Family wealth offices are planning to increase their
allocations to hedge funds in 2003 according to a new survey by the Institute for
Private Investors and LJH Global Investments.

This was the key finding of a survey jointly conducted by LJH Global
Investments, LLC, the global hedge fund advisory firm, and the New York-based
Institute for Private Investors (IPI), an educational and networking organisation
for families with substantial assets and their advisors.

Founded in 1992, IPI membership requires that a family or individual have
investable assets in excess of US$10 million. Four out of ten members oversee
US$200 million or more, and one third manage between $50-200 million. IPI
currently has 665 individual members representing 300 different families.

The IPI's latest Family Performance Tracking Survey shows a strong
commitment to hedge fund investing by high net worth families. LJH examines
the survey's hedge fund data in partnership with the Institute.

The survey reports that 37 per cent of respondents currently invest in alternative
investments, including hedge funds, private equity, illiquid investments, and
venture capital. More importantly, 53 per cent of IPI's investor members plan to
increase their hedge fund investments in 2003.

Additional findings show that IPI investors have an average of 18 per cent of their
individual asset allocations in hedge funds, as compared to 34 per cent in
equities and 20 per cent in fixed income, and include an average of 12
managers.

Hedge funds should be considered as their own asset class, according to 37 per
cent of respondents, with an additional 40 per cent reporting that certain hedge
fund strategies should be considered as a separate asset class. Another 16 per
cent of respondents think of hedge funds as part of the equity allocation.

Nearly half (49 per cent) of the investors surveyed utilise the expertise of a fund
of hedge funds manager or consultant, the survey showed. The majority of
respondents said that they are very satisfied with the calibre of advice they
receive from their advisors.

James R. Hedges, IV, President and Chief Investment Officer of LJH Global
Investments, said: "Hedge funds have increased in popularity in recent years as
investors seek better returns yet geopolitical concerns and a sluggish economy
have restricted recent growth. These new survey findings show that investors
remain confident in the ability of hedge funds to provide absolute returns in an
uncertain market."