WASHINGTON, D.C., November 23, 2004 — On behalf of Managed Funds Association (MFA), John G. Gaine, President, welcomed four new directors to its Board of Directors at its first meeting of the newterm on November 10th in New York, and announced the Board�s unanimous re-election of its Chairman, Adam C. Cooper, for a second term. The four new directors, elected by MFA�s membership for atwo-year term, are Philip N. Duff, chairman and chief executive officer, FrontPoint Partners LLC; Patrick T. Egan, vice president, Morgan Stanley; Kevin F. Shannon, CPA, chief financial officer,Moore Capital Management, LLC; and John R. Torell IV, chief financial officer and managing director, Tudor Investment Corporation. MFA, headquartered in Washington, DC, is the global voice of thehedge fund industry representing over 800 members who manage a significant portion of the estimated $1.1 trillion invested in hedge funds.
�The Association is keenly focused on the opportunities and challenges that the alternative investment industry will face as our regulatory environment evolves. Our primary goal is to ensure that the industry continues to thrive and develop in an effective and appropriate manner within this environment. We are confident that our new directors will play an instrumental role in helping MFA achieve this goal and those of its members over the months and years to come,� said MFA Chairman Adam Cooper.
In addition, the following four incumbent directors were re-elected for a second two-year term: Robert Alderman, managing director, Alternative Investments, Merrill Lynch Global Private Client; Theresa D. Becks, chief financial officer, Campbell & Company, Inc.; Kent A. Clark, managing director and chief investment officer, Goldman Sachs Hedge Fund Strategies Group; and Mark H. Mitchell, vice-chairman, John W. Henry & Company, Inc.
The new directors replace four directors who had each completed two consecutive two-year terms. �We thank our departing directors, who are each leaving the Board after four years of dedicated service and important contributions to the growth and evolution of the Association,� said Mr. Gaine. Those directors include: Kenneth L. Grant, head of global risk management, Cheyne Capital Management Ltd; Jeffrey D. Izenman, co-CEO, BRI Partners LLC, and executive vice president, Rabar Market Research, Inc.; Jean-Louis Juchault, chief executive officer, Systeia Capital Management; and Jeffrey A. Rothman, first vice president and national sales manager, Morgan Stanley.
At this initial meeting of the new Board of Directors, Mr. Cooper, a Senior Managing Director and General Counsel of Citadel Investment Group, was unanimously re-elected by the Board to his second term as Chairman of MFA. Mr. Cooper served as an appointed director of MFA from November 2000 until his election to the Board in 2003.
�The Association has concluded a landmark year in its many critical missions on behalf of hedge fund managers and the alternative investment industry more generally, including furthering constructive dialogue with government officials in the U.S. and abroad, providing guidance for sound business practices, and creating educational programs for members,� said Mr. Cooper. �In the coming year, MFA will continue to work closely with the SEC, CFTC, NASD and other regulatory bodies that interact with our industry, as well as key members of Congress, in order to ensure that the innovation and entrepreneurial spirit that is the hallmark of our industry is preserved. I anticipate exciting growth, opportunities and challenges both for MFA and the industry as the environment in which we operate evolves.�
The MFA Board also elected MFA�s other officers and members of the Executive Committee at the meeting. The Board re-elected Mr. Mitchell as MFA Vice Chairman, and Arthur F. Bell, Jr., managing partner, Arthur F. Bell, Jr. & Associates, LLC, as MFA Treasurer. Newly elected director Torell was elected MFA Secretary. In addition to these four officers, the Board elected two other directors to serve on its Executive Committee: Robert M. Aaron, chairman and chief executive officer, Derivatives Portfolio Management, LLC, and Scott Bernstein, general counsel, Caxton Associates, L.L.C.
MFA, headquartered in Washington, DC, is the primary trade association representing professionals who specialize in alternative investment strategies including hedge funds, funds of funds and managed futures funds through effective advocacy and education. MFA�s over 800 members include 35 of the 50 largest hedge funds.
Since its inception in 1991, MFA has provided industry leadership in government relations, communications, media relations, and education to MFA members and investors. MFA�s 2003 Sound Practices for Hedge Fund Managers contains recommendations that are intended to promote sound business practices in the hedge fund industry and, in doing so, enhance investor protection while contributing to market soundness.
# # # For further information call: Kate Rice
Executive Vice President
Managed Funds Association
(202) 367-1140
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