<body.content> <block> <p>HAUPPAUGE, N.Y., Sept. 8 /PRNewswire/ — CorrectNet, Inc., the leading provider of web reporting solutions to asset managers, has announced that it hastopped $320 billion in assets under management reported on its platform. This represents a 182% surge in assets since the beginning of the year and signals a significant up-tick in adoption oftransparency solutions.</p> <p>A survey by KPMG Financial Advisory Services on financial risk management for hedge funds found that “hedge fund transparency remains one of the mostsignificant challenges for the industry.” The survey revealed that, “28% of participants shared the opinion that greater hedge fund transparency would have a material impact on investor confidenceand 17% believed it would have a significant impact.”</p> <p>Web reporting is one way of delivering greater transparency and giving investors/shareholders easier access to information. Asa result, it has been added to many hedge funds’ RFPs for fund administrators. Another indicator of the rise in importance of web reporting, in Global Custodian’s 2003 Hedge Fund AdministrationSurvey, one administrator was chided for “Technology, in general, and a lack of Web-based reporting, in particular, are also not up to respondent standards.”</p> <p>”Hedge Funds aretrying to find ways to satisfy investor’s desires for transparency by finding flexible reporting solutions,” commented Robin Bedford, President of Dundee Leeds Management Services, Ltd (DundeeLeeds), which has its head office, located in Bermuda. “Web reporting has quickly evolved as the most obvious, efficient, and cost effective standard to satisfy those transparency needs. CorrectNetwas an obvious choice to help us meet these important client demands.”</p> <p>Manager and Investor reporting can easily be delivered via CorrectNet’s outsourced service enabling fundadministrators to provide variety of information customized to their clients’ needs as well as the needs of their investors.</p> <p>”We have seen it come from all sides,” saidCorrectNet’s CEO Robert J. Miller. “Institutional investors are demanding increased transparency to satisfy their regulatory, fiduciary and risk reporting requirements, while individual investors andtheir advisors are now revisiting their asset management strategies. The service providers to these managers, such as the administrators, accountants, and brokerage houses are in the middle and underpressure to facilitate the process. As a result of these converging market trends, we have created a suite of add-on services that expand our leading web reporting tools with risk data processingservices, investor communication tools, expanded compliance functions and new hosting facilities in Bermuda, Cayman Islands and Luxembourg.”</p> <p>About CorrectNet, Inc.</p><p>CorrectNet (<a>http://www.correctnet.com/</a>) is the leader in Web Reporting solutions for asset managers with over $320 billion in assets reported on its platform everyday.CorrectNet consolidates complex financial data from multiple existing systems to securely deliver this information to fund managers and their investor/shareholders. Their proprietary technologytransforms this data into powerful web-based presentations with drill-downs, charting, and integration with third-party content and calculations.</p> <p>About Dundee Leeds</p><p>Dundee Leeds is one of the world’s leading offshore hedge fund administration service providers. It forms part of the financial services group Dundee Bancorp Inc. employing more than 600people in 10 different countries. Dundee Leeds specializes in relieving the administrative burden on its clients, whilst providing the independence that investors and regulators increasinglydemand.</p> <p style=”pre” id=”pre1″> Contacts:
CorrectNet, Inc.
200 Motor Parkway
Hauppauge, NY 11788
Jim Mancuso
Senior Vice President
(631) 434-3333
<virtloc idsrc=”dummy” value=”dummy”>[email protected]</virtloc>
Dundee Leeds Management Services, Ltd.
129 Front Street,
Hamilton HM12,
Bermuda
Robin Bedford
President
(441) 295-8617
<virtloc idsrc=”dummy” value=”dummy”>[email protected]</virtloc> </p> <datasource>CorrectNet, Inc.</datasource> </block> <block class=”contact”> <p>CONTACT: Jim Mancuso, Senior Vice President of CorrectNet, Inc.,<br/> +1-631-434-3333, <virtloc idsrc=”dummy” value=”dummy”>[email protected]</virtloc>; Robin Bedford, President of Dundee<br/> Leeds Management Services, Ltd., +1-441-295-8617, <virtloc idsrc=”dummy” value=”dummy”>[email protected]</virtloc></p> </block> <block class=”website”> <p>Web site: <a>http://www.correctnet.com/</a> </p> </block> </body.content>
