Tremont Group Holdings Announces Expanded Executive Role for Its President

2007-04-05 08:47 1345

Rupert Allan Adds CEO to His Responsibilities

Robert Schulman to Focus on Growing Tremont Business Unit

RYE, N.Y., April 4 /Xinhua-PRNewswire/ -- Tremont Group Holdings, Inc., a leading investment manager of fund of hedge fund products and multi-manager portfolios, today announced that Rupert Allan, President, will assume the role of President and Chief Executive Officer effective June 1, 2007. Allan, who joined Tremont in 2002, headed the firm's London office before becoming President of Tremont in January of 2006. Among his other duties, Allan will have primary responsibility for the continued growth and success of the company's flagship Tremont Capital Management fund of hedge funds operations.

At the same time, Robert Schulman, Tremont's long-time Chief Executive Officer, will be stepping aside as CEO of Tremont Group Holdings, Inc. to become President of the organization's single manager division, Rye Investment Management. Schulman, 61, will remain as Chairman of Tremont Group Holdings, Inc. and continue to serve on the Tremont Capital Management Investment Advisory Board.

The Rye Investment Management platform accounts for $3.5 billion in assets. "The growing size and complexity of our single manager business requires dedicated leadership," said Schulman. "With Rupert embracing the presidency of the organization as quickly as he has, and accelerating Tremont's transition towards a fully discretionary model and true global business organization, I have the ability to relinquish my day-to-day responsibilities with Tremont Capital Management and focus on the continued build out of our select manager series of products."

Schulman went on to say: "Rupert has demonstrated that he can lead Tremont in this next phase of our global growth. I am confident that under Rupert's stewardship and with the impressive team the firm has carefully assembled worldwide, Tremont will continue to prosper and play an important role in the industry, uniquely serving the needs of a wide range of financial institutions, pension plans and endowments."

After managing Tremont's international operations for almost four years from London, Allan transferred to the U.S. following his appointment as President early in 2006 where he has since devoted substantially all of his efforts to leading the organization's globally recognized fund of hedge funds business.

"This represents the culmination of a plan for the transitioning of responsibilities that has been underway at Tremont for the last twelve months," said Allan. "I am not only excited by the opportunities of this increased role, but grateful to the organization and our shareholder, OppenheimerFunds, for putting its faith in me to lead this organization, recognized as one of the preeminent fund of hedge fund firms worldwide."

"Our goal," added Allan, "is to significantly increase within the next two years the size of Tremont's current fund of hedge fund assets under management. Getting there means continuing to develop our excellence in discretionary investment management. It also means further expansion and development of our global presence, particularly in Europe and Asia."

Prior to joining Tremont, Allan, 45, whose capital markets career spans 22 years, was Executive Director of the Structured Alternative Investment team at Societe Generale where he had been responsible for marketing alternative investment products globally and served as a member of the investment committee in the selection of hedge fund managers. His success at Societe Generale was preceded by distinguished 13-year tenure within the Credit Lyonnais organization.

Schulman said that Tremont has increased its earnings and revenues five fold during the five and a half years it has been part of the OppenheimerFunds family. Allan commented: "The OppenheimerFunds' affiliation has been an important contributor to our success, and we are very pleased that Tremont is viewed as a valued part of this extraordinary investment organization."

The foregoing is for informational purposes only. Nothing herein is intended to be, nor shall it be construed as, an offer to sell, or a solicitation of an offer to acquire, any Tremont Group Holdings, Inc. investment product or service.

About Tremont Group Holdings, Inc.

Tremont Group Holdings, Inc. was formed in 1984 and is based in Rye, New York. It is recognized worldwide as an established leader in the investment management of fund of hedge fund investment products and multi-manager portfolios. Tremont also has offices in London, Toronto and Hong Kong. Tremont operating subsidiaries are regulated around the world by the U.S.'s Securities and Exchange Commission and National Association of Securities Dealers, the U.K.'s Financial Services Authority, the Ontario Securities Commission and the Hong Kong Securities and Futures Commission. Tremont is an affiliate of OppenheimerFunds, one of the largest and most respected asset management companies in the United States.

Source: Tremont Group Holdings, Inc.
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