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Picton Mahoney Asset Management Announces Closing Date for One of its Hedge Fund Offerings

Date: Friday, November 9, 2007
Author: CNW Group

The Picton Mahoney Long Short Equity Fund will be closed to new
investments on or before November 30, 2007

TORONTO, Nov. 1 /CNW/ - Picton Mahoney Asset Management today announced
that the Picton Mahoney Long Short Equity Fund will be closed to new
investments on or before November 30, 2007. This decision was made in light of
the strong level of capital inflows into the fund and is in keeping with
Picton Mahoney's commitment to providing authentic, nimble hedge fund
solutions with limited capacity. It also follows on the heels of the capping
of their successful market neutral offering in early September.
The Fund was introduced in December 2005 to offer Canadian investors
attractive risk-adjusted returns with less correlation to major stock market
indices. Since inception, the Fund has delivered on both objectives: as at
October 31, 2007, the Picton Mahoney Long Short Fund has performed
independently of the Canadian market, generating positive monthly performance
95% of the time with a beta of 0.55.
"In late 2005, we introduced our first hedge fund solutions to help
Canadian investors strengthen their investment portfolios. We felt that there
weren't enough authentic hedge funds in Canada that focused on generating
solid investment results with low correlation to the performance of the
overall stock market," said David Picton, President, Chief Investment Officer
and Portfolio Manager of Picton Mahoney Asset Management. "At that time, we
promised our clients we would monitor the capacity of our funds to ensure they
remained nimble enough for us to meet their investment objectives. Our
decision to cap the Long Short Fund as it nears $150 million in sales is
evidence of our commitment to our founding principles of authenticity and
limited capacity."
Those interested in enhancing the risk-adjusted return profile of their
portfolios with Picton Mahoney's authentic long short hedge solution are
encouraged to speak with their Investment Advisor before the Fund closes to
new investments later this month.

About Picton Mahoney Asset Management

Picton Mahoney Asset Management (PMAM) is a Canadian portfolio management
boutique entrusted with over $4.7 billion in assets for investors through
three lines of investment solutions: authentic hedge funds, institutional
long-only mandates and retail mutual fund sub-advisory services. PMAM's
investment focus is earnings momentum and growth strategies with expertise in
Canadian, U.S. and global equities.

For further information: Dean Shepard, at 1-866-369-4108; or to view
monthly performance data for the Picton Mahoney Long Short Equity Fund, please
visit us at www.pictonmahoney.com