Tremont Chairman Robert Schulman Retires

CEO Rupert Allan Builds on Schulman's Legacy in Tremont's Global Expansion

RYE, N.Y., June 26 /PRNewswire/ -- Tremont Capital Management, a leading manager of fund of hedge fund portfolios, announced today that Robert Schulman, Chairman of Tremont Group Holdings, Inc., is retiring effective July 7, 2008. In recognition of Tremont's long association with Mr. Schulman, he will maintain the title of Chairman Emeritus through to the end of the year.

Schulman's legacy in catapulting the growth and development of Tremont ranks him as one of the early pioneers of fund of hedge fund investment management. When he joined Tremont 14 years ago, his impact on the firm and its success was immediate and extensive. Amongst many accomplishments, Schulman institutionalized Tremont's development of proprietary investment products, putting Tremont on the track to becoming a leading discretionary manager of fund of hedge funds. He forged close, long-term relationships with leading hedge fund managers and led the expansion of Tremont into overseas markets. In 2001, Schulman helped engineer and piloted Tremont's acquisition by OppenheimerFunds, one of the preeminent asset management companies in the United States. Most recently, Schulman was responsible for directing Tremont's single manager products group, Rye Investment Management.

"Bob's contributions to the firm, to the industry, and to everyone he touched professionally and personally here and in this business go beyond measurement," said Rupert Allan, Tremont's President and Chief Executive Officer. "I'm grateful, as I know we all are at Tremont, for everything he's done for the firm. Bob's coming to Tremont almost 15 years ago and the innovation and foresight he brought with him helped Tremont reach new heights. As we continue to evolve, we look forward to building on that legacy."

"We accomplished a lot over the years during an exciting time for the hedge fund business," said Schulman. "I'm proud to have been part of Tremont's success but more than that was fortunate to have worked with a great group of people committed to excellence in fund of hedge fund investment management. I'm excited for Rupert and his on-going success leading Tremont into its next chapter."

Schulman joined Tremont in 1994 as President and CEO. Previously, Schulman had enjoyed a long and distinguished tenure at Smith Barney, Inc. and predecessor firms including Shearson Lehman Brothers, Inc. and E.F. Hutton & Company. At the time of his move to Tremont Schulman was a Senior Executive Vice President for Smith Barney where he headed up its $60 billion Consulting Services Division as well as the Retail New Product Development Group.

Schulman will turn his attention to real estate-related ventures and will devote time to a charitable organization he and his wife Nancy Schulman established in early 2005, named Of Home, Family and Future (OHFF). By providing grants for housing, job training and counseling, the organization seeks to support and encourage individuals motivated to become successful members of society but who lack the resources to overcome poverty or abuse. Through OHFF's educational mentoring initiative, financial and other support is provided to high school students in New York residential centers who show strength of character and the intellectual ability to succeed in college.

Schulman's retirement concludes a succession plan initiated in 2006 that saw Rupert Allan, formerly Managing Director of Tremont's London office, appointed as President and, ultimately, as Tremont President and CEO, directing the firm's operations from its Rye, New York headquarters. Beginning last June, Schulman devoted substantially all of his time to running the Rye Investment Management group, while retaining the title of Chairman of Tremont. With Schulman's retirement, the Rye group will be managed by Jim Mitchell, who returns to Tremont's headquarters after four years in the London office, which he led for two years, having succeeded Allan in that role.

Since becoming President and CEO, Allan quickly put his stamp on the firm with a strategy to expand the development and reach of Tremont as a premiere global fund of hedge fund investment manager. In carrying out this plan, Allan has made a succession of important senior appointments across the firm's operations, which have complemented and built upon the talents of the already established staff. Most recently, this included the hiring of the former Head of Global Equities at Lighthouse Partners, Andrew Kaneb, James Purnell, formerly of Dresdner Bank, as Head of Risk Management, and Sue Crotty, who was brought over from Callan Associates to serve as Managing Director of Investment Management Services. These appointments followed last year's addition of former New York Life Investment Management Managing Director, Robert Stone, as Head of Global Sales, and Mark Santero from Ivy Asset Management, as Chief Operating Officer.

"We have focused our attention on ensuring we have the right senior team in place to grow fund of hedge fund assets, expand our global footprint and deliver excellence in investment management," said Allan. "It's all part of a strategy and achieving goals for Tremont that wouldn't have been possible without Bob's original vision for the firm and all that Tremont could become."

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.

    Media Contacts:
    James McCormick                           Montieth M. Illingworth
    Tremont Group Holdings, Inc.              Montieth & Company
    Telephone:  914-925-1143                  Telephone: 212-284-7625
    E-mail:  jmccormick@tremont.com           Email: Montieth@montiethco.com

SOURCE Tremont Capital Management