Portfolio Management Consultants, Inc. Expands Its Relationship With Israel Discount Bank of New York — Provides Client Portfolio Management to Domestic Clients

Business Wire, July 10, 2000

Business Editors

DENVER--(BUSINESS WIRE)--July 10, 2000

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

PMC has had a long-standing relationship with the Bank in support of its international Portfolio Management 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 domestic managed account program. IDBNY will assist clients in establishing long-term investment strategies, selecting investment managers and evaluating investment performance.

"We are very happy to build on the excellent relationship we have had over the years with Israel Discount Bank of New York," stated Scott MacKillop, President of PMC. "This project allows us to help IDBNY provide innovative financial solutions to their high net worth clients and capitalizes on our expertise in developing customized managed account programs for financial institutions."

Frank J. Klein, Executive Vice President of Israel Discount Bank of New York, stated: "We are pleased to expand our relationship with PMC, which stands above its competition in the marketplace. We look forward to working with them to provide our domestic 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, a member of the FDIC, with total assets in excess of $4.5 billion and capital of about $400 million. For almost 40 years, the Bank has provided a wide array of the finest personal and business banking services to its domestic and international clientele from its offices in New York City and through its worldwide network. A close and long-term client/banker relationship is at the heart of the Bank's business philosophy.