Twelve Investment Industry Leaders Honored By Association For Investment Management And Research.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--May 21, 2001

Twelve of the world's top investment industry leaders have been honored here for their professional excellence and leadership by the Association for Investment Management and Research (AIMR), the global leader in investment education, professional standards, and advocacy programs for more than 50,000 investment professionals.

The awards were presented here Saturday night by AIMR's president and CEO, Thomas A. Bowman, at a dinner held in connection with AIMR's annual meeting. The winners are:

-- Stephen Ross of New Haven, Conn., co-chairman of Roll and Ross Asset
Management Corporation (Roll and Ross) and the Franco Modigliani Professor of
Finance and Economics at the Massachusetts Institute of Technology (MIT), was
presented the "Nicholas Molodvsky Award" for outstanding
contributions of such significance as to change the direction of the profession
and to raise it to higher standards of accomplishment. Professor Ross is the
author of more than 75 articles in economics and finance and is the co-author
of an introductory textbook in finance. He is probably best known for having
invented the Arbitrage Pricing Theory and the Theory of Agency, and as the
co-discoverer of risk neutral pricing and of the binomial model for pricing
derivatives.

-- Roger G. Ibbotson and Rex A. Sinquefield were jointly presented the
"James R. Vertin Award" for producing a body of research notable for
its relevance and enduring value to investment professionals. Their book,
Stocks, Bonds, Bills and Inflation, serves as the standard reference for
information on investment market returns. Ibbotson is chairman of Ibbotson
Associates, which he founded in 1977, and professor in the practice of finance
at the Yale School of Management. Sinquefield is Chairman and Chief Investment
Officer of Dimensional Fund Advisors Inc., a registered investment advisor with
over $34 billion under management.

-- Eduardo S. Schwartz of Santa Monica, Cal., and Mark Moon of Los Angeles,
Cal. received the "Graham and Dodd Award" for excellence in financial
writing. Schwartz and Moon co-authored the chapter "Evaluation of Research
and Development Investments" in Innovation, Infrastructure and Strategic
Options, published by Oxford University Press in 2000. Schwartz is a professor
of real estate and finance at UCLA; Moon is a portfolio manager with Fuller
& Thaler Asset Management.

-- Frank. K. Reilly, CFA, was presented with the "Daniel J. Forrestal III
Leadership Award" for his pursuit of excellence in professional ethics and
standards of practice, and for providing outstanding leadership in elevating
the integrity and competence of the investment profession.

-- I. Rossa O'Reilly, CFA, of Toronto, managing director of CIBC
WorldMarkets Inc., was the recipient of the "C. Stewart Sheppard
Award" for his outstanding contributions, dedicated effort and inspiring
leadership in fostering the education of professional investors.

-- Robert B. Hardway, Jr., CFA, of Los Angeles, former managing director in the
Los Angeles office of Scudder, Stevens and Clark, received the "Society
Leader Award." The award was created to recognize individuals who have
served as examples to other analyst-society leaders by using innovative ideas
or solutions to address the challenges confronting analyst societies today, and
for their overall contributions in serving the membership of AIMR at the local
level.

-- Ole Jacobson of Copenhagen, Denmark, managing director of Nordea Investment
Management and chairman of the Danish Society of Investment Professionals, a
member Society of AIMR, was presented the "Thomas L. Hansberger Global
Investment Award" for outstanding contributions to the global investment
profession.

-- Patricia A. McConnell of New York, senior managing director of Bear, Stearns
& Company, Inc., was recognized with the "Distinguished Service
Award" for her leadership and outstanding service as a member of
AIMR's Board of Governors and past chair of AIMR's Financial
Accounting Policies Committee.

-- Dean LeBaron, CFA, founder of Batterymarch Financial Management, received
the "Award for Professional Excellence" in recognition of his
pioneering advances in the application of computer technology and modeling
techniques, first in the U.S. market and then in international and emerging
markets.

-- W. Van Harlow, Ph.D., CFA, President and Chief Investment Officer of
Fidelity Investments' Strategic Advisers Inc., and editor-in-chief of the
Financial Analyst Journal, was presented the "Special Service Award."

AIMR presented its first award, The Graham and Dodd Award, to Fulton Boyd in 1960. Since then, AIMR has presented 167 awards for excellence in the investment industry in 10 categories.

AIMR is holding its annual meeting May 20-23 in Los Angeles. Headquartered in Charlottesville, Va., with a regional office in Hong Kong, AIMR is internationally renowned for its rigorous Chartered Financial Analyst(TM) (CFA(R)) curriculum and examination program, which has more than 86,000 candidates from 143 nations enrolled for the June 2001 exams. In addition, AIMR is internationally recognized for its investment performance standards, which investment firms use to document and report investment results, as well as for its Code of Ethics and Standards of Professional Conduct. More information is available by calling 800/247-8132 or 804/951-5499 or visiting www.aimr.org.

SOURCE: AIMR