HedgeCo.net – NEW YORK, November 8, 2006 – Zurich Alternative Asset Management, LLC (ZAAM) announced today that it has brought together an experienced team of money managers to invest ZurichFinancial Services’ alternative asset class portfolio. 
 
New York-based ZAAM, a wholly owned subsidiary of Zurich Financial Services, will manage Zurich’s alternative asset investments including single and multi-strategy hedge funds, buyout funds, venturecapital funds, growth capital funds, mezzanine financing funds, and US real estate funds. In addition to actively managing the Group’s existing portfolio, ZAAM will make new investments in each ofthe asset classes, supported by a substantial long-term capital commitment from Zurich, resulting in the Group’s total investments in these asset classes approximating $5 billion.
 
ZAAM will have one centralized team of professionals overseeing all asset classes to create a well-diversified, high quality portfolio that takes advantage of the diminishing distinctions among assetclasses in the marketplace today.
 
ZAAM Chief Executive Officer David Wasserman, who most recently served as Zurich’s Chief Investment Officer, said, “Zurich’s longstanding international presence gives us a unique local perspective onfinancial markets across the globe.  ZAAM is well positioned to bring that experience to bear in ways that can benefit our investment partners beyond the financial commitment of our actualinvestment.  We intend to apply our unique knowledge base to our investment process, which will also benefit from our ability to make long-term investments with no preset time limitations.”
 

Commenting on ZAAM’s newly assembled management team, Wasserman said, “We have a solid team of experienced financial professionals, who are excited to be working together to meet our objective of achieving a superior risk-adjusted return.”  That team, which brings together experienced professionals both from within Zurich and from other alternative asset organizations, consists of:

• Ron Cacciola, ZAAM’s Chief Investment Officer, served in senior investment roles with Zurich prior to joining ZAAM. 
• Louis Rubino, ZAAM’s Chief Operating Officer, worked on Zurich’s investment team in a similar capacity before joining ZAAM.
• Jim Kester, who directs ZAAM’s private equity team, was previously co-head of Allianz Private Equity Partners. 
• David Tsung, head of ZAAM’s Hedge Fund Manager Selection and Research team, joined ZAAM from Alternative Investment Group, where he was a Partner. 
• Madanda Machayya, Head of Hedge Fund Quantitative Strategies, previously served as CIO of Starview Capital Management, a hedge fund-of-funds business.
• Chris Halabi, who leads ZAAM’s U.S. real estate effort, has worked with his team of real estate professionals for years at Zurich.

 
ZAAM’s investment approach includes seeking funds where management has demonstrated a high level of investment and risk management expertise supporting a well-defined investment strategy.  ZAAMis also actively building a direct investment portfolio via co-investments with funds, direct acquisitions, and joint ventures with operating partners.
 
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific,Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 55,000 people serving customers in more than 120 countries.
 

  
Media Contact:
Ron Cacciola
Zurich Alternative Asset Management, LLC
105 E. 17th Street
New York, NY 10003
Phone: 212-871-1613
E-mail: ZAAM@zurich.com