WASHINGTON, D.C., June 6, 2006 — The Foundation for Managed Derivatives Research (FMDR) announced today that Damian Handzy has been appointed to serve on its Board as a director.  Mr. Handzy joins the FMDR Board to replace Randy Warsager, who stepped down following eight years of service.  FMDR is a foundation established by Managed Funds Association (MFA) in 1994 to support scholarly research on the use of derivative instruments.  MFA is the primary association representing professionals in the hedge fund industry. 

            Mr. Handzy is chairman & CEO of Investor Analytics, Inc., a leading risk analysis and risk management specialist to the hedge fund industry.  Before co-founding Investor Analytics, he was a consultant in Deloitte’s New York practice where he advised financial services firms on business and technical issues including risk management, Internet-based customer reporting and data management.  He has also held positions as a Research Fellow at a major U.S. nuclear laboratory and as an operations research analyst for a boutique consulting firm.

            “We are pleased to welcome Damian to the FMDR Board,” said Richard Oberuc, FMDR President.  “He brings experience in advanced technology applications, numerical simulations and mathematical modeling plus a background in experimental sciences and numerical techniques applicable to securities analysis.  We are confident that these credentials will be a major asset to our mission.”

            Mr. Handzy is extensively published in scientific peer-reviewed and financial journals.  He received his undergraduate degree from the University of Pennsylvania and his doctorate in nuclear physics while working at the National Superconducting Cyclotron Laboratory in Michigan.

            Mr. Warsager, who exits the Board, is vice president, Alternative Investments Group, Calyon Financial Inc. 

            “We are grateful to Randy Warsager for his many fine contributions to the mission and accomplishments of the Foundation,” added Mr. Oberuc.  “The Boards of both FMDR and MFA thank him for his commitment and his numerous years of dedicated service.”  

            Additional members of the FMDR Board include FMDR Chairman Emeritus Dr. Peter Matthews, Optimation Investment Management LLC; FMDR Co-Treasurer Corey McLaughlin, Arthur F. Bell, Jr. & Associates LLC; FMDR Co-Treasurer Keith Stafford, Arthur F. Bell, Jr. & Associates LLC; Dana Comolli, DMAXX, LLC; Jules Staniewicz, John W. Henry & Company, Inc.; Virginia R. Parker, Parker Global Strategies, LLC; and Sol Waksman, Barclay Trading Group, Ltd.

            The Foundation for Managed Derivatives Research provides grants for economics, business and financial research that examine, on a scholarly basis, the use of derivative instruments as an investment vehicle.  Derivative instruments may include futures contracts, options on futures contracts, forward contracts, and swaps.  The growth of these markets has led to increasing involvement by institutions and individuals for investment purposes.  As a result, there is demand of academic research considering the advantages and disadvantages of including managed derivatives in investment portfolios.  Grants are available to universities, colleges, academic foundations, academic institutions, individuals, and research entities. 

Managed Funds Association, headquartered in Washington, D.C., is the primary trade association representing professionals who specialize in alternative investment strategies including hedge funds, funds of funds and managed futures funds. MFA has over 1,000 members, which manage a significant portion of the over $1.2 trillion invested in hedge funds, including professionals affiliated with over three-quarters of the 50 largest 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.