International Financial Administration Announces U.S. Office Opening and Principals

Chicago, London - 25 April 2006

The International Financial Administration Limited (IFA) announced today the opening of its first U.S. operations with the additions of Daniel T. Hart, Terrence F. Kelly and Thomas E. Pearson as principals to the company. IFA’s new U.S. headquarters are based in Chicago.

Based in the British Virgin Islands, IFA is a decade-old financial administration company that provides efficient, competitive and cost-effective multi-jurisdictional fund administration services to global investment managers, major financial institutions and multi-national corporations. In addition to the new Chicago office, IFA operates out of the British Virgin Islands and the United Kingdom, and provides services and facilities out of the Cayman Islands, the Bahamas, Luxembourg, Switzerland, Liechtenstein, the Channel Islands and Ireland.

Hart has over 25 years experience in the financial services industry, most recently as Director of Marketing for the Chicago Stock Exchange. He served as National Sales Manager for Everen Clearing, Regional Vice President of Sales for National Financial and Senior Vice President of ABN AMRO, Inc. In addition, Hart has served on the Securities Industry Association's Clearing Firm and Membership Committees. He is a member of the Securities Traders of Chicago, the Bond Club of Chicago and the LaSalle Street Financial Association. Hart holds a business degree from the University of Notre Dame.

Kelly has been involved in the financial services industry for 37 years, occupying positions in operations, legal, compliance, sales, marketing, product development, funds administration and management for a number of firms. Kelly has served as President and as a Member of the Executive Committee of the Futures Industry Association (FIA) Law and Compliance Division, as a member of the Central Region Business Conduct and Futures Commission Merchant Advisory Committees of the National Futures Association, and as a Director of the MidAmerica Commodity Exchange. He is currently a member of the Probable Cause Committee of the Chicago Mercantile Exchange (CME). Kelly earned a BA degree in English from the College of the Holy Cross and a JD from Fordham University School of Law.

Pearson has over 30 years experience in the financial services and accounting industries. He served as Chief Financial Officer for Peregrine Financial Group, Inc. was a co-founder and Managing Partner of the Wescott Pearson Group, a firm providing clearing services to CME members and professional traders. He also served as CFO and Senior Vice President for Gerald, Inc., a global futures commission merchant with operations in Chicago, New York, Stamford, London, Tokyo and Seoul. He entered the futures industry in 1985 as Vice President of Finance for Saul Stone & Company, the CME’s oldest clearing member. Pearson has served on the FIA’s Operations Committee and numerous committees as a member of the CME. Pearson holds a degree in accounting from Drake University and served honorably in the U.S. Navy.

“We feel the timing is right for expansion into the U.S. market because of the explosive growth in hedge funds and funds-of-funds, as well as the increased regulatory interest in alternative investments,” said Derek Alder, one of IFA’s founding members. “Our decision was also influenced by the availability of the experienced industry professionals who will spearhead the launch of our administration platform in the U.S. Dan, Terry and Tom have 85 years of combined experience in the financial services industry and countless contacts in the futures, prime brokerage and asset management sectors.”

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