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UAM plans to buy back more stock

United Asset Management Corp. has extended its stock repurchase program by 8 million shares, bringing the total number that the company is authorized to buy to nearly 10 million shares.

"The Board has extended the stock repurchase program twice in 1998 because it continues to believe that UAM's common stock represents excellent value," said Norton H. Reamer, UAM's chairman and chief executive officer. The company has already bought 8.1 million shares this year, representing more than 11 percent of the shares outstanding at the beginning of the year.