Bear, Stearns International Limited Announces Fourth Seminar On 'Starting a Hedge Fund'.

NEW YORK--(BUSINESS WIRE)--March 31, 1999--Bear, Stearns International Limited has announced its fourth seminar on "Starting a Hedge Fund" to take place in London on Friday, April 23, 1999. This seminar, which highlights increasing European acceptance of hedge funds, is structured to allow potential hedge fund managers to address questions to the panel during the discussion, as well as on an individual basis. A panel of hedge fund industry experts, including lawyers, administrators, consultants as well as hedge fund managers will answer questions on the start-up process and discuss legal and operational issues in an open forum.

"Hedge fund management is seen as a challenging and exciting 'next step' for elite traders around the world," states Michel Serieyssol, head of European Marketing for Bear, Stearns International Limited. "It is increasingly well-known that hedge fund managers are highly educated, professional specialists who bring added value to an otherwise traditional portfolio through diversification and risk control. The new managers are coming from throughout Europe, particularly the UK, and there is a clear demand for a concise overview of the challenges faced in creating a hedge fund." Some 65 new hedge funds have been established in Europe in the past year, reflecting the rapid evolution of the hedge fund industry in Europe. Previous Bear, Stearns' hedge fund events have been attended by over 400 people, including many ex-institutional traders, research analysts and fund managers, seeking the next step in their careers.

Sohail Jaffer, chairman of the Alternative Investment Management Association (AIMA) that is supporting the seminar, notes that "we are pleased to be associated with an event whose goal is educational. We believe in the value and importance of training and educating in all aspects of the investment industry to understand all skill-based strategies, be it on the supply- or buy-side."

Alex Clode, a representative of the London Society of Investment Professionals (LSIP) that is also supporting the seminar, sees the event as "a comprehensive roadmap through the complexities of creating a hedge fund." Clode says, "it is part of LSIP's mission to promote the highest level of continuing education to our membership and the investment community as a whole."

For further information, please contact Michel Serieyssol at Bear, Stearns International Limited, London, 44-171-516 6985/6987.

Bear, Stearns International Limited, a leading worldwide investment banking and securities trading and brokerage firm, is a major subsidiary of the Bear Stearns Companies Inc. With approximately $18.9 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody service. Through Bear Stearns Securities Corp., it offers professional and correspondent clearing, including securities lending. Headquartered in New York City, the company has approximately 9,500 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles and San Francisco; and an international presence in Beijing, Buenos Aires, Dublin, Hong Kong, London, Lugano, Sao Paulo, Shanghai, Singapore and Tokyo. For additional information about Bear Stearns, please visit our website at http://www.bearstearns.com.

Alternative Investment Management Association (AIMA) is a global trade association whose members comprise major banks, fund managers and professionals within the hedge fund, managed futures, currency management, and related service providers. Founded in 1990, AIMA now has over 200 corporate members and continues to provide many services to both investors and suppliers through its educational publications, research, internet site, private investor forums, and regulatory activities.

London Society of Investment Professionals (LSIP) is an affiliated society of Association for Investment Management & Research (AIMR). LSIP was founded in 1996 to provide members with knowledge of sound investment principles and practices, and to encourage ethical conduct in pursuing the profession of investment analysis and portfolio management and currently has over 220 members.