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INSTITUTE OF PERFORMANCE MEASUREMENT HOSTS FIRST PERFORMANCE MEASUREMENT FORUM

Industry Veteran Jack Treynor Serves as Keynote Speaker

Somerset, NJ --- December 8, 1998. The Institute of Performance Measurement held its inaugural meeting of The Performance Measurement Forum on Thursday, December 3 at the Marriott Financial Center in New York City. More than 30 people attended.

This event addressed several topics, including the evolving role of the performance measurement analysts, verification issues, the Global Investment Performance Standards, and performance attribution.

In his discussion on trading risk, the forum’s keynote speaker, Jack Treynor, described the trading world more like a modern day battlefield, where strategy and sabotage are all part of a good offense. Calling these modern-day warriors bargain hunters, Treynor said they invariably assume that their research is superior to the other guy’s. However, in the long run, he advised with a wry smile, "anything you can do to blunt the other guy’s research is better than improving your own." The editor of the Financial Analysts Journal for 11 years, Treynor’s earlier work contributed to the development of the Capital Asset Pricing Model and the Black Scholes Option Model.

David Spaulding, president of The Spaulding Group and the Institute’s founder, commented about this first gathering: "Overall, I feel the event went quite well ---and the feedback from our attendees seems to support this assessment. There was a lot of interaction amongst the members, which is one of the main points of a forum --- that is, to not just hear a speaker make a presentation but to have engaging and insightful conversations with one’s peers to gain greater knowledge and ideas that can be implemented when the members return to their offices"

Members of the forum are based in North America and Europe, and include representatives from Prudential, J & W. Seligman, U.S. Trust Company of New York, Schroders, Norwich Union Investment Management, Brinson Partners, Clay Finlay, Dresdner RCM Global Investors, CAPS Ltd., Bankers Trust/WM Co., BEA Credit Suisse Asset Management, Thomson Investment Software, Invesco, STW Fixed Income Management, and First Rate Investment Systems.

David Spaulding announced that the Institute is forming a European "chapter," with its first meeting planned for London in late Spring or early Summer of next year. More details will be forthcoming.

The next session in the U.S. is planned for next April or May in Boston. Again, more details will follow.

The Institute of Performance Measurement is a division of The Spaulding Group, a firm that provides consulting, research, and information services to the investment industry. TSG also publishes The Journal of Performance Measurement.

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