News Release

HSBC's Alternative Fund Services Appoints New Heads For It's New York and San Francisco Operations

21 June 2006

HSBC today announced that its Alternative Fund Services ("AFS") business, a division of HSBC Securities Services, has appointed Scott Epstein head of the New York office and John Weaver as head of the San Francisco office. They both report to Robert Schultz, regional head of AFS for the Americas.

In this new position, Epstein is responsible for overseeing all operations of the AFS New York office and for implementing the division's global strategy in New York. Previously, he was head of the San Francisco office. He has been with the bank for five years including over two years in the New York office.

Weaver is responsible for the day-to-day operations and overall development, management and profitability of the Alternative Fund Service's San Francisco office.  He is also responsible for the client services team, overseeing the delivery of accounting and valuation, front-end custody, and investor services to a portfolio of clients.

Commenting on his new appointment, Epstein said, "I am delighted to have been given the opportunity to head the New York office.  It's an extremely exciting time to be involved in the alternative funds sector which is undergoing phenomenal growth globally."

Weaver added, "I am excited to be joining HSBC Alternative Fund Services during this invigorating time of growth and development.  I am looking forward with my team to the continued success of the San Francisco office, as well as making a significant contribution to our future achievements and expansion."

Weaver brings nearly ten years of experience to AFS from Ernst & Young LLP in San Francisco where he held the position of senior manager. While at Ernst and Young LLP, he was primarily focused on the alternative fund sector.

Media Contacts

• Juanita Gutierrez
• Juanita.gutierrez@us.hsbc.com
• HSBC - North America
• 212.525.6282