Gannett Welsh & Kotler, LLC Names Thomas F.X. Powers and T. Williams Roberts III as Co-Presidents, Harold G. Kotler as Chief Executive Officer, and Benjamin H. Gannett as Vice Chairman

BOSTON, Sept. 18 /PRNewswire-FirstCall/ -- Gannett Welsh & Kotler, LLC (GW&K), an investment management subsidiary of The Bank of New York with over $7.5 billion in equity and fixed income assets under management, today announced that Thomas F.X. Powers and T. Williams Roberts, III have been appointed co-Presidents, Harold G. Kotler has been named Chief Executive Officer, and Benjamin H. Gannett has been named Vice Chairman of the firm, effective immediately.

In their new roles as co-Presidents, Mr. Powers and Mr. Roberts will be responsible for establishing GW&K's strategic plan and managing the firm's business, reporting to Mr. Kotler. Mr. Powers will oversee GW&K's sales, marketing and client servicing and Mr. Roberts will oversee the finance, compliance, information technology, human resources and administration departments.

Joining Messrs. Kotler, Powers and Roberts on GW&K's Executive Committee are Edward B. White, Nancy G. Angell and John B. Fox. Mr. White maintains his leadership role as head of the equity investment team while Ms. Angell and Mr. Fox continue to lead the Fixed Income Department.

"Tom and Bill's appointments as co-Presidents represent an evolution of our strategic development and are designed to ensure succession and continuity at GW&K," stated Mr. Kotler. "They both have a long history with the firm, have played leading roles in our day to day operations and share the energy and passion that have been the hallmark of this company."

"These appointments recognize Tom and Bill's exceptional contributions to this firm and reflect our confidence in their leadership talents," said Mr. Gannett. "Through their efforts, GW&K has grown to become a leading asset management firm with a diverse array of investment options while maintaining a focus on delivering competitive investment returns and superior service to our clients."

"GW&K has been, and will continue to be, an important component of our growing and diversified investment management business," said Steven Pisarkiewicz, executive vice president and head of BNY Asset Management and a member of the GW&K Board of Directors. "As part of BNY Asset Management, GW&K has maintained the entrepreneurial spirit that has made the firm so successful and we expect that will continue under Tom and Bill's leadership. They both have the depth of experience and industry insight needed to further advance GW&K's record of success."

Mr. Powers joined GW&K in 1996 to head the firm's sales and marketing efforts. He was previously employed by The Boston Company/Mellon Private Asset Management serving as a Vice President in the Private Asset Management Group.

Mr. Roberts joined GW&K in 1994 and has most recently been responsible for the operations of the firm and served as GW&K's Chief Compliance Officer.

Mr. Kotler has been with GW&K since 1975 and is the former President. Mr. Gannett, one of the original founding partners of the firm, was most recently Executive Vice President of GW&K.

Recent developments at GW&K include the launch of new products, including the Municipal Enhanced Yield Strategy and the Small/Mid Cap Equity Strategy, that leverage the firm's established expertise in these market segments. In addition to managing portfolios for high net worth individuals through wrap relationships and other third party platforms, GW&K continues to focus on institutions that can benefit from their diversified core strategies and emphasis on personal service.

Gannett Welsh & Kotler, founded in 1974 and headquartered in Boston, provides a broad spectrum of equity and fixed income investment strategies to high net-worth individuals and institutions. It has made a name for itself through its expertise and strong performance record in fixed-income investing, particularly as a municipal bond manager. Today they provide separate account management in twelve distinct strategies and manage over $7.5 billion. The firm's investment strategies are actively managed and emphasize bottom-up fundamental research. GW&K became a wholly owned subsidiary of The Bank of New York on April 30, 2002.

BNY Asset Management offers corporations, nonprofit organizations and high net-worth individuals and families a broad range of equity, fixed-income and alternative investment products. With more than $116 billion in assets under management, the Bank is one of the largest investment managers in the United States, and, with its affiliates, offers investment services throughout the United States, Europe and Asia.

The Bank of New York Company, Inc. is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and private banking. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at http://www.bankofny.com/.