LONDON, September 19 /PRNewswire/ --     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 US$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 
http://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 US$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 US$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 http://www.jpmorgan.com/wss.

About Financial Risk Management

FRM is a leading global fund of hedge funds group managing US$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.

Media Contact: 

    Juliana Wheeler
    +44-(0)20-7325-5755
    Juliana.R.Wheeler@jpmchase.com