WASHINGTON, D.C., April 21, 2005— The Board of Directors of Managed Funds Association (MFA) today announced that former Senator John Breaux will join its Board as an Appointed Director. John G.Gaine, MFA President, said Senator Breaux�s term will commence immediately. MFA, headquartered in Washington, DC, is the global voice of the hedge fund industry representing over 850 members whomanage a significant portion of the estimated $1.1 trillion invested in hedge funds.

�We are honored to welcome Senator Breaux to MFA�s Board,� said MFA Chairman Adam Cooper. �The Association is deeply committed to advancing its dialogue with government officials and providing guidance for sound business practices to our members as we enter this new phase in the industry�s development. In light of his experience and expertise, we believe Senator Breaux�s counsel will prove invaluable as our industry and our association continue to grow and prosper, and as we work toward advancing sound policy initiatives.�

�I am pleased to join MFA,� said Senator Breaux. �Hedge funds are at the heart of the growth of the financial services industry. I anticipate exciting opportunities and challenges for MFA and the entire sector as the business and operating environments evolve over the coming years.�

Senator Breaux retired from the U.S. Senate in January 2005, completing a 32-year career in the U.S. Congress. He was first elected in 1972, and represented the 7th District of Louisiana for 14 years in the U.S. House of Representatives before being elected to the U.S. Senate, where he served for the next 18 years. As a moderate bipartisan leader in the Senate, he was a founder of the Centrist Coalition of Senate Democrats and Republicans and served as chairman of the Democratic Leadership Council. At the time of his retirement, Senator Breaux served as Chief Deputy Whip, and was a senior member of the Finance Committee. He was formerly the Chairman of the Subcommittee on Social Security and Family Policy, and also held positions on the Health Care and Taxation and IRS Oversight Subcommittees. Senator Breaux also chaired the National Bipartisan Commission on the Future of Medicare.

�Senator Breaux is a visionary leader, a dedicated professional and a man who is held in high esteem by his Congressional colleagues on both sides of the aisle,� said John G. Gaine, MFA President. �He brings a wealth of expertise to MFA during a critical year in the Association�s history, and we are confident that he will provide invaluable insights to our Board and our members as MFA strives to further the entrepreneurial spirit and innovation that characterize this burgeoning industry.�

Currently, Senator Breaux is Senior Managing Director, Clinton Group, Inc., an investment firm, Senior Counsel to Patton Boggs LLP, and a senior advisor to Riverstone Holdings LLC, a private equity fund manager. He also serves as vice chairman of a national commission appointed in January 2005 by President Bush to make recommendations or changes to the nation�s current tax laws.

The MFA Board of Directors includes Chairman Adam Cooper, senior managing director and general counsel of Citadel Investment Group; Vice Chairman Mark Mitchell, vice-chairman, John W. Henry & Company, Inc; Secretary John R. Torell, chief financial officer, Tudor Investment Corporation; Treasurer Arthur F. Bell, Jr., managing partner, Arthur F. Bell, Jr. & Associates, LLC; Robert M. Aaron, chief executive officer, DPM Mellon; Scott Bernstein, general counsel, Caxton Associates, L.L.C, Robert Alderman, managing director, Alternative Investments, Merrill Lynch Global Private Client; Theresa D. Becks, chief financial officer, Campbell & Company, Inc.; Kent A. Clark, managing director and chief investment officer, Goldman Sachs Hedge Fund Strategies Group; Phil Duff, chief executive officer, FrontPoint Partners, LLC; Patrick Egan, vice president, Morgan Stanley; Nancy Havens-Hasty, founder & president, Havens Advisors LLC; John M. Kelly, president and CEO, Man Investment Products, Inc.; Michael C. Neus, general counsel, Perry Capital LLC; Mark Rosenberg, chairman & CIO, SSARIS Advisors LLC; and Kevin Shannon, chief financial officer, Moore Capital Management, Inc. In addition, two appointed directors who were re-elected recently are R. Charles Tschampion, former managing director, General Motors Asset Management, and Thomas Schneeweis, professor, CISDM, School of Management University of Massachusetts at Amherst. John Damgard, president, Futures Industry Association, serves as special advisor.

MFA, headquartered in Washington, DC, is the primary trade association representing professionals who specialize in alternative investment strategies including hedge funds, funds of funds and managed futures funds. MFA�s over 850 members include managers affiliated with the majority of the 50 largest hedge funds. These firms manage a significant portion of the estimated $1.1 trillion invested in hedge funds. Since its inception in 1991, MFA has provided industry leadership in government relations, communications, media relations, and education to MFA members and investors.

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For further information call: John G. Gaine
President
Managed Funds Association
(202) 367-1140