Mellon Expands Interest in Hedge Manager

October 24, 2001( - Mellon Financial Corporation has acquired a 15% equity stake in Optima Fund Management for an undisclosed amount.

This acquisition follows a June 2000 Mellon-Optima alliance, which offered Mellon Private Asset Management’s high net-worth clients exclusive access to Optima’s line-up of hedge funds.

Optima, managing some $1.7 billion in assets, is a specialist in multi-manager and single manager hedge fund investments. The firm offers 22 funds through its Bermuda-based affiliate.

Under the terms of that agreement, no other US financial services firm may offer Optima hedge fund investment vehicles.