/ CORRECTION - JPMorgan Takes First Place Among Prime Brokerages in Alpha Magazine's Annual Awards Survey

In the news release, "JPMorgan Takes First Place Among Prime Brokerages in Alpha Magazine's Annual Awards Survey," issued earlier today by Institutional Investor, we are advised by the company that in the headline and third paragraph "JPMorgan" should read "Morgan Stanley." Complete corrected text follows.

Morgan Stanley Takes First Place Among Prime Brokerages in Alpha Magazine's Annual Awards Survey

Hedge Fund Managers Also Rate the Top Law Firms, Accountants and Administrators

NEW YORK, NY -- October 24, 2008 -- Hedge funds are demanding more than ever from service providers -- not just their prime brokers but their law firms, accountants and administrators according to the results of the fourth annual Alpha Awards(TM) Hedge Fund Service Providers survey.

Full results in all categories are available online at www.iimagazine.com .

For prime brokerages, unprecedented opportunity mixes with fear and uncertainty among clients, who look for well-tested partners in a turbulent environment. Morgan Stanley's franchise, especially its dominance among long-short equity clients, remains strong, helping it hold onto its No. 1 ranking, just ahead of Goldman Sachs at No. 2. Citi takes the No. 3 spot.

In Accounting, Rothstein Kass & Co. is the clear favorite among both small and large hedge fund firms. Part of the reason is the firm's aggressive move to help clients interpret Financial Accounting Standards Board Statement No. 157, or FAS No. 157, the new accounting rule that sets more stringent standards for valuing assets. BDO Seidman drops one place this year to No.2. Deloitte Touche Tohmatsu, No. 3 is the highest ranked of the Big Four firms.

Goldman, Sachs & Co. is the No. 1 Hedge Fund Administrator for a third year in a row. Fund managers give Goldman the highest scores in Client Service, Fund Accounting, Middle-Office Services and Technology and Reporting. Tiny, Cayman Island-based Admiral Administration, which didn't rank last year, grabbed the No. 2 spot. Citco Fund Services was ranked No. 3.

Top Onshore Law firm is Shartsis Friese. The firm ranks first in both Client Service and Document Preparation & Fund Formation. Close on its heels is Sidley Austin, the Chicago-based firm that slips to second overall after two years at No. 1. New York-based Seward & Kissel is No. 3.

Cayman Island-based Walkers took the No. 1 spot for Offshore Law Firms. The number of hedge funds registered with the Cayman Islands Monetary Association broke the 10,000 mark this summer, reaching 10,299 as of September 30. Maples and Calder is a close second in the offshore race. Ogier slips from the top spot it held for two years to No. 3, though the firm still earns top honors in Document Preparation & Fund Formation.

Alpha compiled the 2008 Alpha Awards(TM) rankings of the tope hedge fund service providers based on voting in the spring and early summer by more than 1,000 hedge fund firms, which manage more than $1.5 trillion.

About Alpha

Institutional Investor magazine launched Alpha five years ago to bring to the world of hedge funds the same brand of independent, unbiased reporting and probing analysis for which Institutional Investor has long been known. Alpha has become the leading hedge fund publication in the marketplace today providing a much needed link between the hedge fund industry and those who provide advisory, financial and technological services to the sector.

Contact: Chris Cavanagh 212-224-3369 chriscavanagh@iimagazine.com