United Asset Management completed a $500 million five-year revolving...

United Asset Management completed a $500 million five-year revolving credit agreement with its banks during the first quarter, increasing its senior borrowing capacity by $100 million. It also reported first quarter net income up 24% to $19.3 million from $15.6 million in the same quarter last year. Net client cash flow for the first quarter was a positive $8 million, a significant improvement over the 1995 quarter. The company's assets under management reached a record $148.8 billion as of March 31, up from $142.1 billion at the beginning of the quarter and up 21% from the previous year.