News from Business Wire

Structured Finance Group Joins R.W. Pressprich; Investment Firm Expands CDO Market Activities

Thursday, August 04, 2005

NEW YORK (Business Wire) -- The investment firm R.W. Pressprich & Co., Inc. today announced major additions to its CDO operation. Joining the firm to augment its presence and expertise in the CDO market are Patrick Gallaway, Arturo Cifuentes and Gerard O'Connor. R.W. Pressprich is a research-oriented broker/dealer whose principal focus is providing fixed income relative value and market-timing information to institutional clients, both domestic and international.

"I am eager to expand the firm's CDO market activities and better serve our clients needs in this rapidly growing area of the fixed income market, and we are excited by the new synergies these talented individuals will bring to our research and analysis resources. Our clients will benefit from the depth and breadth of their experience", said R.W. Pressprich President and CEO Edward J. Rappa.

Patrick Gallaway will lead the Structured Finance Group that will expand the firm's presence in the secondary CDO market, with extension into primary CDO issuance in the near future. He was recently head of US Agency CDO origination and structuring for Barclays Capital. Previously, he created and led the Financial Structures Group for INVESCO Asset Management, and before that the Structured Credits Products Group of PaineWebber. Mr. Gallaway has an MBA from the University of Florida and is a Chartered Financial Analyst.

"It is the right time to expand into the CDO market and R.W. Pressprich has chosen the perfect moment to develop its activities in this dynamic area of the securities market. I am happy to be joining a corporate culture where consistent service, high-quality research and objectivity are seen as key qualities for performance excellence", said Gallaway.

Arturo Cifuentes was previously head of worldwide operations for CDO Research at Wachovia Securities in New York. Before that he held a number of senior positions at Triton Partners, AMBAC and Moody's Investors Service, where he is credited with developing an important part of the core methodology used by Moody's to rate CDOs.

Dr. Cifuentes received a Ph.D. in Applied Mechanics and an M.S. in Civil Engineering from the California Institute of Technology and an MBA in Finance (Stern Scholar Award) from New York University.

Gerard O'Connor was recently a member of the Agency CDO Group at Barclays Capital with responsibility for CDO execution. Previously, Mr. Connor was with the CDO Group at Chase Securities, in the CDO ratings group of Moody's Investors Services and the portfolio management group at the Investment Bank of Ireland. Mr. O'Connor has a B.S. degree from the National University of Ireland.

About R.W. Pressprich & Co., Inc.

R.W. Pressprich & Co., Inc. is a research oriented broker/dealer and NASD member firm headquartered in New York with offices in Boston and Chicago. Its principle focus is to provide fixed income relative value and market-timing research to its customers. Originally founded in 1909, the firm was well regarded as a pioneering specialist in fixed income products. In the 1950's, it was a pioneer in the use of Equipment Trust Certificate financing, and in the 1970's the firm pioneered the development of fixed income research. After withdrawing from the public securities market in the 1980s, the firm was re-founded in 1990 with a commitment to the same standards of excellence employed by its predecessor.

Judith Sylk-Siegel, 212/751-9266
jsylksiegel@aol.com