United Asset Management Corp., Boston, officially surpassed $100 billion in assets under management with the closing of deals to buy John K. Dwight Asset Management Co. Inc. and GSB Investment Management Inc.
The purchases bring UAM's assets under management to about $103 billion, up from $75 billion at the end of 1992.
John K. Dwight, based in Burlington, Vt., is a $5 billion manager of guaranteed investment contracts and synthetic GICs. GSB, based in Fort Worth, Texas, is a value equity manager with about $2.4 billion under management.
Norton Reamer, UAM president, said he couldn't estimate what growth for UAM will be in 1994, but he said there are two factors that could buoy activity for the firm.
One, he said, is the widened tax rate differential between the capital gains rate, which hasn't changed, and the highest income tax rate, which has risen. Mr. Reamer said the relatively lower capital gains rate may spur owners to sell sooner than they might have had tax rates not changed.
In addition, he said UAM's visibility as a potential buyer of money management firms apparently has been growing. Money managers now go to UAM with deal possibilities, something that didn't happen in the past.