Asset Alliance Names New CFO Former Gabelli Executive Joins Hedge Fund Firm.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 12, 2000

Asset Alliance Corporation, an investment holding company with equity interests in hedge funds managing more then $1.6 billion in assets, today announced that Stephen G. Bondi, previously Executive Vice President of Finance & Administration at Gabelli Asset Management Inc. (NYSE: GBL) and most recently President of its Gabelli Securities, Inc. subsidiary, has joined the company as Chief Financial Officer. Mr. Bondi, 42, will be responsible for finance, administration and risk management.

"We are delighted to have Steve on board," said Bruce H. Lipnick, President and Chief Executive Officer of Asset Alliance. "His background in asset management and alternative investments as part of a respected public company will add significantly to Asset Alliance as we build a leading position in the alternative asset industry."

Mr. Bondi joined Gabelli Asset Management Inc. in 1982. Gabelli Asset Management is a publicly traded investment management firm with approximately $23 billion of assets under management through mutual funds, separate accounts, investment partnerships and hedge funds. Gabelli Securities is the holding company for GBL's alternative investment business and its broker-dealer subsidiary. Mr. Bondi received his MBA from Columbia University Graduate School of Business and is a CPA.

Asset Alliance Corporation (www.assetalliance.com) is an investment management holding company that seeks to acquire equity interests in alternative investment management firms with assets of between $50 million and $500 million. Eight previous manager acquisitions include Beacon Hill Asset Management LLC, Bricoleur Capital Management LLC, JMG Capital Management LLC, Liberty Corner Asset Management, Milestone Global Advisors LP, Pacific Assets Management, Silverado Capital Management LLC, and Trust Advisors LLC. In addition, the firm holds an equity interest in Hedge Fund Services (BVI), Ltd., an offshore fund administrator located in the British Virgin Islands. In September 1999, Asset Alliance Corporation established Asset Alliance International Ltd., headquartered in London, to develop joint ventures, enhance product development and distribution, and to acquire leading fund managers throughout Europe, Asia and the Middle East.