Delafield Asset Management to Join Tocqueville Asset Management

Business Wire, June 23, 2009

NEW YORK -- Delafield Asset Management announced today that it will join Tocqueville Asset Management LP. The combination is expected to add Delafield Asset Management’s separately managed accounts, limited partnerships, the Delafield Select Fund and the Delafield Fund to Tocqueville’s investment management business.1

“We are delighted to add Delafield Asset Management to our team,” said Robert Kleinschmidt, President and CEO of Tocqueville Asset Management. “I have known and respected Dennis Delafield and Vince Sellecchia for over 30 years, and we look forward to combining forces to continue to provide investors with access to some of the best investment thinking and mutual funds in the industry.”

Delafield Asset Management is currently a division of Reich & Tang Asset Management, LLC, an affiliate of Natixis Global Asset Management. Reich & Tang is in the process of restructuring to focus exclusively on the money market and cash deposit business and this restructuring includes transferring Delafield Asset Management.

“We thank the Delafield team for their important contribution to the equities business of Reich & Tang Asset Management and Natixis Global Asset Management. Dennis and Vince deserve recognition for their successful long-term track record, and we wish them only success in their new endeavor,” said John Hailer, CEO of Natixis Global Asset Management, North America and Asia.

“While we have enjoyed our association with Reich & Tang and Natixis Global Asset Management, we are looking forward to being a part of Tocqueville Asset Management,” said Dennis Delafield. “Tocqueville is a good fit for Delafield Asset Management. Like Delafield, it has a seasoned team of equity analysts and fund managers. We anticipate a long and productive association with the firm.”

The Delafield Fund, an equity mutual fund, was founded in November 1993. The Delafield Fund is co-managed by J. Dennis Delafield and Vincent Sellecchia. Combined, they have more than 80 years of investment experience and have worked together since 1980. The Delafield Select Fund, launched in 2008 after conversion from a non-registered limited partnership structure, is a concentrated portfolio of approximately 25 primarily small- and mid-cap value stocks.

Tocqueville Asset Management offers investment advisory services to clients. Known for its contrarian value style investing, Tocqueville manages more than $5.5 billion in assets from its New York City location. Its clients are primarily wealthy families and individuals. Tocqueville Asset Management is also the advisor to the Tocqueville Trust family of funds which consists of four highly regarded equity mutual funds including U.S. equity, international equity and gold. The firm also manages institutional accounts and hedge funds.

The transaction is subject to customary closing conditions, including regulatory and other approvals and notices and approvals by the boards and shareholders of the respective mutual funds.

About Tocqueville Asset Management

Tocqueville Asset Management was founded in 1990 and operates as an employee owned partnership. Earlier, its founding partners were a part of Tucker Anthony. Since 1990 Tocqueville has grown steadily and now manages more than $5.5 billion in assets with a staff of 100 employees, the majority of whom are portfolio managers, research analysts and client service professionals. Tocqueville provides both equity and fixed income investments to wealthy families and individuals as well as to institutional accounts. The firm is also an advisor to the Tocqueville Trust family of four equity mutual funds. Tocqueville is well respected by peers, investment consultants, media and clients for its contrarian value oriented style of investing with an orientation toward long-term investing and absolute returns.

About Delafield Asset Management

Delafield Asset Management was founded in 1980 by J. Dennis Delafield. Vincent Sellecchia joined him a few months later. The division manages assets for U.S. corporations, foundations, endowment funds and individuals. It built its reputation with its fundamental research and disciplined portfolio management.

About Reich & Tang Asset Management

Reich & Tang Asset Management provides money fund and cash management services to financial firms. For over 30 years, it has specialized in the investment of short-term liquid assets through a family of money market funds and similar portfolios. It is an industry leader in the cash deposit business. Reich & Tang Asset Management is an affiliate of Natixis Global Asset Management. Headquartered in Paris and Boston, Natixis Global Asset Management’s assets under management totaled $594 billion (€448 billion) as of March 31, 2009.