Tremont Appoints Scott R. Metchick Chief Investment Officer



    Key Hire Caps Strategy of CEO Rupert Allan to Create Excellence in
    Investment Management

    RYE, NY, Aug. 4 /CNW/ - Tremont Capital Management, a leading manager of
fund of hedge fund portfolios, announced today that Scott R. Metchick has been
appointed Chief Investment Officer. Metchick brings to Tremont over 20 years
of experience in the fund of hedge fund industry and a proven performance
record. His demonstrated ability to manage a defined process-oriented
investment philosophy while managing a global investment team complements the
existing investment approach at Tremont, allowing the firm to deepen its
presence in key global institutional and distribution markets.
    "Investment excellence is core to our strategy of establishing a
scalable, institutional standard multimanager fund of funds business," said
Rupert Allan, President and Chief Executive Officer. "Scott's appointment
represents the execution of the final phase of this strategy by capping a
series of senior hires which, together with our existing expertise in the
investment management group, completes the leadership team at Tremont."
    As the former CIO of EIM, a fund of funds group with over $13 billion
under management currently and of Twin Lights, a more niche driven fund of
funds, Metchick has had a broad set of investment responsibilities and
experiences which make him well suited to the CIO role at Tremont. In
addition, prior to EIM, he spent ten years at EACM, an affiliate of the
consulting group, Evaluation Associates, where he developed the analytical
tools and due diligence best practices at the inception of their hedge fund
program.
    "The role of the fund of hedge funds is even more important for investors
in today's market which makes Tremont's over 20 years of experience and
dedication to excellence critical factors in delivering the products and
performance that our clients need and deserve," said Metchick. "I'm excited to
join the firm and look forward to all that's ahead of us."
    Metchick's hire as CIO, replacing Cynthia Nicoll who left Tremont for
personal reasons, is the most recent in a succession of senior appointments in
the investment team including Andrew Kaneb, former head of Global Equities at
Lighthouse Partners, and Jim Purnell, who came from the structured product
group at Dresdner Bank to lead the risk management group at Tremont.
    Allan has moved quickly within a challenging external environment since
becoming CEO last year, adding to his role as President. "Now more than ever,"
said Allan, "clients want to know that they are working with an investment
manager that has the experience, the infrastructure and the ability to deliver
on a mandate in various market conditions with the products and solutions they
need. We now have the team in place to do just that."
    The foregoing is for informational purposes only. Nothing herein is
intended to be, nor shall it be construed as, an offer to sell, or a
solicitation of an offer to acquire, any Tremont Group Holdings, Inc.
investment product or service.

    About Tremont Capital Management

    Tremont Capital Management is the flagship unit of Tremont Group
Holdings, Inc., and is based in Rye, New York. Formed in 1984, Tremont Capital
Management is recognized worldwide as an established leader in the investment
management of fund of hedge fund investment products and portfolios. Tremont
also has offices in London, Toronto and Hong Kong. Tremont operating
subsidiaries are regulated around the world by the U.S.'s Securities and
Exchange Commission, the U.K.'s Financial Services Authority, the Ontario
Securities Commission and the Hong Kong Securities and Futures Commission.
Tremont is an affiliate of OppenheimerFunds, one of the largest and most
respected asset management companies in the United States.





For further information:

For further information: James McCormick, Tremont Group Holdings, Inc.,
(914) 925-1143, jmccormick@tremont.com; or Montieth M. Illingworth of Montieth
& Company, for Tremont Capital Management, (212) 284-7625,
Montieth@montiethco.com, Web site: http://www.tremont.com

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TREMONT CAPITAL MANAGEMENT

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