Admiral Administration Teams With Paladyne to Offer Client-Facing Technology and Expanded Middle-Office Services to Alternative Investment Managers

NEW YORK, NY and SAN FRANCISCO, CA and LONDON--(Marketwire - April 21, 2009) - Admiral Administration Ltd., a leading global fund administrator with $30 billion in assets under administration, today announced that it has teamed with Paladyne Systems, Inc., a leading solutions provider to the hedge fund industry, to offer an innovative technology and services solution to alternative investment managers. Admiral has licensed the PALADYNE™ product suite, an integrated front- to back-office solution, as a comprehensive middle-office services platform, which is fully integrated with its existing portfolio accounting system, Advent's Geneva®. Admiral has also obtained distribution rights to provide its clients with direct access to Paladyne's products as an integrated client-facing technology offering.

Admiral will utilize Paladyne's Application Service Provider ("ASP") solution for hosting, disaster recovery, and ongoing IT support for both Paladyne's products as well as Advent's Geneva®. By leveraging the ASP model, Admiral can provide its clients with web-based access to Paladyne's front-office trading, portfolio management, real-time P&L, and custom reporting tools. Admiral will access Paladyne's middle- and back-office products, including a centralized security master, pricing and valuation toolset, and data warehouse, which are fully integrated with Advent's Geneva®. As an end result, Admiral and its clients will share an integrated technology platform resulting in an expanded services offering, tighter operational control, increased transparency, more timely reporting, cost reduction and scalability, and seamless communication between Admiral and its clients.

Admiral's expanded middle-office services will include:

--  Trade execution and order management support,
--  Trade confirmation and settlement processing,
--  Trade reconciliation with prime brokers, custodians and
    counterparties,
--  Daily position and P&L reporting,
--  Daily reconciliation with clients books and records
--  Reference data management and corporate actions processing,
--  Enhanced pricing and model-based valuation services, and
--  Integrated interface with client preferred risk providers.
    

"As fund managers demand more services from their fund administrators, we have responded with a revolutionary offering inclusive of technology, middle-office support, and traditional fund administration services," said Canover Watson, Managing Director of Admiral Administration. "By providing our client base with direct access to Paladyne's front- to back-office technology platform, we can assist managers through the full transaction lifecycle of trading, portfolio management, pricing and valuation, and investor reporting, while gaining operational efficiencies, scalability, and cost savings. This offering reinforces Admiral's continuing commitment to providing clients with solutions that meet the rapidly evolving and complex requirements of the alternative investment industry."

"We are excited to partner with Admiral, a highly rated hedge fund administrator, to provide hedge fund managers with an outsourced technology solution combined with comprehensive middle-office and fund administration services," said Sameer Shalaby, Chief Executive Officer of Paladyne Systems. "By leveraging Paladyne's ASP technology solution, Admiral is able to provide a highly competitive services offering which will result in increased scalability, productivity, and growth."

About Admiral Administration Ltd.

Admiral, founded in 1996, is an award winning administrator recognized for service excellence by Institutional Investor Alpha Awards for the past three consecutive years. With offices in the Cayman Islands, Ireland and the United States, Admiral serves over 300 funds with assets under administration in excess of US$30 billion. Admiral combines cutting-edge technology and highly skilled staff to provide clients with a comprehensive suite of administration services to meet the specific needs of alternative investment funds.

About Paladyne Systems

Paladyne Systems, Inc. (www.paladyne.com), a leading global solutions provider for the hedge fund industry, develops and distributes technology designed to streamline hedge fund operations while providing business efficiency and cost savings throughout the organization. Paladyne offers a fully-hosted technology platform known as the PALADYNE™ suite which is capable of supporting the front- to back-office requirements of today's most comprehensive hedge funds. The PALADYNE™ suite is an integrated set of applications including: order management, portfolio management, general ledger, global security master, pricing and valuation, data warehousing, and custom reporting. Paladyne was founded in 2005 through an acquisition of its technology platform from a large US-based multi-strategy hedge fund.

Contact Information: CONTACTS: Sales Contacts Ben Pershick Head of Business Development Admiral Administration Ltd. (902) 835-7690 Scott Alderson Paladyne US Sales (212) 616-4306 David Simmonds Paladyne European Sales +44 (0) 20 7153 4958 Media Contacts Canover Watson Manager Director Admiral Administration Ltd. (345) 949-0704 Scott Krady Paladyne Media (212) 786-7628 or (646) 944-2144