Reich & Tang Acquires HighMark Funds’ Money Market Mutual Fund Business

  Reich & Tang Acquires HighMark Funds’ Money Market Mutual Fund Business

Business Wire

NEW YORK -- April 3, 2013

Reich & Tang today announced that it has entered into an agreement to acquire
five money market funds from HighMark Capital Management, Inc., a wholly-owned
subsidiary of Union Bank, N.A. The deal, which represents more than $4 billion
in shareholder assets, has been approved by each company’s Board of Trustees
and is expected to close by July 2013.

New York-based Reich & Tang is a cash management and liquidity specialist
servicing broker-dealer, bank, and institutional markets, and is the third
longest running money market mutual fund manager in the world. Reich & Tang
currently supervises nearly $30 billion across money market mutual funds, FDIC
insured programs, and separately managed account portfolios. Reich & Tang is a
subsidiary of Natixis Global Asset Management, S.A., one of the largest asset
managers in the world with approximately $779 billion in assets under
management.

“We are extremely pleased to have entered into this arrangement with HighMark
Capital Management,” said Michael Lydon, Chief Executive Officer of Reich &
Tang. “The similarity in both firms’ business structures creates an ideal
pairing for a seamless acquisition, which will provide HighMark Fund
shareholders with immediate cost benefits and integration into a highly
stable, diversified client base.” HighMark Capital Management is a
wholly-owned subsidiary of Union Bank, N.A. in San Francisco.

“A key benefit of the transaction is that our shareholders will have access to
one of the industry’s longest-tenured and time tested mutual fund advisers
whose conservative investment philosophy is consistent with that of HighMark
Funds,” said Dennis Mooradian, president of HighMark Capital Management and
executive vice president of Union Bank. “With cash becoming an increasingly
important asset class, particularly over the past five years, we realize the
importance of partnering with a specialist whose infrastructure for sweep
programs will undoubtedly ensure that our shareholders experience a seamless
transition.”

HighMark Capital Management remains focused on managing institutional and high
net worth assets for its wealth management and separately-managed
institutional businesses where it will oversee more than $15 billion in client
assets. “This agreement with Reich & Tang refines our strategy and strengthens
HighMark’s position by allowing us to focus on growing our core business of
providing asset management services to institutional and high-net-worth
clients,” Mooradian added.

The deal, for which Cambridge International Partners served as adviser to
Reich & Tang, is the second acquisition in as many years for the company,
which completed a merger of the ValueLine U.S. Government Fund in 2012. “The
HighMark Funds acquisition represents an important step in our company’s
strategic growth plans,” added Lydon. “Adding to our already diversified money
market mutual fund and expanded FDIC insured offerings underscores our
commitment and singular focus in providing the most value to clients and
shareholders to meet their unique liquidity and cash management needs.”

Berkshire Capital Securities LLC acted as the financial advisor and Bingham
McCutchen LLP as the legal advisor to HighMark Capital Management and Union
Bank.

About Reich & Tang

Reich & Tang Asset Management, LLC (Reich & Tang) is one of the nation’s
largest firms dedicated solely to liquidity and cash management solutions. The
firm is focused on creating, improving, and delivering smarter ideas to help
banks, broker-dealers, and institutions maximize the value of their deposit,
money fund, and short-term investment programs. This singular focus across
several business channels combines to form a unique perspective and expertise
that provides a deeper insight into the multiple disciplines within cash
management. Reich & Tang is a subsidiary of Natixis Global Asset Management,
S.A. As of March 31, 2013, Reich & Tang supervises approximately $30 billion
in assets in money market mutual funds, separately managed accounts, and
expanded FDIC insured bank and brokerage programs.

About HighMark Capital Management,Inc.

San Francisco-based HighMark Capital Management, Inc. (HCM), is a registered
investment adviser, with more than $18 billion in assets at December 31, 2012,
for individual and institutional investors worldwide. HCM is a wholly-owned
subsidiary of Union Bank, N.A. Union Bank, N.A. is wholly owned by UnionBanCal
Corporation. UnionBanCal Corporation is wholly-owned by The Bank of
Tokyo-Mitsubishi UFJ, Ltd., which is a wholly-owned subsidiary of Mitsubishi
UFJ Financial Group, Inc. (MUFG, NYSE:MTU), one of the world’s largest
financial organizations in market capitalization and deposit taking. HighMark
Funds Distributors, LLC, an affiliate of Foreside Funds Distributors LLC, is
the principal underwriter of the HighMark Funds.

Contact:

Media:
Reich & Tang
Frank Bonanno, 212-830-5318
VP, Director of Marketing
fbonanno@rnt.com
or
Union Bank
Jane Yedinak, 415-765-3241
VP, External Communications
jane.yedinak@unionbank.com