Magnum to Co-Manage Fund of Funds - 02/10/03

AVENTURA, FLORIDA ? February 10, 2003 ? Magnum Asset Management Inc. has entered into a joint venture with Masters Research Partners, LLC, to co-manage Masters Research Partners L.P., a $20 million fund of funds based in Boca Raton, Fla.

The fund, which targets high-net-worth U.S. taxable investors as well as institutional investors, currently is invested in 8 funds across a variety of strategies designed to achieve positive returns in both bull and bear markets, including long/short equity, relative value, event driven and market neutral strategies.

Magnum, which has managed numerous funds of funds over a diverse range of investment strategies since 1994 and is headed by prominent fund of hedge-funds manager David Friedland, will provide its expertise, experience and resources in hedge fund selection in order to better serve the clients of Masters Research Partners.

?We are delighted to have Magnum as a partner in helping identify the optimal blend of hedge fund managers and strategies that can help investors both grow their wealth and protect gains,? said Gary Rubin, who co-founded Masters Research Partners with Gary Kay in February 2000.

Founded in April 1994, Magnum focuses on identifying the leading hedge funds in the world and combining them into funds of hedge funds designed to deliver targeted levels of return for given levels of risk.   Magnum funds of funds seek more stable long-term returns than individual funds by investing with a blend of hedge fund managers, but at the same time have proven to be consistently among the top-performing funds in their categories.

Masters Research Partners L.P. has a minimum investment of $250,000, and has a management fee of 1.5%. There is an incentive fee of 0.5% of the fund?s net assets if limited partners gain in excess of 15% in any year.

For more information, contact David Friedland at david@magnum.com.