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BNY Brokerage Forms New Hedge Fund Unit

NEW YORK, April 26, 2006 - BNY Brokerage Inc., a subsidiary of The Bank of New York and member of BNY Securities Group, has formed a new unit to provide the hedge fund community with sophisticated electronic trading tools, transparent commission management services and innovative, independent research.

The new unit will handle sales, marketing and trading and builds upon BNY Brokerage's success in supporting hedge funds through its range of full-service capabilities and customized solutions. BNY Brokerage increased its hedge fund business 30% in 2005 and is on pace to double it in 2006.

The unit will be led by Mark Perdigao, managing director, formerly of the firm's institutional sales group.

Carey S. Pack, president of BNY Brokerage, said, "Hedge funds are increasingly receptive to our ability to deliver comprehensive, conflict-free brokerage solutions with sophisticated trading tools, customized and specialized research, and transparency in commission pricing within an agency-based model. This new unit will help us concentrate more resources on meeting the specialized needs of this rapidly growing market segment and accelerate our growth in this area."

The cornerstone of BNY Brokerage's suite of services is the DEx electronic trading platform, which offers single-stock trading, program or list trading, and high-speed FIX access. DEx provides proprietary smart order routing and algorithmic trading tools to maximize performance and access all major pools of liquidity. DEx also offers linkages to all major order management systems, the Pipeline crossing network, and the firm's own broker-assisted trading desk and NYSE floor brokers.

In addition, BNY Brokerage combines top quality research from independent third-party providers with its leading execution and commission management capabilities. Through BNY Jaywalk, BNY Brokerage offers access to leading independent research providers who can deploy a variety of research methodologies to help clients enhance performance by making better investment decisions. BNY Jaywalk is the independent equity research consultancy of The Bank of New York.

The creation of the new unit is the latest move by The Bank of New York to enhance its offerings to this sophisticated client segment. The Bank recently created a unique data warehouse for funds of hedge funds that provides an automated and secure solution for meeting the real-time information needs of hedge fund managers. It offers a broad array of hedge fund administration services, including portfolio support, fund accounting and administration support, tax, investor services, corporate secretarial and compliance, and fund creation support. The Bank is one of the largest hedge fund administrators in the world with more than $65 billion in hedge fund assets under administration.