Allan C. Brik Joins Arden Asset Management; New Hires Further Enhance Research Capabilities.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 14, 2003

Arden Asset Management, Inc., a leading fund of hedge funds manager with approximately $2.5 billion in assets under management, today announced that Allan C. Brik has joined the firm's research team as an Executive Director responsible for quantitative analytics.

With an extensive background in quantitative strategies and structuring derivative products, Mr. Brik will enhance Arden's existing investment program by analyzing complex trading and hedging strategies, as well as individual positions at the hedge fund manager level. The addition of Mr. Brik reflects Arden's ongoing commitment to expand its investment program and research capabilities.

Averell H. Mortimer, President of Arden Asset Management, said, "Allan's experience in complex financial instruments will contribute to the overall investment process not only by providing additional insights into promising investment managers, but also by assisting in highlighting potential risks. We believe our investors will benefit from the addition of Allan's specialized skill and investment experience."

Mr. Brik will incorporate additional quantitative inputs into Arden's well-established and delineated investment framework, which has four principal areas: manager sourcing and screening, due diligence, portfolio construction and monitoring and risk management. Arden's Research Department currently consists of 13 investment professionals with specialized functions and a broad array of investment-related backgrounds. Mr. Brik will report to the Investment Committee, chaired by Arden's President, Averell H. Mortimer, and will work closely with Henry P. Davis, a Managing Director responsible for manager selection, due diligence and monitoring, and Stefan Zellmer, an Executive Director who oversees portfolio construction and risk management activities.

Mr. Brik, a PhD. in computer-aided engineering from MIT, brings over nine years of Wall Street experience to Arden. Most recently, Mr. Brik was Head of Quantitative Research and Risk Management for Synthesis Asset Management, a New York-based fund of funds, where he was responsible for asset allocation for all quantitative arbitrage strategies and risk management. Previously, Mr. Brik was a Vice President at Goldman, Sachs & Co., where he launched a structured derivatives group. Earlier in his career, Mr. Brik worked at Merrill Lynch & Company, where he was a Vice President and served in a number of roles.

Additionally, as part of Arden's continuing effort to bolster its investment capabilities, the firm announced that it has hired Thomas R. Trowbridge as an Associate in the Research Department. Mr. Trowbridge will graduate from Columbia Graduate School of Business with an MBA later this month. Prior to attending business school, Mr. Trowbridge was a Vice President at Alta Communications, a Boston-based private equity firm, where he performed valuation and returns analysis and negotiated the structure of various investments. Previously, Mr. Trowbridge was a Financial Analyst at Bear, Stearns & Co. Inc.

Founded by Averell H. Mortimer in 1993, Arden Asset Management is a leading global fund of funds investment management company with offices in New York and London and has approximately $2.5 billion in assets under management. Arden is registered with the SEC and CFTC/NFA. Arden Asset Management (U.K), Ltd. is authorized by the FSA. Arden's institutional and high net worth investors include taxable and non-taxable clients from the United States, Canada, Europe, Asia, Japan, South America and Australia.