Release Details

BOSTON--(BUSINESS WIRE)--Dec. 3, 1999--Affiliated Managers Group, Inc. (NYSE:AMG), an asset management holding company, today announced the recent launch of Managers AMG Funds, a no-load mutual fund family managed and distributed by its subsidiary, The Managers Funds LLC.

"We are very pleased to offer our Affiliates a cost-effective way to access the mutual fund marketplace through an established distributor," said William J. Nutt, AMG's Chairman and CEO. "With our acquisition of The Managers Funds LLC in April 1999, we started to develop our ability to offer our Affiliates a centralized capability to develop, administer and distribute mutual fund products. This initiative is one of a number of Affiliate support distribution efforts we are exploring."

Boston-based Essex Investment Management Company, LLC ("Essex") acts as the sub-adviser for the Essex Aggressive Growth Fund (MEAGX), the first series of Managers AMG Funds. At Essex, the Fund is managed by founder, Chairman and Chief Investment Officer Joseph C. McNay, President Stephen D. Cutler and Vice President R. Daniel Beckham. The Fund, which commenced operations on November 1, 1999, has approximately $100 million in total assets and requires a $25,000 minimum investment.

In managing the Aggressive Growth Fund, Essex first identifies the industries within various sectors which, over the long-term, it believes will grow faster than the economy as a whole. Essex then seeks out companies within those industries that it believes can generate and maintain strong revenue and/or earnings growth. Essex looks for companies with established market positions, quality management and strong finances.

The Fund has the flexibility to invest in U.S. and international companies of all market capitalizations that Essex believes demonstrate the greatest potential for long-term growth. Ordinarily, the Fund invests in 50 to 60 companies, which are generally from the technology, health care, energy services, basic industries, financial services and specialty retail sectors.

Essex is an investment adviser which managed approximately $7.8 billion in assets as of September 30, 1999 for a variety of institutions and high net worth investors. The firm specializes in growth equities employing a fundamental research-driven approach.

The Managers Funds LLC ("Managers") is the adviser to The Managers Funds, a family of nine no-load equity and fixed income mutual funds with $2.0 billion in total assets as of September 30, 1999. The firm employs an innovative business model for The Managers Funds whereby it selects sub-advisers from a universe of over one thousand investment managers. The mutual funds advised by Managers are distributed to retail and institutional clients directly and through intermediaries including independent investment advisers, 401(k) plan sponsors and alliances, broker-dealers, major no transaction fee fund programs, and bank trust departments.

AMG addresses the succession and transition issues facing the principals of growing, mid-sized investment management firms. The Company's strategy is to generate growth through investments in new Affiliates, as well as through the internal growth of its existing Affiliates. AMG's innovative transaction structure allows individual members of each Affiliate's management to retain or receive significant direct ownership in their firm while maintaining operating autonomy. In addition, AMG provides centralized assistance to its Affiliates in strategic matters, marketing, distribution, product development, and operations. To date, AMG has made investments in 15 Affiliates, including one pending transaction, which collectively managed $74 billion in assets as of September 30, 1999.

Certain matters discussed in this press release, which are prefaced with words or phrases such as "view," "will," "intend," "plan" or similar words or phrases may constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, the performance of the existing funds and operations at The Managers Funds LLC, our ability to develop a cost-effective means for our Affiliates to offer mutual funds on terms acceptable to us, our Affiliates, and The Managers Funds LLC, fulfillment of the conditions to the closing of pending investments, and other risks detailed from time to time in AMG's filings with the Securities and Exchange Commission. Reference is hereby made to the "Cautionary Statements" set forth in the Company's Form 10-K for the year ended December 31, 1998, and in the Company's Form 10-Q for the quarter ended September 30, 1999.

For more complete information concerning the Essex Aggressive Growth Fund, including fees and expenses, please contact The Managers Funds LLC at (800) 835-3879 or visit the Managers AMG Funds Web site at www.managersamg.com for a prospectus. Please read the prospectus carefully before investing. The prospectus is not an offer to sell shares in the Fund and is not soliciting an offer to buy these shares in any state where the offer or sale is not permitted. The principal value and investment return of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

For more information on Affiliated Managers Group, please visit AMG's Web site at www.amg-boston.com

     CONTACT: Affiliated Managers Group, Inc.
              Lee Chertavian, (617) 747-3300