Citadel Associates establish new office in City of London to service clients. – New office enables Citadel Associates to service the growing client base in the City of London more effectively

London (May 14, 2004) - Citadel Associates, a provider of financial software and consulting services to the global investment management community today announced the opening of new offices in CityPoint tower in the City of London. After successfully developing and marketing its CADIS software components from outside The City, Citadel Associates has opened a London office to handle sales and support.

According to Jean Williams, Citadel Associate’s Managing Director, "The new office puts us closer to our client base and has already proved extremely useful. We work collaboratively with our clients and proximity to their offices allows us a high degree of interaction with them on a flexible basis. "

The new office is currently supporting several clients. They expect a rapid growth in business and plan to have an additional 10 staff on board by year-end.

According to Stuart Plane, the office’s Sales Director, "The opening of the London office is a direct response to the overwhelming demand that has been shown for our CADIS components by some of the most successful investment houses in the City of London. Investment managers, traders, compliance officers, and investment technology departments recognize Citadel Associate’s technological leadership, and our ability to eliminate labor intensive functions in the implementation of new systems, reduce risk exposure and compliance breaches, whilst increasing front office efficiency."