Arden Asset Management Adds Senior Executives.

Seasoned Operations and Marketing Professionals Bolster Firm's Infrastructure and Client Service Team

NEW YORK -- Arden Asset Management LLC, a leading fund of hedge funds manager with approximately $13 billion in assets under management, today announced that it has bolstered its senior executive team by adding three seasoned professionals. Paul A. Ehrhardt, former Chief Operating Officer of Legg Mason International Equities, has joined the firm as Chief Operating Officer and Managing Director. Gerrard Bushell, former Director and Head of Institutional Sales and Business Development of ClearBridge Advisors, a division of Legg Mason, and Michael Horsburgh, former Managing Director and Global Head of Corporate Access at ABN AMRO, have been named as Executive Directors, Institutional Sales, and will join the firm on June 18.

Averell H. Mortimer, President and Chief Executive Officer of Arden, said, "We are very excited to welcome professionals of Paul, Gerrard and Michael's caliber to Arden. We look forward to leveraging Paul's extensive institutional investment expertise as we further refine and strengthen our operations and product platform. Gerrard and Michael's significant experience and broad institutional relationships will enable us to further expand our client service capabilities to better meet the increasing needs of our investors worldwide."

Mr. Ehrhardt will work closely with members of Arden's senior management team to further enhance the firm's infrastructure, data management, risk controls, legal and compliance functions, financial reporting and operations, and strategic planning process.

Mr. Ehrhardt has spent more than 20 years in the investment management business. While at Legg Mason, Mr. Ehrhardt was responsible for the formation and business management of the firm's $13 billion International Equities affiliate. In this role, Mr. Ehrhardt oversaw business management functions for the London, Tokyo, Hong Kong, Singapore, Melbourne and New York investment offices.

Mr. Bushell has over 15 years of experience working with institutional investors. At ClearBridge Advisors, Mr. Bushell's responsibilities included assisting corporate, Taft Hartley and public pension plans in developing equity, convertible debt and hedge fund investment strategies. Prior to joining ClearBridge, Bushell spent six years at Citigroup Asset Management as Director, Institutional Sales, Public Funds Group & Head, Middle Market Sales Group.

Mr. Horsburgh brings approximately 35 years of investment experience to Arden. During his seven year tenure at ABN AMRO, Mr. Horsburgh held a variety of senior positions, including Managing Director, Head of U.S. equities, and Chief Executive of the firm's South Korean businesses.

Additionally, as part of Arden's continuing effort to enhance its research team, the firm has hired Kathy Jiang as a Research Associate. Previously, Ms. Jiang was an Assistant Vice President at Deutsche Bank.

Founded in 1993, Arden Asset Management is a leading global fund of funds investment management company with offices in New York and London. Arden is registered with the SEC and Arden's affiliate, Arden Asset Management (U.K.), Ltd. is authorized and regulated by the FSA. Arden's institutional and high net worth investors include taxable and non-taxable clients from the United States, Canada, U.K., Europe, South America, Japan and Asia.