Arden Asset Management Adds Senior Investment Staff; Former Morgan Stanley International Prime Brokerage Group Members to Lead London Initiative.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 13, 2002

Arden Asset Management, Inc., a leading hedge fund of funds manager with approximately $2 billion in assets under management, today announced that it has strengthened its research department by adding senior investment staff members Ian McDonald and Todd Walters, both formerly of Morgan Stanley's International Prime Brokerage Group.

With the new hires, Arden expects to open its London office to expand its research effort and increase coverage of European-based hedge fund managers in the fall of 2002.

"As an independent fund of funds investment management company, we are delighted to have these high-caliber professionals who have significant experience working with talented European fund managers join our firm," said Averell H. Mortimer, President of Arden Asset Management. "Europe is an increasingly important and growing market for hedge funds and the addition of seasoned professionals, Ian and Todd, underscores our commitment to further enhancing Arden's research capabilities. Our London office will provide us with a strong European complement to our U.S. team, as we work to generate superior absolute returns for our investors in both up and down markets."

Messrs. McDonald and Walters have extensive experience in the hedge fund arena. Mr. McDonald, a Vice President in Morgan Stanley's International Prime Brokerage Group's European Capital Introduction division, was a member of the team responsible for introducing hedge funds to fund of funds, family offices, private banks, pension funds, endowments and foundations. Before joining Morgan Stanley, Mr. McDonald was an investment consultant in the London office of Cambridge Associates, a leading investment consultancy, where he evaluated and monitored European-based hedge fund managers. Previously, Mr. McDonald was in Cambridge's Boston office, where he focused on portfolio construction, manager selection and due diligence of U.S. hedge funds.

Prior to joining the London office of Morgan Stanley International Prime Brokerage, where he was a Vice President in Sales and Marketing for the European prime brokerage and hedge fund market, Mr. Walters was based in Morgan Stanley's Hong Kong office. There he was responsible for building and maintaining investor and hedge fund manager relationships in Asia. Before joining Morgan Stanley, Mr. Walters was part of the investment team at Wurfbain Management Limited, which manages Asian Capital Holdings, an Asian-focused fund of funds.

Founded by Averell H. Mortimer in 1993, Arden Asset Management is a leading global fund of funds investment management company based in New York with approximately $2 billion in assets under management. Arden's high net worth and institutional investors include taxable and non-taxable clients from the United States, Canada, Europe, Asia, South America and Australia.