New York, July 1, 2002 - Carret and Company, the New York-based money-management firm, announced today that it had acquired Manchester Capital Corporation, a New York money-management firm. Terms of the transaction were not disclosed.

The two firms have very similar client bases and investment philosophies, noted Carret Chief Executive Officer W. Denman Zirkle. "It's a perfect fit," he said. Manchester has approximately $335 million in assets under management; the acquisition raises Carret's assets under management to more than $2 billion.

The clients of both firms include endowment and retirement funds, family and charitable trusts and private investors. Carret also represents Taft-Hartley retirement plans. The two firms follow conservative investment strategies and look for consistent long-term performance.

Zirkle said Wayne S. Reisner, Manchester's president and chief executive officer, and other Manchester principals will join Carret. Reisner will continue as president and portfolio manager of Sterling Capital Corp., a publicly traded closed-end mutual fund listed on the American Stock Exchange. He has held those positions at Sterling since 1985. Mr. Reisner will also continue as the chief portfolio manager for the Walter Scheuer family office.

Carret and Company is owned by Castle Harlan Partners III L.P., a private-equity investment fund organized and managed by Castle Harlan, Inc., the New York merchant bank. Carret was acquired by the Castle Harlan affiliate in 1997. Castle Harlan previously owned Delaware Investment Management from 1988 until 1995.

New York, June 3, 2002 - Carret and Company, Inc., the New York-based money-management firm, announced today the appointment of W. Denman Zirkle as its chief executive officer.

Founded in 1963, the firm currently has approximately $2 billion in assets under management with offices in New York City; Garden City, N.Y.; Hanover, N.H., and Santa Fe, N.M. Its clients include endowments and retirement funds, family trusts, private investors and Taft-Hartley retirement plans.

Zirkle was formerly executive vice president of FTI Institutional, a division of Franklin Templeton Investments, based in New York and San Mateo, Calif. Prior to joining Franklin Templeton in 1997, he had been with Lynch & Mayer, Inc., an investment advisory firm, Morgan Stanley Asset Management and IBM.

He is a graduate of Virginia Polytechnic Institute and holds an MBA from the Wharton School of the University of Pennsylvania.

Carret and Company was founded by Philip L. Carret, an early advocate of the value style of investing. In 1928, he established one of the first mutual funds, the Pioneer Fund. He was active in the company right up to his death at the age of 101 in 1999.

Carret and Company is owned by Castle Harlan Partners III L.P., a private-equity investment fund organized and managed by Castle Harlan, Inc., the New York merchant bank. Carret was acquired by the Castle Harlan affiliate in 1997.

NEW YORK, October 13, 1999 - Carret and Company, the New York money management firm, announced today that two experienced and successful equity portfolio managers -- Arthur Gray, Jr. and R. Stephen Bartholow, Jr. -- had joined the firm.

William H. Webber, Jr., Carret's chairman and chief executive officer, said Gray would be a senior managing director and Bartholow, a managing director.

"Arthur Gray and Steve Bartholow are extremely effective investment professionals," said Webber, "and their conservative investment style is an excellent fit with Carret's. They add significant strength to our equity investment operations."

Webber said the arrival of Gray and Bartholow would raise to $1.2 billion the assets that Carret currently has under management.

Gray and Bartholow joined Carret from S.G. Cowen Securities Corp. where they had worked together since the early 1990s. Their clients include high-net-worth individuals, family offices, smaller institutions and profit-sharing plans and foundations.

Before he went to Cowen in 1993, Gray had been president and CEO of Dreyfus Personal Management for 11 years. Bartholow joined Gray at Dreyfus in the mid-1980s as an equity analyst.

Gray's other positions have included chairman of Tallasi Management Company and first vice president of Mitchell Hutchins.

Gray attended Massachusetts Institute of Technology before joining the U.S. 8th Air Force as a first lieutenant and navigator in World War II. Bartholow holds a bachelor's degree in economics and finance from Southern Methodist University.

Carret and Company is a portfolio company of Castle Harlan Partners III, L.P., a private equity investment fund organized and

NEW YORK, December 8, 1998 - James R. Tesone, a highly regarded fixed-income portfolio manager, has joined Carret and Company, the New York money management firm, as senior managing director and chief investment officer - fixed income. The appointment was announced today by William H. Webber, Jr., Carret's president and chief executive officer.

"For years, Carret has been known for its expertise in equity investing," said Webber. "The arrival of Jim Tesone, an experienced professional, gives the firm a strong new presence in the market for fixed-income securities."

Webber said Tesone's investment record has consistently been in the top performance quartile and ahead of standard benchmarks. He also noted that, with Tesone joining the firm, Carret's total assets under management now top $1.4 billion, an increase of some $500 million in the past year.

Tesone, 41, had been with American Asset Management, where he was managing director and chief investment officer for fixed-income products since 1995.

From 1988 to 1994, he was managing director and chief investment officer for Prudential Securities Investment Management.

Before that, Tesone ran all portfolios for The Robert Wood Johnson Foundation, an $8.7 billion national philanthropy.

Tesone is a 1979 graduate of Fordham University with a bachelor's degree in accounting and received an MBA in finance, with honors, from Fordham in 1984.

Carret and Company is an affiliate of Matrix Global Investments, a private investment firm that is building a global operating business by investing in high quality asset management firms with non-overlapping products and helping them grow. Matrix Global is closely affiliated with Castle Harlan Inc., the New York merchant bank.

NEW YORK, October 13, 1997 -- Matrix Global Investments, an operating company in the investment management business that was recently capitalized by New York merchant bank Castle Harlan, Inc., announced today the acquisition of Carret and Company, a money management firm with nearly $1 billion under management. The purchase price was not disclosed.

Carret and Company's predecessor firm was founded 70 years ago by Philip L. Carret, a pioneer in the concept of value investing and creator of one of the earliest mutual funds, the Pioneer Fund. In 1988, the company was purchased by David J. Olderman, who will remain chairman of Carret after the completion of the Matrix transaction. William H. Webber, Jr., president and also a principal of Carret, will be chief executive officer, a position formerly held by Olderman. Carret, who is about to celebrate his 101st birthday, is no longer active in the business day-to-day, although he still comes to the office several days a week. His granddaughter, Renee C. Carret, is a managing director of the firm.

The principals of Carret (rhymes with allay) are retaining a substantial equity position in the company, and other key Carret professionals will also be investors in the firm going forward.

"It was important to find partners that not only share our values but also a long-term orientation for Carret," Olderman said. "We know the principals at Matrix and the people at Castle Harlan well, and we have the deepest respect for their records of achievement. They will provide us with the opportunity to grow while continuing to operate independently, and their philosophy of making equity in Carret available to our professionals was very important for Bill and me in our decision to become aligned with Matrix. We know this new partnership marks the beginning of an exciting new chapter for Carret and Company, and we look to the future with great confidence and optimism."

Clinton J. Kendrick, Matrix chairman and chief executive officer, noted that Carret and Company, which is based in New York, is the first of a planned series of acquisitions that Matrix will make to create a diversified, global investment management and asset-gathering firm. "Matrix," he said, "aims to invest in independent money management firms with non-overlapping investment styles to create a broadly diversified product line."

"Carret has a long-standing reputation for providing high-quality investment management services," Kendrick said, "and a strong, deep team of investment professionals who provide an excellent base for continued growth. We couldn't have picked a better firm with which to launch our venture."

Kendrick said that, in addition to investing in money-management firms, Matrix would build a global marketing and sales organization at the parent-company level to distribute worldwide the investment products of its independent partner firms.

Carret clients include high net worth individuals, pension and profit sharing plans and not-for-profit foundations, for which it manages equity, fixed income and balanced portfolios. The company follows a value-based equity investment style, which emphasizes established companies with low price/earnings and price/book-value ratios.

Alastair Short, president of Matrix, noted that Carret's assets had grown at a rate of approximately 20 percent per year compounded over the past 5 years, even though a substantial portion of clients maintain balanced accounts with the firm and withdraw capital regularly. "This excellent growth record is characteristic of a very professional firm servicing clients effectively and attracting high quality new business," said Short.

Castle Harlan announced early last month that it was investing $60 million to capitalize Matrix, on behalf of its third limited partnership, Castle Harlan Partners III, and would hold a majority stake. Kendrick and Short, the Matrix principals, also each hold a substantial equity interest in Matrix.

NEW YORK, September 3, -- Castle Harlan, Inc., the New York merchant bank, announced today its sponsorship of Matrix Global Investment, Inc., a new company that is being capitalized at $60 million to invest in money management firms.

Castle Harlan holds a majority stake in the new company. The principals of Matrix, Clinton J. Kendrick, chairman and chief executive officer, and R. Alastair Short, president and chief operating officer, also hold substantial equity stakes.

David H. Chow, a managing director of Castle Harlan, said that "Matrix's strategy is to build a global investment management and asset-gathering operation by investing in money management firms with non-overlapping investment styles. Over time, this will create a broadly diversified product line.

"In addition," he said, "we have great confidence in Matrix's principals and their ability to leverage their historic operating success and industry contacts to identify attractive opportunities for investment and to help all the Matrix firms grow, individually and collectively."

Messrs. Kendrick and Short have been partners in the money management business for the past year. Mr. Kendrick is former president of Alliance Capital Management Corp. and a co-founder, with Lewis Ranieri, of Hyperion Capital Management. Mr. Short was the co-founder of Apex Capital Partners, a private equity investment firm whose specialty was acquiring operating businesses jointly with management.

Mr. Kendrick said that Matrix targets high quality investment management firms and provides a marketing, sales and distribution company at the parent-company level to help them grow. Each of the firms, he said, has a minimum of $500 million in assets under management. They will operate autonomously and offer a comprehensive range of non-overlapping investment styles, both global and domestic.

Mr. Kendrick said he and Mr. Short welcome Castle Harlan's support.

"These are highly sophisticated investors," he said, "with an enviable record of success in private equity investment. They also have a deep understanding of the investment management business by virtue of their very successful acquisition and strategic development of Delaware Management Holdings, which they purchased in 1988 and grew to over $26 billion in assets under management. Castle Harlan's support as our partner is an invaluable asset for Matrix."

Mr. Kendrick has spent 30 years in the investment management business. He was with Alliance Capital for 15 years and served as the firm's president for 10. After Alliance, he co-founded Hyperion Capital and built it to more than $2.5 billion under management in less than three years.

Prior to forming Matrix with Mr. Short, Mr. Kendrick was a managing director of Lehman Brothers and COO of the firm's Global Asset Management division.

While with Apex, Mr. Short built up a record of successful investments as principal in a variety of businesses. Before he co-founded Apex in 1988, Mr. Short was with Quadrex Securities, where he helped to establish the mergers and acquisitions and leveraged buyout groups. Earlier, he had practiced law with Rogers & Wells, focusing on securities and corporate law.

Castle Harlan's investment in Matrix was made by Castle Harlan Partners III, a private equity limited partnership that closed earlier this year with $630 million in commitments from public and private pension funds, college endowments, foundations and individual investors.

Castle Harlan was founded in 1987 by John K. Castle, former president and CEO of Donaldson, Lufkin & Jenrette, the investment banking firm, and a pioneer in private equity partnership investments, and Leonard M. Harlan, founder and former chairman of The Harlan Company, a real estate investment banking and financial advisory firm.

Since the firm's inception, it has completed acquisitions valued at more than $3 billion.