Tremont Group Holdings Announces Expanded Executive Role for Its President

Tremont Group Holdings Announces Expanded Executive Role for Its President

April 05, 2007

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. 


    For more information, please contact:
    
     James McCormick
     Tremont Group Holdings, Inc.
     Tel:   US Direct Line [phone]
     Email: [e-mail]