Alphai Growth Continues with Second European Office

Sydney Australia, 1 st November 2004 – Alphai, a leading provider of performance and attribution systems to the institutional investment management community has announced the opening of their second European office near London, England. The office will provide sales, marketing and client support services as demand for Alphai’s market leading MAX product continues.

The demand for dedicated performance and attribution software has been increasing over the last 24 months and industry studies suggest this trend will continue. "We have seen a number of factors driving the need for better quality performance, and in particular attribution information." said Thomas Berg, Alphai’s General Manager of European Operations. "Our conversations with some of the leading investment houses in the UK have confirmed that firms are interested in enterprise wide solutions to deal with global investment strategies and fixed income attribution in particular. Many legacy systems used in the past for equities are not able to manage the complexities and layers involved with global investing and fixed income strategies."

Alphai has been growing steadily over the last few years, adding new clients in North America and Europe. The first European office was opened in Germany to coincide with signing of a new client, Winterthur Asset Management. Berg comments "Since Winterthur selected MAX 18 months ago we have seen interest grow in performance and attribution systems generally but especially in our approach to fixed income attribution. We are excited about our new presence in London and anticipate a number of new announcements over the coming months."

The new UK office will be managed by Paul Watthey who brings many years of sector experience working previously with Princeton Financial Systems and more recently as an independent industry consultant. "This is an exciting time for Alphai as the investment management industry recognise there are dedicated solutions available to improve how they analyse their decision making but also improve their service to key clients. Alphai’s solution, MAX is already a market leader in Australia and has a proven track record in the USA, now we have an opportunity to focus on one of the key global markets", commented Watthey.

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