MMI elects Kent Strazza of Franklin Templeton and Marc Brookman of New York Life to the Board of Governors.

          Washington, D.C., January 30, 2003 – The Money Management Institute (MMI), the national association for the separately managed account industry, announced today the election of Kent Strazza, president and CEO, Franklin Templeton Private Client Group, and Marc Brookman, senior managing director, New York Life Investment Management (NYLIM), to the organization’s Board of Governors.

The elections of Mr. Strazza and Mr. Brookman, which are for three-year terms, bring the MMI Board’s membership to 27.

“The elections of Kent Strazza and Marc Brookman to the MMI Board reflect the increasingly significant participation of two key industry sectors – fund companies and insurance firms – within the market for separately managed accounts,” said Christopher L. Davis, MMI Executive Director.

“Kent Strazza has been a consistently strong contributor to the MMI program, and has been particularly instrumental in our efforts to shape high quality membership events specifically designed to build the knowledge and skills of our industry’s leaders in key market practice areas,” said Mr. Davis.  “As Franklin Templeton further builds its capabilities to succeed in our industry, Kent’s experiences and insights will be enormously helpful in directing our initiatives toward these new market entrants as well as our established participants.”

“Marc Brookman will provide us with an insurance firm’s view on our market,” he said.  “A number of insurance firms are now considering entering the separately managed account sector.  As the representative of a firm already active in this area, Marc is immediately equipped to offer valuable, first hand perspective on what insurance firms are likely to experience – and how they can best make an impact – as they seek to realize the opportunity of separately managed accounts.”

          Before becoming president and chief executive officer of Franklin Templeton Private Client Group (FTPCG), Kent Strazza was executive managing director of FTPCG and senior vice president of Defined Contribution Services.  Mr. Strazza joined Franklin in 1984.  He has served in various positions including national sales manager of the Financial Institutions Division, assistant national sales manager, and regional sales representative for the South-Midwest territory.  In addition, he worked as an assistant portfolio manager in Franklin’s municipal trading area.  He holds a bachelor of arts degree in geology from Colgate University in Hamilton, N.Y.

Marc Brookman is responsible for marketing NYLIM's separate accounts, commingled funds, alternative investments and real estate investment products to a broad range of markets, including unbundled defined contribution plans, defined benefit plans, and foundations and endowments.  He joined the firm in 1998 from United Asset

         Management (UAM) Retirement Plan Services, where he was national sales director, vice president.  Prior to UAM, Mr. Brookman was a regional sales manager and vice president for Oppenheimer Capital's Quest For Value mutual fund division.  He holds a bachelor of business administration degree from James Madison University in Harrisburg, Va.

Notes:
The Money Management Institute (MMI) is the national organization for the managed account industry, representing portfolio manager firms and sponsors of investment consulting programs.  The MMI was created in 1997 to serve as a forum for the managed account industry’s leaders to address common concerns, discuss industry issues and work together to better serve investors. The Institute is the leading advocate for the industry on regulatory and legislative issues. MMI’s membership comprises firms that offer comprehensive financial consulting services to individual investors, foundations, retirement plans and trusts; related professional portfolio management firms, and firms that provide long term services to both sponsor and manager firms such as computer/technology firms.  www.moneyinstitute.com