U.S. Trust Corp.'s strong focus on money management is earning favorable reviews from some bank analysts.

Gerard S. Cassidy, an analyst with Hancock Institutional Equity Services, initiated coverage of U.S. Trust late last month, saying the company's stock is undervalued and recommending it to investors.

New York-based U.S. Trust's "primary business, investment management, has double-digit growth potential into the next millennium," Mr. Cassidy said in his report.

He added that U.S. Trust's focus on the wealthy and the up-and-coming affluent bodes well for the company's ability to compete for more assets in the future.

Brown Brothers Harriman & Co. upgraded U.S. Trust to "outperform-buy" last month on similar grounds.

U.S. Trust's expansion into affluent pockets of Connecticut and Florida during the past three years has helped it more than double assets under management to $47.4 billion.

Investment management accounted for $191.3 million of revenues in 1995, two-thirds of the company's fee income.

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