Exhibit 99.1

                                  RISK FACTORS

      UAM's management may make "forward-looking" statements in the Form 10-K to
which this document is filed as an exhibit, in other documents filed with the
SEC (including those documents incorporated by reference into the Form 10-K), in
press releases, and in discussions with analysts, investors and others. These
statements include:

      o     descriptions of UAM's operational plans,
      o     expectations about future earnings and other results of operations,
      o     views of future industry or market conditions, and
      o     other statements that include words like "may," "expects,"
            "believes," and "intends," and that describe opinions about future
            events.

      Investors should not rely on these statements as though they were
guarantees. These statements are current only when they are made. UAM's
management has no obligation to revise or update these statements based on
future developments. Known and unknown risks may cause UAM's actual results and
performances to be materially different from those expressed or implied by these
statements. Some of these risks are identified and explained below.

MOST OF UAM'S REVENUES ARE BASED ON THE MARKET VALUE OF MANAGED ASSETS AND,
THEREFORE, WILL RISE AND FALL WITH CHANGES IN THE ECONOMY AND FINANCIAL MARKETS

      Most of the revenues of UAM's affiliated firms are investment advisory
fees, which are based primarily on the market value of assets under management.
Consequently, UAM's financial results depend directly on changes in the economy
and financial markets. These changes can be extremely volatile and are difficult
to predict.

      However, changes in the financial markets may also have an inverse effect
on assets under management. First, when prices in financial markets rise, U.S.
employers may make net withdrawals from their defined benefit plans. The
Employee Retirement Income Security Act of 1974 ("ERISA") and the Internal
Revenue Code of 1986 (the "Tax Code") require employers to fund their plans
sufficiently to generate the benefits they have promised, based on actuarial
calculations. However, the Tax Code also discourages employers from overfunding
these plans by limiting tax deductions for contributions to fully funded plans.
UAM believes that the high investment returns experienced in the 1980s and 1990s
have caused many defined benefit plans to reach or exceed their full funding
limits. Therefore, many employers may have ceased to

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contribute additional cash to these plans, even though these employers may be
withdrawing assets from the plans to pay benefits as they become due.

      Second, many investors wish to maintain a particular balance in their
portfolios among various asset classes and investment styles. Over time, if
funds allocated to one asset class outperform the rest of the portfolio, the
portfolio may become overweighted in that asset class. If the investor has not
changed its optimal asset allocation, the investor may rebalance the portfolio
by withdrawing funds from the asset class that outperformed and redistributing
those funds among the other asset classes and styles in the portfolio. In this
way, an advisor that manages in one particular asset class or style may
experience negative client cash flows after relative performance was positive,
and positive client cash flows after relative performance was negative.

THE INVESTMENT MANAGEMENT BUSINESS IS HIGHLY COMPETITIVE

      UAM's affiliated firms compete to manage domestic and international
investment portfolios for corporate benefit plans, mutual funds, government and
union benefit plans, individuals, endowments, and foundations. UAM believes that
the most important factors affecting competition in the investment management
industry are:

      o     the abilities and reputations of investment managers,
      o     stability of a firm's workforce, especially of portfolio managers,
      o     an effective marketing force with broad access to channels of
            distribution,
      o     differences in the investment performance of investment management
            firms,
      o     adherence to particular investment styles,
      o     quality of client service,
      o     the development of new investment strategies,
      o     resources to invest in information technologies, and
      o     public recognition of trade names in retail markets

      UAM's affiliated firms face many competitors, including public and private
investment advisers, as well as affiliates of securities broker-dealers,
commercial banks, investment banks, and insurance companies. Barriers to entry
are low, and firms in the investment management business are relatively
long-lived.

      Institutional clients typically may terminate investment management
contracts without penalty upon 30-days' notice. Mutual funds typically may
terminate investment management contracts without penalty upon 60-days' notice,
and retail clients may redeem investments in mutual funds at any time.

THE INVESTMENT MANAGEMENT BUSINESS IS SUSCEPTIBLE TO INTERNAL SHIFTS AND
FREQUENTLY REQUIRES FIRMS TO ADAPT

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      Firms typically position themselves to provide investment management
services within certain asset classes (equities, debt, real estate, etc.) and
investment styles (value, growth, sector rotation, etc.). Periodic shifts in the
investment management industry may favor firms with strength in particular areas
and firms that have the ability to adjust to these shifts.

      For example, the implementation of the European Monetary Union includes
the elimination of the national currencies and the coordination of economic
policy of the 11 member countries. These developments may cause several shifts
in the industry including:

      o     The preferred basis for equity asset allocation may shift from
            regional and country selection to industry selection;
      o     Investors in member countries may be more willing to invest in
            equity and debt securities from other member countries since there
            will no longer be exchange rate risk; and
      o     Investors may no longer require certain hedging techniques that seek
            to reduce exchange rate risk.

      As another example, the press release attached as Exhibit 99.1 to the
Company's Form 8-K filed on January 22, 1998, describes a shift in the market
for institutionally managed real estate.

UAM'S AFFILIATED FIRMS DEPEND SIGNIFICANTLY ON KEY EMPLOYEES

      Individual investment managers at UAM's affiliated firms often have
regular direct contact with clients, which may cause the clients to base their
relationships largely on trust in that individual manager. Some clients could
withdraw assets if an affiliated firm loses a key investment manager. UAM's
success depends on its ability to attract, retain, and motivate sufficient
numbers of qualified managers at its affiliated firms.

      In most cases, key managers have signed long-term employment contracts and
have agreed not to provide investment advisory services to any of their firm's
clients for a period after their employment ends. UAM depends on the
enforceability of these employment and non-competition agreements. Also, UAM
uses a combination of short-term and long-term financial incentives to help its
firms retain these individuals. However, these methods do not guarantee that
these individuals will remain with UAM's firms for the specified term of the
agreements or for any further term. The market for investment managers is
extremely competitive. Increasingly, in the industry, investment managers are
moving among different firms and starting new firms.

UAM'S REPORTED NET EARNINGS MAY BE AFFECTED BY CHANGES IN ITS AMORTIZATION OF
CLIENT CONTRACTS

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      When UAM acquires an investment advisory firm in a purchase business
transaction, UAM's balance sheet gains a new intangible asset - the cost
assigned to investment advisory contracts acquired. UAM amortizes this amount on
a straight-line basis over the estimated weighted average useful life of the
contracts. Determinations of these estimates consider historical patterns of
terminations by clients and the size and age of the contracts. If actual client
terminations occur significantly sooner than originally estimated or in certain
other circumstances, generally accepted accounting principles require that UAM
amortize the remaining asset over the revised estimated (shorter) life. This
acceleration of amortization further lowers UAM's reported net earnings during
the revised estimated life of the contracts.

      In addition, UAM regularly analyzes the value of investment advisory
contracts. Many factors can affect the value of these contracts, including
changes in advisory fee rates, strategic planning at the affiliated firm,
realignment of client and consultant relationships, and performance in managing
assets. In its analysis, UAM compares the carrying value of the contracts
against the estimated undiscounted future cash flows associated with the
contracts. If the undiscounted future cash flows are not sufficient to recover
the carrying value of the asset, accounting principles require that UAM adjust
the carrying cost of the contracts to their estimated fair value. Such an
adjustment, known to accountants as an "impairment" charge, would lower UAM's
reported net earnings. The press release attached as Exhibit 99.1 to UAM's Form
8-K filed on January 22, 1998, describes a charge in the fourth quarter of
fiscal year 1997 resulting from the impairment of client contracts at two of
UAM's affiliated firms.

THE IRS IS SEEKING ADJUSTMENTS TO SEVERAL OF UAM'S FEDERAL INCOME TAX RETURNS

      The Notes to Consolidated Financial Statements which are included in the
Company's Annual Report on Form 10-K for the year ended December 31, 1999,
describe UAM's method for amortizing investment advisory contracts for tax
purposes in years prior to 1993 and the method permitted by the Revenue
Reconciliation Act of 1993 (the "93 Act") for subsequent years. The Internal
Revenue Service ("IRS") has audited UAM's federal income tax returns for 1984
through 1992 and is challenging UAM's amortization prior to the 93 Act. The
Notes address this audit and the IRS's position in more detail. UAM believes
that it will prevail in the audit. However, if the IRS prevails in all aspects
of this audit, for the years prior to 1993 UAM would owe approximately
$56,000,000, plus interest, in additional tax.

UAM DELEGATES AUTHORITY TO MAKE DECISIONS OVER THE OPERATIONS OF ITS AFFILIATED
FIRMS

      As sole or principal stockholder, UAM has the power to elect and remove
directors of its affiliated firms and to veto any major actions that the firm
may take. However, UAM authorizes the principals of the affiliated firms to
manage their own day-to-day operations, including employee matters, investment
management policies and fee structures, product development, marketing, client
relationships, compensation programs, and compliance activities. Indeed, UAM

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itself is not registered as an investment adviser either with the SEC or with
any state or foreign regulatory agency and therefore cannot render investment
advisory services except through its affiliated firms which are properly
registered. Accordingly, UAM's approach limits its ability to alter or
coordinate the investment management practices and policies of its affiliated
firms.