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NICSA Announces the Election of Five New Members to the Board of Directors

Wellesley, MA-June 21, 2004  -  The National Investment Company Service Association (NICSA) announced at the trade-associations annual General Membership Meeting that five individuals have been elected to serve on the NICSA Board of Directors.

"Each of these individuals will add great expertise and industry knowledge to the NICSA Board, as well as a proven commitment in service to the association," said Barbara V. Weidlich, President of NICSA. "We are fortunate to have each of these dedicated individuals join the organizations Board."

New Board Members

Andrew Fry is the Senior Vice President and Managing Director at State Street Kansas City. He also is a member of the Global Management Forum. State Street Kansas City currently employs over 1100 people. For the 2004 year, SSKC will generate over $215 million in annual revenue. Major clients include PIMCO, Pacific Life, Lord Abbett, J&W Seligman, Prudential, AIG, The Hartford, and Aetna. SSKC administers 150+ institutional relationships and over 1100 investment portfolios. Assets under custody exceed $814 billion.

Prior to joining State Street, Mr. Fry was President and Chief Operating Officer of the Chase Global Fund Services Company, a Chase Manhattan subsidiary in Boston, where he was responsible for providing custody, administrative services, and transfer agency to fund managers. He was also responsible for the development and delivery of their worldwide Mutual Fund Accounting Products. Mr. Fry has had extensive international experience, managing Chases Tokyo Trust Operations in Japan and Chases Offshore Mutual Funds business in Dublin, Ireland, with additional responsibilities for Chases operations in Luxembourg, Channel Islands, and Cayman.

Peter Gallary is Managing Director, Head of Mutual Fund Operations of Putnam Investments. Prior to his affiliation with Putnam, Mr. Gallary was President and Chief Executive Officer of The Boston Company Advisors, overseeing administration, accounting and custody services for 45 mutual fund companies, and a Partner at Coopers & Lybrand, where he was responsible for the Northeast Region Financial Services management Consulting Practice and the National Director of the Investment Industry Consulting Practice.

Mr. Gallary served previously on the NICSA Board of Directors from 1996-1999.

James E. Hillman, Senior Vice President with The Bank of New York, is responsible for the overall delivery of services to mutual funds, offshore funds as well as Investment Manager Services (IMS) custody clients of The Bank of New York. Prior experiences include: Executive Vice President at BISYS Fund Services, Tax Partner at Coopers & Lybrand LLP (now PricewaterhouseCoopers) and Tax Partner at Deloitte & Touche LLP (now Deloitte.)

At C&L, Mr. Hillman co-chaired the Investment Company practice in the New York metropolitan area, was a national industry leader and served a s U.S. representative to IIMIG, the International Investment Management Industry Group. Prior to concentrating in financial services, Mr. Hillman serviced expatriate clients of Deloitte & Touche in Dhahran, Saudi Arabia.

Kenneth J. Kempf, President of SunGard Investor Accounting Systems, is responsible for the general management of the mutual fund shareholder systems group.

Mr. Kempf, who joined SunGard is June 2000, has a strong background in the mutual fund industry including senior management positions with PFPC Inc., First Data Investor Services, and Fund/Plan Services, Inc., as well as executive positions with Penn Mutual Life Insurance Company.

Tai-Chin Tung joined Schwab in March 1996 as Vice President and Controller for CSIM. Ms. Tung currently serves as Senior Vice President, Charles Schwab Corporation, Chief Financial Officer of Charles Schwab Investment Management , and Treasurer and Principal Financial Officer to the SchwabFunds.

Prior to her experience with Schwab, Ms. Tung was the Controller for Robertson Stephens Investment Management, Inc. from 1994-1996. Ms. Tungs previous experience and affiliations include being the Vice President of Fund Accounting at the Capital Research and Management Co., the Senior Vice President for the Sierra Funds and the Chief Operating Officer of Great Western Financial Securities.

Ms. Tung is a long time NICSA supporter, having co-chaired the Associations West Coast Regional Committee.