AMG Names Stephen Lockwood to Board of Directors
AMG Names Stephen Lockwood to Board of Directors
September 16, 1999
Business Editors
BOSTON--(BUSINESS WIRE)--Sept. 16, 1999--Affiliated Managers Group, Inc. (NYSE: AMG), an asset management holding company, announced today the election of Mr. Stephen J. Lockwood, Vice-Chairman of HCC Insurance Holdings, Inc., to its Board of Directors.
BOSTON--(BUSINESS WIRE)--Sept. 16, 1999--Affiliated Managers Group, Inc. (NYSE: AMG), an asset management holding company, announced today the election of Mr. Stephen J. Lockwood, Vice-Chairman of HCC Insurance Holdings, Inc., to its Board of Directors.
Mr. Lockwood is Vice-Chairman and a member of the Board of
Directors of HCC Insurance Holdings, Inc. ("HCC"), a NYSE-listed
insurance holding company, and is the co-founder and Chief Executive
Officer of HCC's subsidiary, LDG Reinsurance Corporation, which HCC
acquired in 1996. In addition, he is a director of four mutual funds
managed by The Dreyfus Corporation, and serves on the Board of the
Inner City Scholarship Fund in Boston. Mr. Lockwood received a B.A.
from Pennsylvania State University.
"We are delighted to welcome Steve to our Board," said William J.
Nutt, Chairman, Chief Executive Officer, and President of AMG. "With
his success in the corporate world and diverse background, he brings
years of management and financial experience that will further
strengthen our distinguished Board."
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, when requested, in strategic matters, marketing and
distribution, product development, and operations support. At June 30,
1999, AMG had 14 Affiliates, which collectively managed over $70
billion in assets.
Certain matters discussed in this press release 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 the
Company's ability to locate suitable candidates to serve as members of
the Board of Directors, 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.
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CONTACT: Affiliated Managers Group, Inc.
Darrell W. Crate, (617) 747-3300
KEYWORD: MASSACHUSETTS
INDUSTRY KEYWORD: BANKING INSURANCE MANAGEMENT CHANGES