JPMorgan Hedge Fund Services To Provide Fund Administration and Custody Services To Over $10BN Of FRM Fund Of Hedge Fund Assets

London, September 19 2007 – JPMorgan Hedge Fund Services today announced it has been appointed to provide Fund Administration and Custody services to funds of hedge funds managed by Financial Risk Management (FRM).

JPMorgan Hedge Fund Services will provide fund accounting, financial reporting, transfer agency, partnership allocations and custody services to over $10bn of assets in portfolios managed by FRM.

Part of JPMorgan Hedge Fund Services’ growth strategy is to build on its success providing custody and related services to hedge funds and traditional asset management firms by increasing its focus on serving the funds of hedge funds industry. As part of this commitment, JPMorgan has developed compatible and highly automated administrative and custodial products specifically to serve funds of hedge funds, which are being used by FRM, a leading global player in the market.

Robert Caporale, global head of JPMorgan Hedge Fund Services, said: "FRM’s history of leadership, investment performance and innovation in the fund of hedge funds market makes them an ideal partner for us. We are delighted that JPMorgan has been chosen to provide this service."

Brian Robinson, Group CEO of FRM said: "The appointment of JPMorgan reflects our desire to consolidate our fund services business with a leading industry provider that can serve our investors on a global basis. JPMorgan’s Hedge Fund Services business has operations in five countries with plans to increase this number. As a result, we think that JPMorgan is in the best position to service our funds and investors worldwide."

The FRM assets will be transitioned during 2007, subject to any necessary regulatory approvals.

For more information about JPMorgan Hedge Fund Services, please visit www.jpmorgan.com/visit/hfs. JPMorgan Hedge Fund Services is part of JPMorgan Worldwide Securities Services.

About JPMorgan Hedge Fund Services
JPMorgan Hedge Fund Services (HFS) offers hedge funds and funds of hedge funds independent fund administration, custody and middle- and back-office services, as well as full outsourcing for day-to-day fund administration. JPMorgan HFS provides services globally to more than 240 funds representing approximately $75 billion in assets under management. Services are provided globally via a network of specialized offices in Bermuda, Boston, Dublin, Greenwich, Hong Kong, London and Luxembourg. The business offers highly-advanced technology platforms that integrate standard industry applications with customized technology, allowing clients to focus on their investment strategies. JPMorgan HFS is part of JPMorgan Chase’s global franchise and can provide access to a wide range of financial services such as cash management, foreign exchange and credit.

About JPMorgan Worldwide Securities Services
JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., is a global industry leader with $15.2 trillion in assets under custody. JPMorgan provides innovative custody, fund accounting and administration and securities services to the world's largest institutional investors, alternative asset managers and equity issuers. JPMorgan Worldwide Securities Services leverages its scale and capabilities in more than 90 markets to help clients optimize efficiency, mitigate risk and enhance revenue through a broad range of investor services as well as securities clearance, collateral management and alternative investment services. For more information, please visit www.jpmorgan.com/wss.

About Financial Risk Management
FRM is a leading global fund of hedge funds group managing $13 billion for sophisticated and institutional investors worldwide. Founded in 1991, FRM has over 200 employees in offices in London, New York, Tokyo, Sydney and Guernsey.