COLUMBUS, Ohio, June 2 /PRNewswire/ -- Banc One Investment Advisors
Corporation of Columbus and Pacholder Associates, Inc. of Cincinnati today
announced the formation of a strategic alliance. Banc One Investment Advisors
is a SEC registered investment advisor and subsidiary of BANC ONE CORPORATION
(NYSE: ONE) with more than $56 billion in assets under management, including
over $26 billion in The One Group Family of Mutual Funds. Pacholder
Associates, Inc. is a specialized money manager providing high yield, bond
asset management. The strategic alliance will provide Banc One Investment
Advisors with a high yield bond asset management capability and Pacholder
Associates with growth in assets under management.
Under the terms of the agreement, which is subject to regulatory
notification, Banc One Investment Advisors and Pacholder Associates, Inc. will
form a company called Banc One High Yield Partners, LLC, which will be
majority owned by Banc One Investment Advisors. The new firm will act to
advise high yield assets for institutional clients and will subadvise The One
Group High Yield Bond Fund, to be introduced later this year in The One Group
Family of Mutual Funds, BANC ONE's proprietary mutual fund family.
"This alliance adds an important asset management specialty to our broad
investment management capability. It will provide us with opportunities to
not only enhance existing relationships but also attract new asset management
clients," said David J. Kundert, President and Chief Executive Officer of Banc
One Investment Advisors. "Pacholder Associates is a highly regarded manager
of high yield fixed income assets and their investment approach is very
compatible with our management philosophy. We view this strategic alliance as
another important step we are taking to expand our services to the benefit of
our current and future clients."
"This transaction is a significant step for our organization's strategic
growth," said William J. Morgan, President of Pacholder Associates, Inc. "It
enables us to use our proven high yield expertise to manage an ever-increasing
base of assets. The managers of Pacholder Associates, Inc. operate under
guiding principles that are very similar to those of Banc One Investment
Advisors. We are pleased to be associated with the high caliber investment
professionals of Banc One."
Pacholder Associates, Inc. was formed in 1983 to specialize in high yield
fixed income securities. Currently, Pacholder Associates manages in excess of
$750 million, primarily for institutional clients, including, through
Pacholder & Company, the USF&G Pacholder Fund, Inc., a closed-end, high
yield bond fund with $175 million in assets as of March 31, 1998.
In a related transaction, Banc One Investment Advisors is purchasing a
minority interest in Pacholder & Company, LLC, a newly formed investment
advisor, subject to regulatory clearance. An advisory agreement between
Pacholder & Company, LLC and the USF&G Pacholder Fund, Inc. has been
approved by the USF&G Pacholder Fund's Board of Directors and is being
submitted to the USF&G Pacholder Fund, Inc.'s shareholders for approval at the
upcoming shareholder meeting.
BANC ONE CORPORATION had managed total assets of $146.7 billion, total
assets of $116.3 billion, and common equity of $10.4 billion at March 31,
1998. BANC ONE operates over 1,300 banking centers in 12 states. BANC ONE
also owns several additional corporations that engage in a full range of
financial services. Information about BANC ONE's financial results and its
products and services can be accessed on the Internet at:
http://www.bankone.com; through InvestQuest at: http://www.investquest.com;
or through Fax-on-demand at: 614-844-3860.
SOURCE BANC ONE CORPORATION
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Related links:
http://www.bankone.com
CONTACT:
Julie Crothers of Banc One Investment
Advisors, 614-213-9581; or James L. Gibson of Pacholder
Associates, 513-985-3200; or John Russell of BANC ONE,
614-248-5989
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