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23 Mar 2007

BISYS Wins European Hedge Fund Award

At the inaugural Who’s Who of European Hedge Fund Lawyers awards dinner, BISYS Alternative Investment Services, received the Best Single / Multi-Strategy Hedge Fund Administrator award. This ceremony celebrated the leading service providers in the European hedge fund industry.

This prestigious honor was based on BISYS' commitment to clients, business growth, investment in technology, strategic partnerships and strong client feedback. BISYS' strategic partners - Linedata Services' Beauchamp and RiskMetrics Group, also won awards for Best Hedge Fund Technology Supplier and Best Risk Management Software Supplier, respectively.

"We are delighted about winning this award, which is a tribute to the commitment of our dedicated service teams," said Ronan Daly, president of BISYS Hedge Fund Services, who accepted the award on behalf of BISYS. "

BISYS Alternative Investment Services is a global provider of administrative, accounting, advisory, and tax services for the alternative investment industry with over $275 billion in assets under administration. BISYS has approximately 500 clients and over 1,500 funds, including hedge funds, private equity funds, fund-of-funds, and other alternative investment products. BISYS Alternative Investment Services is a division of The BISYS Group, Inc.

Study Shows Institutional Investors are Comfortable With Hedge Fund Investing

State Street Corporation released its third institutional investor hedge fund study, the study was conducted late last year in conjunction with the 2006 Global Absolute Return congress.

According to the study, more than half of respondents indicated that their governing bodies are more comfortable investing in hedge funds today than they were 12 months ago. Reinforcing this interest, more than half of boards also spend 15% or more of their time on the subject. Asset owners participating in the study included representatives from global pensions with investable assets totaling more than $1 trillion.

"The findings of our study reinforce the industry trend we've been witnessing among our client base − investment boards are overwhelmingly accepting that hedge funds are a viable option for their investment allocations," said Gary Enos, executive vice president and head of State Street's alternative investment servicing business. "They are also discovering the various ways hedge funds can be incorporated into portfolios based upon investors' risk appetite, return targets and overall investment objectives."

Results also show that the percentage of asset owners investing in alternatives increased significantly over last year. This year, only 4% of asset owners indicated they have no hedge fund investments, down from 16% last year.

Nearly half cited a need for additional reporting and analysis on the part of hedge fund managers and more rigorous due diligence practices. In addition, the same number also agreed that obtaining an accurate valuation of hedge fund holdings can be problematic.

"The tools, methods and best practices for managing risk will further develop as hedge funds become a tried and true staple of institutional portfolios," said Enos. "Particularly in light of regulatory pressure and changes in accounting practices, asset owners will continue to push hedge fund managers and third-party service providers, such as administrators, to develop and deliver enhanced risk and transparency solutions."

State Street Corporation provides institutional investors with research and trading services. With $11.9 trillion in assets under custody and $1.7 trillion in assets under management, State Street operates in 26 countries and more than 100 geographic markets worldwide.