PRESS RELEASES
DAVID FRIEDLAND NAMED HEDGE FUND ASSOCIATION PRESIDENT

Sara Statman named as Vice President; Seven New Directors Also Named

Aventura, FL -- March 14, 2006 - David R. Friedland, President of Magnum U.S. Investments, Inc., which manages funds of hedge funds and consults to third party funds of funds and hedge funds, has been elected president of the Hedge Fund Association (HFA), an internationally recognized industry group.
Mr. Friedland has served on the HFA?s board of directors for the last two years. He succeeds Michael Tannenbaum, past president.

The hedge fund industry has continued to grow at a staggering pace, with over 9,000 hedge funds and assets now in excess of $1 trillion.. Hedge funds are now the mainstream investment for many individual investors as well as banks, pension funds, insurance companies and others. In addition, major banks and brokerages are all now involved in the hedge fund business with hedge funds and funds of funds of their own. Many of the brokers have established Prime Brokerage departments specifically to cater for the needs of hedge funds.

?Despite this tremendous growth, the hedge fund industry continues to face many challenges, including recently imposed regulations, continued lack of understanding by much of the media, institutionalization, and portfolio valuation,? Mr. Friedland said. The HFA will strive to remain the leading source of education to the media and general public in regards to hedge funds in this continually growing industry.

In addition to heading new business development, client relations and the legal department at Magnum, Mr Friedland is a frequent speaker at financial and hedge fund conferences around the world, and has authored several articles on hedge funds. He also is a member of the Florida Bar having graduated from the University of Miami in 1996 Magna cum laude with his law degree.

?I am delighted to have been elected to the office of President of the Hedge Fund Association, and during my two-year term I aim to continue the work of the HFA in taking the mystery out of hedge funds for investors, regulators and the media,?he said. ?My father, Dion Friedland, founded the Hedge Fund Association and served as its initial president for seven years. I hope to further his vision that hedge funds will become the investment of choice for the investing community at large and will ultimately exceed the size of the mutual fund industry.

Mr. Friedland presides over a Board made up of eight incumbent and seven new Directors. Representing hedge fund managers are Donald Johnston of Optima Fund Management LLC (reelected), Howard Schachter of Schachter Capital Management (reelected), Edward Crosby of Applewood Fund Management (new), Sean Scott of Bronte Capital Group and Truman Bodden & Co. (new), and James Harris of Pi Capital Inc (new).

Representing hedge fund investors are Salomon Konig of GP Asset Management (reelected), Rajesh Idnani of Blueprint partners LP (new), Charles Schaap of TraderDoc.com (new), and Gerard Watson of Santander Optimal Division (new).

Representing hedge fund professionals and service providers are Sara Statman of Statman Consulting Ltd ? Vice President; Andrew Malloy of Pali Asset Management LLC (reelected), Michael Lapat of Turn Key Hedge Funds Inc. (reelected), Randall Steinmeyer of Lerach Coughlin (reelected), and Carrie Schneiderman of BISYS Alternative Investment Services (new).

Directors serve two-year terms and are elected by general membership.

The Hedge Fund Association, which represents hedge fund managers, service providers and investors, was formed to foster increased awareness of the advantages and opportunities that hedge funds provide. The Association's Web site (www.thehfa.org) is one of the most visited websites for information on hedge funds. The Web site contains a large amount of information and is used by institutions, investors, hedge fund managers, authors, students and the media to become more educated about hedge funds and the various hedge fund strategies.

For more information, see www.thehfa.org or contact Lara Block at: lblock@thehfa.org, tel: 202-478-2000 or David Friedland at: david@magnum.com or 305-935-7544 ext. 101.