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Avenue tags Magnum for fund of funds:

Date: Thursday, April 15, 2004

Avenue Financial Corp. says it has entered into an agreement with Magnum Global Investments Ltd. to manage a customized fund of funds product.

The Magnum fund will provide high net-worth investors the benefits of diversification and access to hedge fund managers that may not otherwise be available.

The fund of funds will be packaged with Avenue's Structured Share Offering. The shares offer high net-worth investors access to product managed by top-performing global hedge fund managers, together with a capability to "switch" their initial capital among multiple managers on a tax-deferred basis.

"Having Magnum customize a fund of funds product unique to Avenue Global Asset Management Inc. enhances the goal of continuing to develop value-added investment products created by top performing global asset managers," said Colin Berrie, senior VP of Avenue, in a news release.

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.

The company was founded in 1994 by its chairman, Dion Friedland, who for the last seven years was the president of the Hedge Fund Association.