Exhibit 99
Contact: Susan Bailey, Senior Manager of Communications
------- (860) 509-1000
THE ADVEST GROUP, INC. SHAREHOLDERS
APPROVE ACQUISITION BY THE MONY GROUP
Hartford, CT, November 21, 2000 - The Advest Group, Inc. (NYSE: ADV) and The
MONY Group (NYSE: MNY) today announced that Advest shareholders approved the
acquisition of the company by The MONY Group Inc. Of the votes cast, 98.89
percent were voted in favor of the acquisition.
"We are pleased that Advest shareholders voted overwhelmingly to approve
the acquisition," said Grant W. Kurtz, president and chief executive officer of
The Advest Group, Inc. "Becoming a part of The MONY Group will provide us with
greater financial and technological resources, enabling us to build our brand,
attract more customers and better serve our existing clients."
The results of the vote were 5,393,086 in favor and 60,208 in opposition;
Advest had 8.9 million shares outstanding at the record date. The company held a
Special Meeting of Shareholders late yesterday at Hartford's Old State House in
Connecticut during which shareholders voted on the transaction.
The acquisition, which was announced by the companies in August, 2000,
will be completed pending regulatory approval from The Office of Thrift
Supervision and the Connecticut Department of Banking.
"Our acquisition of The Advest Group is moving forward as planned and we
look forward to making Advest part of The MONY Group by early 2001," said
Michael I. Roth, chairman and chief executive officer, The MONY Group. "This
acquisition reinforces our commitment toward creating value for MONY
shareholders."
The MONY Group Inc. is the holding company for the member companies of The
MONY Group, which provide financial protection and asset accumulation products
and services. Member
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companies include MONY Life Insurance Company, founded in 1842 as The Mutual
Life Insurance Company of New York; MONY Life Insurance Company of America; U.S.
Financial Life Insurance Company; Enterprise Capital Management, Inc.; MONY
Securities Corporation; and Trusted Securities Advisors Corp.
The Advest Group, Inc. is a diversified financial services company
listed on the New York Stock Exchange under the symbol ADV. Advest, Inc., its
principal subsidiary, provides brokerage, trading, investment banking and
asset management services to retail and institutional investors. Advest has
over 90 sales offices in 18 states and Washington, DC. Advest Bank and Trust
provides trust services primarily through Advest, Inc.'s branch network.
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