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Exhibit 99.1
[LETTERHEAD OF NEUBERGER BERMAN INC.]
CONTACT: Peter E. Sundman
Neuberger Berman
212-476-8924
Scott Sunshine/Brandon Ashcraft
Towers Group
212-354-5020
FOR IMMEDIATE RELEASE
NEUBERGER BERMAN TO ACQUIRE
INVESTMENT ADVISOR TO SMALL-CAP BLEND FUND
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Fasciano Fund Will Expand Neuberger Berman's Mutual Fund Offerings
NEW YORK, October 16, 2000 - Neuberger Berman announced it intends to acquire
Fasciano Company, the investment advisor to Chicago-based Fasciano Fund, a
small-capitalization blend mutual fund. The Fund, which was launched by Michael
Fasciano in 1987, has approximately $240 million in assets. Terms were not
disclosed and the agreement is subject to certain conditions.
"We were looking for a fund to round out Neuberger Berman's line of small-cap
offerings," said Peter E. Sundman, Executive Vice President of Neuberger Berman.
"We were fortunate to find the Fasciano Fund which does exactly that and is run
by Michael Fasciano, a top money manager. We will continue to seek opportunistic
acquisitions like this, which offer our fund shareholders further
diversification."
The Fasciano Fund, which will be renamed the Neuberger Berman-Fasciano Fund,
will fill the style box between Genesis, Neuberger Berman's small-cap value
fund, and Millennium, its small-cap growth offering. Michael Fasciano will
continue to manage the fund and will be based in Neuberger Berman's Chicago
office.
(MORE)
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NEUBERGER BERMAN ACQUIRES.../PAGE 2
"Joining Neuberger Berman is a strategic business decision that allows me to
spend more time doing what I do best - managing money," said Michael Fasciano,
Fasciano Fund's founder and portfolio manager. "I've always admired Neuberger
Berman for its rich tradition of serving long-term investors and look forward to
being an integral part of their team."
Neuberger Berman is an investment advisory company that has provided clients
with a broad range of investment products, services and strategies for more than
60 years. The firm engages in private asset management, estate planning and
trust services, mutual funds and institutional management, and professional
securities services, for individuals, institutions, corporations, pension funds,
foundations and endowments.
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