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Swiss Fund Of Hedge Funds Manager Bucephale Strengthens Board

Investors Offshore, London

12 December 2002

Bucephale Group, the independent Swiss fund of hedge funds management group, has appointed a number of international personalities from academia, insurance, investment banking, asset management and the hedge fund industry to its Board of Advisors, including Bernd F. Reuther, formerly Head of Investment Banking at Goldman Sachs in Zurich and Executive Director, Investment Banking in Frankfurt.

“We have been fortunate to enlist such a powerful group of leading figures in their respective area of excellence, to assist and consult our team, to maintain the level of expertise for which Bucephale is known”, said Giuseppe Tomé, one of Bucephale Group’s Managing Directors, together with Claude Bovet and Michel Réthoret. “We are more than ever committed to continuing the growth and development of the firm and to remain as one of the leading independent hedge fund advisors in the years to come.”

The Bucephale Group was established in Geneva in 1996 as a team of buy-side investment professionals focused purely on investment management. This approach, which importantly ensures the firm's independence, reaches back to its heritage established with the launch of creInvest, the first ever fund of hedge funds listed and traded on a stock exchange. The firm says it is also recognized for its skill in creating and developing innovative fund of hedge funds structures that provide solutions to institutional and private investors' requirements.

Bucephale claims a solid reputation with hedge fund managers as an industry expert and is known for its quantitative and qualitative skills. The firm manages a number of funds of hedge funds according to three investment styles, dubbed the Bucephale Styles, representing varying risk/return profiles. The veteran style, Stayer, has a more than six year track record that is among the oldest in the industry.

Earlier in the month, Macquarie Group, an international specialist investment and advisory group, announced that it had entered into a business relationship with Bucephale Group to create and launch a series of innovative financial structures based on an underlying portfolio of fund of hedge funds. The structures will focus on tax efficient and market protective strategies using Bucephale's three investment styles and will be tailor made to the individual client needs for private banks and third-party asset managers.

According to Macquarie representative Jonathan Jenny, "We are pleased to be able to provide innovative and flexible structures on Bucephale's managed fund of hedge funds with their long and solid track record. The combination of Bucephale's fund management expertise and Macquarie's structuring capability has created a unique series of tax efficient hedge fund investment structures. We believe our combined expertise will provide the basis for a value-added partnership with independent asset managers who are seeking sophisticated, innovative investments for their clients."

Mr. Claude Bovet, one of the Bucephale Group's Managing Partners, said: "Macquarie's decision to create structured products using our investment styles is new proof that Bucephale's expertise in managing this asset class provides a sound foundation to the structured investments that institutional and private investors require in this moment of unstable markets."

The Macquarie Group employs over 4,700 employees in 45 locations and has been listed on the Australian Stock Exchange since 1996.

Last July, Scottish Mutual teamed-up with Bucephale to launch the Guaranteed Pension Investment, which offers the trustees of UK pension schemes, especially SSAS and SIPP, exposure to a managed fund of hedge funds with full capital return at the end of the investment term.

Structured by Abbey National Treasury Services (ANTS) as a Deposit issued by Abbey National plc, the Guaranteed Pension Investment combines up to 80% participation in the performance of the Bucephale Balanced Fund together with a full capital return at the end of the 6 years and 2 months term. This was the first of a series of products to be developed from the relationship announced between ANTS and The Bucephale Group last February.

Managed by Bucephale Asset Management Ltd, the Bucephale Balanced Fund is an open-ended investment company incorporated in the Cayman Islands.

Nick Kelly, Head of Investment Product Development at Scottish Mutual said:

"As a leading provider in the IFA pensions and structured investment products market, we are delighted to be able to offer this innovative product in conjunction with the Bucephale Group. The advantages of funds of hedge funds for pensions - particularly in the current market - are compelling, and most pension schemes are at least considering such investments.

"The Bucephale Balanced Fund doesn't follow the stock market which means it has the potential to make profits in falling as well as rising markets. And the use of a fund of hedge funds helps to reduce the risk associated with picking one particular manager or style of hedge fund. Of course, there are no guarantees of positive performance, so to counter this we've introduced 100% capital protection. This will be particularly appealing to smaller schemes who might be concerned about the effect of any underperformance on their scheme."

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