John Siciliano Joins Grail Partners LLC as Partner.

NEW YORK -- Grail Partners LLC, a privately-owned advisory merchant bank specializing in the investment management industry, announced today that John C. Siciliano has joined the firm as partner. Grail, established in February 2005 by managing partner Donald H. Putnam, invests its own capital and that of its investors to facilitate transactions, provide growth capital, recapitalize businesses and incubate financial service businesses.

"John is one of the leading minds in the asset management business, and we're delighted to welcome him to Grail," said Mr. Putnam. "We believe that 2007 will be one of the most active years on record for mergers and private equity transactions in the money management industry. John's experience and insight will be invaluable in counseling our clients and investors at this critical time."

Prior to joining Grail, Mr. Siciliano was the chairman and chief executive officer of publicly-owned BKF Asset Management and its parent company, BKF Capital Group. Previously, he was the head of the global institutional business for Dimensional Fund Advisors (2001-2005); a managing principal of Payden & Rygel, a fixed income investment management firm, and president of its mutual fund company, Payden & Rygel Investment Group (1998-2001); co-head of North American Corporate Finance division at Dresdner Kleinwort Benson (1995-1998); co-head of West Coast investment banking division for Prudential Securities (1989-1991); and head of the Los Angeles investment banking office for Smith Barney (1984-1989). He also served as executive vice president and chief financial officer at Technicolor Inc. (1991-1995). Mr. Siciliano earned his BA in Government from Pomona College and MBA from Stanford University Graduate School of Business.

"Grail's team has advised clients in some of the most innovative and important transactions in the asset management industry going back decades," said Mr. Siciliano. "The group's focus on long-term outcomes for its clients is what has set Grail apart and made the firm an outstanding partner for the best managed businesses in the industry. I look forward to working with those businesses at a time that has the potential to be transformative for the industry."

About Grail Partners LLC

Grail Partners LLC is an advisory merchant banking firm dedicated to providing advice and capital to the global investment management business. From offices in Boston, London and New York, Grail assists selected asset managers worldwide with mergers, acquisitions, divestitures, and restructuring, and deploys the firm's capital to incubate new financial services businesses. Grail's partners have completed close to 200 strategic and capital-raising transactions involving US and non-US companies in the past two decades. More information on Grail is available at www.GrailPartners.com.