Arden Asset Management Expands Senior Management Team; Former Lehman Brothers Prime Brokerage Member Joins Arden's London Office

NEW YORK--()--May 1, 2003--Arden Asset Management, Inc., a leading fund of hedge funds manager with approximately $2.5 billion in assets under management, today announced that it has expanded its senior management team by adding several seasoned executives.

Messrs. Stephen C. Cordy, Alexander Mucelli and S. Dov Lando have joined Arden as Managing Director, Client Management and Development, Chief Operating Officer and General Counsel, respectively. Arden also announced that it has hired Sara Hedberg to join its London Office to further expand Arden's research and client service efforts in Europe.

"We are thrilled that such highly qualified professionals as Steve, Alex and Dov -- with significant client management, operational and strategic planning expertise and legal experience -- have joined our firm. All of these additions help round out Arden's infrastructure and will enable us to better meet the needs of our institutional and high-net worth clients," said Averell H. Mortimer, President of Arden Asset Management. "Sara's depth of experience working with European hedge funds and knowledge of the European investment community will significantly enhance our research capabilities in Europe. Sara further complements our U.S. team in coordinating client activities with Arden's growing international clientele."

Mr. Cordy will become the fourth member of Arden's Investment Committee, which coordinates Arden's overall investment process. Other members of Arden's Investment Committee include Averell H. Mortimer, Henry P. Davis, a Managing Director responsible for manager selection, due diligence and monitoring, and Stefan Zellmer, an Executive Director who oversees portfolio construction and risk management activities.

Mr. Cordy brings over 18 years of investment, client management and development experience to Arden. Most recently, Mr. Cordy served as Managing Director and Head of Corporate Coverage for the U.S. and Canada of Morgan Stanley Asset Management, where he was responsible for maintaining institutional client relationships.

A versatile manager, Mr. Mucelli joins Arden from the Equities Division of Goldman, Sachs & Co., where he spent the past two years as Chief of Staff and CAO of U.S. and International Shares and SLK Capital Markets. Previously, Mr. Mucelli served as Chief of Staff and CAO of Goldman, Sachs Wealth Management, where he led a variety of initiatives focused on information technology, marketing, sales and operations for the group.

Mr. Lando joins Arden from American International Group, Inc (AIG), where he was an Assistant General Counsel. Prior to joining AIG in 2000, Mr. Lando spent five years as an Associate at Schulte Roth & Zabel LLP, focusing on hedge funds and other private investment vehicles.

Ms. Hedberg joins Arden from Lehman Brothers, where she was a Vice President, Equity Prime Brokerage in the Capital Introductions Group, covering hedge fund managers and a diversified network of institutional and high-net worth clients throughout Europe. Previously, Ms. Hedberg worked in the office of the CEO for Europe and Asia, where she was responsible for coordinating strategic client relationships. In addition, since joining Lehman Brothers in 1996, Ms. Hedberg has held positions in Mergers & Acquisitions, Debt Capital Markets and Private Equity in both London and New York.

Founded by Averell H. Mortimer in 1993, Arden Asset Management is a leading global fund of hedge funds investment management company based in New York with approximately $2.5 billion in assets under management. Arden Asset Management, Inc. is registered with the SEC and the CFTC/NFA. Arden Asset Management (U.K), Ltd. is authorized by the FSA. Arden's institutional and high net worth investors include taxable and non-taxable clients from the United States, Canada, Europe, Asia, South America and Australia.

Contacts

Citigate Sard Verbinnen, New York
Paul Caminiti/Jonathan Gasthalter
212/687-8080

Contacts

Citigate Sard Verbinnen, New York
Paul Caminiti/Jonathan Gasthalter
212/687-8080