

"PMC is tremendously excited to renew our relationship with Israel Discount Bank," stated Scott A. MacKillop, President. "IDB supported our growth during PMC's earlier years and we consider it a tremendous vote of confidence that they have once again asked us to work with them to build their managed account capabilities. This relationship expands our international presence and takes advantage of our experience providing managed account programs on a multi-lingual basis."

Haim Bar-Ziv, Executive Vice President of Israel Discount Bank of New York, stated: "We are pleased to renew our relationship with PMC, which stands above its competition in the marketplace. We look forward to collaborating with them in providing our managed account clients with a high-quality, sophisticated and competitive program."

PMC, based in Denver, Colorado, is a subsidiary of The Ziegler Companies, Inc. (AMEX: ZCO), headquartered in West Bend, Wisconsin. PMC is an investment consulting firm that serves financial advisers and other financial service organizations by providing separately managed accounts, mutual fund portfolios and back office and performance reporting services.

IDBNY is a New York State chartered bank, member FDIC, with total assets in excess of $4 billion and capital in excess of $400 million. For more than 35 years, the bank has provided a wide array of the finest personal and business banking services to its domestic and international clientele. A close and long-term client/banker relationship is at the heart of the bank's business philosophy.