BONY Acquires Bermuda-Based Hedge Fund Administrator

Investors Offshore, New York

31 October 2002

The Bank of New York, a leading provider of integrated solutions for global investment managers, yesterday announced that it has signed an agreement to acquire the assets of International Fund Administration Ltd, the Bermuda-based, alternative investment fund administrator. IFA was incorporated in 1993 by professionals from the investment management industry and specializes in servicing alternative investment vehicles, such as hedge funds and separately managed accounts. IFA currently has servicing locations in New York, Bermuda and California.

IFA provides its clients with all the services necessary to successfully launch and operate a private US or offshore investment entity. The firm says that its client base consists of hedge fund and alternative investment managers implementing a variety of strategies including global macro, market-neutral, absolute value, arbitrage, and emerging market. Clients come from a variety of Caribbean jurisdictions, as well as from the United States.

IFA is capable of providing full administration services to both US and offshore investment vehicles utilizing a wide variety of investment programs and legal structures. IFA offers comprehensive accounting, investor, and corporate secretarial services to meet the needs of each client's entities. Accounting services include assistance with the preparation and distribution of any tax returns required to be filed by client partnerships.

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