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Frank Reichel, TSW's President, will succeed Horace Whitworth as Chief Executive Officer, effective September 30. Mr. Whitworth will continue to serve as Chief Financial Officer until TSW concludes its national search for a new CFO, after which he will continue in a senior advisory capacity until his retirement in the next several years. John Reifsnider, currently Managing Director with primary responsibility for institutional marketing and client service, will become President and take on an increased role in the day-to-day oversight of the firm.

In addition to Messrs. Reichel and Reifsnider, the firm's Board of Managers includes Lori Anderson, its Director of Operations, who is responsible for oversight of operations and risk management, and Jennifer Souza, from TSW's institutional partner, BrightSphere Investment Group (NYSE: BSIG).

"As we look ahead to TSW's 50th year in 2019, we remain focused on the strengths and principles that marked our founding - a commitment to a value investment philosophy and a dedication to meeting the long term needs of our clients," said Mr. Whitworth. "With this leadership transition, we recognize the contributions and capabilities of key members of our management team, all of whom have long-term tenures with TSW and a deep understanding of our business and our clients."

Mr. Reichel added, "As a firm, our consistent focus has been - and will continue to be - ensuring that the leadership structure of TSW serves both the firm and our clients well and positions us all for future success. TSW's unique culture, which blends the challenge of intellectual rigor with the collegiality of collaborative decision-making, has enabled us to attract and retain some of the industry's top talent through multiple generations of management, and I look forward to continuing to work with this excellent team."

The members of TSW's management team have deep experience with the firm and within the industry. Messrs. Reichel, Reifsnider, and Ms. Anderson have been with the firm 18, 12 and 40 years, respectively. Messrs. Reichel and Reifsnider have 32 and 28 years of financial services experience, respectively.

"Horace's leadership over his 32-year tenure with the firm has been instrumental in helping us reach important milestones in our business," said Mr. Reifsnider. "We look forward to continuing to enhance our strategies and services to meet the evolving demands of the marketplace and needs of our clients."

Mr. Reichel will continue to serve as co-portfolio manager of the TSW Small Cap Value and Small/Mid Cap Value strategies. Mr. Reifsnider will take on an increased role in the day-to-day oversight of the business while retaining his supervisory role of institutional marketing and client service.