Mellon Global Alternative Investments Launches Mellon Credit Opportunities Fund

LONDON 1 June 2006 — Mellon Global Alternative Investments Limited (MGAI), a UK alternative asset management subsidiary of Mellon Financial Corporation, has announced the expansion of its fund of hedge funds range with the launch of the Mellon Credit Opportunities Fund. The fund launched on 3 April 2006.

The Mellon Credit Opportunities Fund targets absolute returns and outperformance of a broad high yield bond index over a full market cycle with lower volatility. Diversification will be achieved through exposure to a combination of hedge fund managers investing long and short in corporate debt markets, with a focus on leveraged loans, high yield bonds and distressed debt in the US and Europe.

Commenting on the launch, Derek Stewart, Director of Mellon Global Alternative Investments, said:

"The last few years have seen an explosion of activity in the credit markets. Structural change, developments in credit derivatives, increased market liquidity and investor appetite for yield have all contributed to this activity. Hedge funds have been key participants in these markets and due to their flexible investment mandate can take advantage of opportunities not available to traditional credit investors.

The launch of the Mellon Credit Opportunities Fund recognises that it is now possible to create a diversified fund of hedge funds of credit specialists. The fund will give investors access to the opportunities in these rapidly developing markets without being dependent on the direction of interest rates or the direction of credit markets."

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