Charles Ellis, Ph.D., CFA of Greenwich Associates Receives Prestigious AIMR Award for Professional Excellence; Ten Other Top Professional Investors Recognized for Their Contributions.

Business Editors

CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--June 4, 2003

The Association for Investment Management and Research(R) (AIMR(R)) announced today that it has awarded the organization's top honor, the Award for Professional Excellence, to Charles Ellis, Ph.D., CFA, a founder and senior advisor at Greenwich Associates in New Haven, Conn.

The Award for Professional Excellence is periodically presented to an investment practitioner whose exemplary achievement, excellence of practice and true leadership have inspired and reflected honor upon the profession. Ellis is the eighth recipient of the award, preceded by leading professionals such as Sir John Marks Templeton, CFA, Warren Buffett and most recently, Dean LeBaron, CFA.

Ellis is a founder and senior advisor at Greenwich Associates, an international business strategy consulting firm. He has also authored 10 books, served as chair of the AIMR Board of Governors and served on both the boards of Harvard Business School and Phillips Exeter Academy.

AIMR also presented awards to 10 other leaders in the investment profession for their outstanding contributions to the financial services industry. This year's other honorees are:

-- Robert D. Arnott and Peter L. Bernstein, were jointly awarded

the annual Graham and Dodd Award for excellence in financial

writing for their article in the March/April 2002 issue of the

Financial Analysts Journal entitled, "What Risk Premium is

'Normal'?" Arnott is chairman of First Quadrant, LP and

Research Affiliates, LLC. He has authored more than 60

articles for journals such as the Financial Analysts Journal,

The Journal of Portfolio Management and the Harvard Business

Review. Peter Bernstein is the founder and president of Peter

L. Bernstein, Inc., an economic consulting firm to

institutional investors and corporations from around the

world. Bernstein was the first editor of The Journal of

Portfolio Management and served for many years on the Visiting

Committee to the Economics Department at Harvard University.

As an author of nine books in economics and finance, in

addition to having written numerous articles for newspapers,

magazines and professional journals, Bernstein has also been a

past recipient of the AIMR Award for Professional Excellence

(1997), the Graham and Dodd Award (1997) and the James R.

Vertin Award (2000).

-- Ole Jacobsen, received the Society Leader Award for his

outstanding leadership within and on behalf of the Danish

Society of Investment Professionals and AIMR. Jacobsen is past

chair of the DSIP, past chair of the Danish Society of

Financial Analysts and received the AIMR Thomas L. Hansberger

Leadership in Global Investing Award in 2001. Previously, he

was managing director and head of Nordea Investment Management

in Denmark.

-- George W. Long, CFA, received the Thomas L. Hansberger

Leadership in Global Investing Award for his contributions to

the practice of global investment management. Long is founder

and managing director of LIM Advisors Limited in Hong Kong. He

is past president and founder of the Hong Kong Society of

Financial Analysts, a professional association with more than

1,900 members and one of AIMR's largest member societies. Long

is also chairman of the Alternative Investment Management

Association (Hong Kong and China chapter) and a past member of

the AIMR Board of Governors.

-- Robert C. Merton, was honored with the Nicholas Molodovsky

Award for raising the standards of the profession. Merton is

currently the John and Natty McArthur University professor at

the Harvard Business School. Professor Merton is past

president of the American Finance Association and a member of

the National Academy of Sciences. He received the Nobel

Memorial Prize in Economic Sciences in 1997.

-- Barr Rosenberg, was the recipient of the James R. Vertin Award

for outstanding research contributions to the financial

services industry. He is chairman of AXA Rosenberg Group and

managing director of Barr Rosenberg Research Center. Rosenberg

is also past founder of Barr Rosenberg Associates (now known

as BARRA) and the University of California (Berkley) Business

School's Program in Finance.

-- Fred H. Speece, Jr., CFA, was the recipient of the Alfred C.

Morely Distinguished Service Award for his significant

contributions through leadership, stewardship and service on

AIMR boards and committees. Speece is a founder of the

investment management firm Speece Thornson Capital Group in

Minneapolis, MN. He is chair of the AIMR Research Foundation

Board of Trustees and past chair of the AIMR Board of

Governors.

-- R. Charles "Chuck" Tschampion, CFA, was awarded the Daniel J.

Forrestal III Leadership Award for excellence in leadership,

professional standards and ethics. Tschampion, who began his

career at General Motors in 1968, is managing director of

Investment Strategy and Asset Allocation and managing director

of Defined Contribution Plans at General Motors Investment

Management Corporation. He is a member of GM's Investment

Policy Committee, GIMCO's Management Council and chairs

GIMCO's Asset Allocation Committee. Tschampion is a past chair

of the AIMR Board of Governors and has been actively involved

in AIMR standards for performance presentation, soft dollars

and personal investing.

-- Thomas B. Welch, CFA, was honored with the C. Stewart Sheppard

Award for excellence in educating professional investors.

Welch is the regional client services manager for the Midwest

at Wells Capital Management and has spent most of his career

dealing with the needs of institutional clients, including

portfolio management, asset allocation and investment policy

decision making. Welch is also a past president of the St.

Louis Society of Financial Analysts.

-- David N. Woodyatt, CFA, earned the Special Service Award in

recognition of his exceptional service to AIMR or one of its

predecessor organizations. He is vice president and senior

equity research analyst with Harris Bank in Chicago, with

responsibility for covering the health care field. Woodyatt is

a member of The Investment Analysts Society of Chicago (a

member society of AIMR) and has served as a member of the

Financial Accounting Standards Board Advisory Council

With offices in Charlottesville, Va., Hong Kong and London, AIMR's 60,000 members in 112 countries or territories include the world's 50,000 holders of the prestigious Chartered Financial Analyst designation. Its membership also includes 127 local professional societies in 46 countries. AIMR's mission is to "advance the interests of the global investment community by establishing and maintaining the highest standards of professional excellence and integrity."