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                                     Exhibit 99.1
                                           
                                           
                                           
                                      Contacts:   Juliana M. Coyle (Investors)
                                                  Jonathan V. Hubbard  (Media)
                                                  (617) 330-8900
                                           
                                      Internet:   http://www.uam.com
                                           
                                           
For Immediate Release
                                           
                     UNITED ASSET MANAGEMENT CORPORATION ANNOUNCES
                          1997 FOURTH QUARTER NON-CASH CHARGE
                                           
              Board of Directors Expands Stock Repurchase Authorization by
                               Eight Million Shares
                                           
     BOSTON, January 22, 1998--United Asset Management Corp. (NYSE: UAM) today
announced that it expects to report a non-cash charge of between $165 million
and $175 million against pre-tax earnings for the fourth quarter ended December
31, 1997.  The charge is a result of the impairment, under Statement of
Financial Accounting Standards No. 121, of the recorded cost assigned to client
contracts in connection with two UAM transactions, the acquisition of JMB
Institutional Realty by Heitman Financial Ltd. and the acquisition of Newbold's
Asset Management, Inc.  This non-cash charge will not affect the day-to-day
investment management and client service of either firm.  Excluding the charge,
UAM expects to have fourth quarter earnings per share of between $.32 and $.34,
and Operating Cash Flow (net income plus amortization and depreciation) per
share of between $.76 and $.79.

     UAM estimates that, if investment markets remain at current levels
throughout the year, its 1998 earnings could be in the range of $1.15 to $1.25
per share and Operating Cash Flow per share could be between $2.90 and $3.10
based on preliminary internal business projections.  The Company's estimates
include less negative net client cash flow than in 1997, as well as the effect
of changes at Heitman and Newbold's.  Compared to 1997 results, UAM's estimates
also include increased spending on its marketing and client service affiliates;
co-investing in growth opportunities with investment management affiliates;
existing start-ups including the two new European affiliates; support for The
Campbell Group; increased repurchases of UAM common stock; financing costs and
amortization of contingent payments in 1998 for prior acquisitions; and the tax
impact of certain recent acquisitions.  In addition, UAM has taken steps to
reduce expenses at the holding company.  Operating results could also be
affected by acquisitions, shifts in UAM's business mix resulting in changes in
average fee rates, the level of investment markets worldwide, general economic
conditions and other factors which are difficult to forecast.

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     Negative net client cash flow in 1997 totaled approximately $16 billion or
8.1% of year-end assets under management.  Total managed assets rose by $26
billion from December 31, 1996 to $197 billion on December 31, 1997.  Of this
increase, acquisitions contributed approximately $16 billion and market
performance by affiliates added $26 billion, which was offset by the negative
net client cash flow.  In the fourth quarter of 1997, negative net client cash
flow totaled $7.5 billion, approximately half of which was attributable to
Heitman, Newbold's and The Campbell Group, as described below.

     In addition, the Company said that its Board of Directors has authorized an
eight-million- share expansion of UAM's stock buyback program, bringing the
total number of shares currently available for repurchase from 1,755,766 to
9,755,766 shares.  The Company repurchased 829,700 shares of its common stock in
the 1997 fourth quarter and 2,867,900 shares during the full year, and it
expects to significantly increase its stock repurchase activity in 1998.  During
the fourth quarter, UAM obtained an amendment of its credit agreements with its
banks which more than doubles the amount of cash flow it may spend on stock
repurchases and dividends for one year.  UAM does not expect to recommend
raising its dividend in March 1998, when an increase would ordinarily be
considered, in order to increase the amount available for the potential
repurchase of its shares.

     "UAM is focused on building shareholder value by pursuing selective
acquisitions, helping its affiliates to grow, assisting its firms with operating
changes where needed, and other measures such as the stock repurchase program,"
said Norton H. Reamer, President and Chief Executive Officer.  "While some of
these steps may negatively affect financial results over the short term, our
goal is to significantly improve UAM's long-term financial prospects,
particularly our net client cash flow.  Our strong Operating Cash Flow and
financial position will enable us to fund our ongoing initiatives at a
substantial level in order to meet our objectives."

     Of the non-cash pre-tax charge against UAM's earnings, approximately 80% is
attributable to the impairment of the cost assigned to client contracts acquired
through the 1994 purchase of JMB Institutional Realty by Heitman, and 20% to
client contracts at Newbold's.  In order to satisfy client objectives for
liquidity and realizing gains, Heitman has begun actively selling properties
held by its JMB-related commingled trusts, many of which are expected to be
liquidated in advance of their contractual lives.  This development reflects a
shift in the market for institutionally managed real estate from commingled
funds to other investment vehicles, including real estate investment trusts that
offer liquidity and public pricing.  Heitman, which is one of the largest
institutional real estate investment managers in the world, is reviewing its
long-term strategy in order to best serve its clients in the evolving real
estate investment management industry.

     Newbold's Asset Management, which has also experienced a significant loss
of assets under management, was formally incorporated into another UAM firm,
Pilgrim Baxter & Associates, during the fourth quarter of 1997.  Newbold's is a
value-oriented equity investment manager with a strong institutional focus,
which complements Pilgrim Baxter's strengths in growth equity investing.  Its
investment managers and client portfolios will retain their unique value
philosophy as part of the Pilgrim Baxter organization.  Pilgrim Baxter is
continuing to build 

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a diversified mutual fund family and institutional investment management
business based on a growing cadre of talented portfolio managers with varied
investment styles.

     To address UAM's negative net client cash flow, the Company has a variety
of initiatives underway to both improve growth incentives and provide a higher
degree of marketing and distribution support for its firms than previously:

-    UAM plans to further increase the co-investments it makes with affiliates
     in marketing, distribution and new product development.  For example, the
     Company has established a mutual fund service center in partnership with
     Pilgrim Baxter to enable it to consolidate and improve its shareholder
     services and marketing for the PBHG Funds family.  The facility has
     sufficient capacity to serve additional fund families managed by UAM
     affiliates.  UAM also expects to provide financial support during 1998 for
     Pilgrim Baxter to help it further diversify its mutual fund organization. 
     UAM is assisting The Campbell Group, as well, to enable it to market a
     variety of timber management and investment services to a broad range of
     clients in North America, Europe and Asia.  The firm has restructured its
     operations in order to replace a joint venture arrangement with John
     Hancock managing approximately $1.3 billion in timber assets which ended in
     1997.
     
-    UAM has consolidated and focused the incentive programs it offers
     affiliates in order to reward positive net client cash flow specifically,
     rather than overall increases in revenues, which can be affected by market
     changes as well as by client additions and withdrawals.  This new incentive
     arrangement, which is designed to function in a manner similar to "phantom
     stock," is in addition to the core revenue-sharing agreement that each firm
     has with UAM, giving an affiliate control over a significant share of any
     new revenues it generates.  
     
-    The Company has improved the cost-sharing arrangements for affiliates that
     utilize UAM Investment Services, Inc. to market to separate accounts,
     mutual funds, insurance companies and other prospective clients.  UAM
     expects that it will increase its own financial support for this service
     affiliate during 1998 as its new business efforts continue to gather
     momentum.  The Company also plans to increase support for its Tokyo-based
     distribution affiliate, United Asset Management (Japan), Inc. in response
     to a very high level of interest among Japanese institutions in the
     investment management services of UAM affiliates.

     United Asset Management Corporation provides investment management
services, primarily to institutional investors.  These services are offered
through a broad range of operating firms which managed over $197 billion on
December 31, 1997 for clients located throughout the United States and abroad.

                                  ---------------

     In accordance with the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, UAM notes that the statements in this press
release which look forward in time, including all statements containing other
than historical information, involve known and unknown risks and uncertainties
that may cause actual results, performances or achievements to differ 

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materially from those expressed or implied by such forward-looking statements. 
In addition to the risks and uncertainties identified above in this press
release, the following factors, among others, could cause UAM's actual results,
performances or achievements to differ materially:  competition  in the
investment management industry; adverse changes in domestic and foreign economic
and market conditions; higher than anticipated negative net client cash flow;
write-offs of acquired client contracts; UAM's ability to implement the proposed
changes at affiliate levels; and other factors as more thoroughly identified and
explained in Exhibit 99.2 to UAM's Current Report on Form 8-K filed on January
22, 1998 with the Securities and Exchange Commission.

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