Tremont Advisers Inc – ‘8-K’ for 7/10/01 – EX-99.1

On:  Wednesday, 7/11/01, at 1:23pm ET   ·   For:  7/10/01   ·   Accession #:  950123-1-504261   ·   File #:  0-27077

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Tremont Advisers Inc.                                  2     10K 
 2: EX-2.1      Agreement and Plan of Merger                          66    329K 
 3: EX-99.1     Press Release                                          4     17K 

EX-99.1   —   Press Release

EX-99.1
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EXHIBIT 99.1

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                                                                    Exhibit 99.1

Press Release 01-04                                                             
FOR IMMEDIATE RELEASE                                                           
CONTACT:  ROBERT SCHULMAN, PRESIDENT AND CO-CEO, TREMONT ADVISERS, INC.         
914-925-1140                                                                    
          BARRY COLVIN, COO, TREMONT ADVISERS, INC.                 914-925-1140
          ANNETTE BRONKESH, BRONKESH ASSOCIATES                     973-778-8648

TREMONT ADVISERS REACHES AGREEMENT TO BE PURCHASED                              
BY OPPENHEIMERFUNDS                                                             
Merger Will Combine Leader in Hedge Funds With Strong Intermediary Distribution 

Rye, NY, July 10, 2001 - Tremont Advisers, Inc. (Nasdaq SmallCap: TMAV) today   
announced that it has reached an agreement to be acquired by Oppenheimer        
Acquisition Corp., the parent of OppenheimerFunds, Inc. The agreement, subject  
to shareholder and regulatory approval, is for Oppenheimer Acquisition Corp. to 
purchase all outstanding Tremont shares at $19 per share, subject to certain    
adjustments. The acquisition is expected to close early in the fourth quarter of
2001.                                                                           

"The combination of Tremont Advisers' expertise in alternative investments with 
OppenheimerFunds' strength in distribution and product capabilities clearly     
marks a turning point in our business," said Sandra Manzke, Chairman and Co-CEO 
of Tremont Advisers. "Working together we have an unparalleled opportunity to   
tap the high-net-worth and institutional market and add a significant growth    
rate to an already rapidly growing business. We are very pleased to join forces 
with such a high-quality, client-focused organization which shares our vision   
for the future of alternative investing."                                       

Under the terms of the agreement, Tremont will become an independent, wholly    
owned subsidiary of Oppenheimer Acquisition Corp, whose principal operating     
subsidiary, OppenheimerFunds, Inc. is a leader in worldwide traditional asset   
management with more than $120-billion in assets under management. The Tremont  
organization will continue to be led by Manzke and President and Co-CEO Robert  
Schulman.                                                                       

"We are pleased to be joining forces with a leader in the alternative investment
business," said John V. Murphy, Chairman and CEO of OppenheimerFunds. "We       
believe Tremont's multi-manager, funds-of-funds approach to hedge fund investing
will appeal to many of our high-net-worth shareholders. Tremont's unique product
offerings in combination with our distribution network will open up the world of
alternative investing to a new segment of investors."                           

Tremont Advisers, a leader in providing advisory services, information and      
investment products to the global alternative investment industry, has seen a   
dramatic rise in interest in alternative investments as equity market           
performance has waned. It notes that investors are seeking to diversify their   
portfolios with asset classes that are non-correlated to the broad markets. In  

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particular, Tremont cites the rapid growth of the high-net-worth wealth         
population, estimated at $27 trillion by a recent Cerulli Associates study, as  
evidence that an excellent opportunity exists to tap this investor segment.     

"Our alliance with OppenheimerFunds is an excellent strategic fit that brings   
together Tremont's capabilities in creating alternative investment products with
Oppenheimer's strong financial intermediary relationships and unparalleled      
distribution talents," said Schulman. "We saw tremendous inflows of assets into 
hedge funds in the first quarter and believe this trend has accelerated in the  
current quarter. We will seek to create products and service the high-net-worth 
and institutional market with a variety of products including funds of funds."  

Tremont Advisers' TASS Research unit calculated $6.9 billion in net assets      
flowing into alternative investments in the first quarter of 2001, marking the  
largest quarterly inflows since early 1998. Estimates are for this trend of     
healthy net inflows to continue as investors step up their search for strategies
that achieve consistent returns in all market environments. TASS estimates the  
value of assets in the global alternative investment universe at between $350   
billion and $400 billion.                                                       

In addition to strong domestic investor interest in alternative investments,    
Tremont Advisers also has been growing its overseas business. The firm's        
London-based subsidiary, Tremont (TASS) Europe Limited, is seeing strong        
interest from both European and Asian investors in alternative investments.     
"Tremont is committed to aggressively growing this segment of our business over 
the next several years," said Schulman.                                         

Oppenheimer Acquisition Corp., the parent of OppenheimerFunds, Inc., is a       
subsidiary of Massachusetts Mutual Life Insurance Company, a global, diversified
financial services company with $213 billion in assets under management at      
year-end 2000. Founded in 1959, OppenheimerFunds, Inc. is one of the nation's   
most respected mutual fund managers. As of June 30, 2001, the company and its   
subsidiaries managed assets of more than $127 billion, held in more than five   
million shareholder accounts. OppenheimerFunds is not affiliated with either    
CIBC World Markets nor Oppenheimer Capital, the investment management firm      
affiliated with PIMCO Advisors, LP.                                             

Putnam Lovell Securities acted as adviser to Tremont Advisers, Inc. in this     
transaction.                                                                    

Tremont Advisers, Inc. is a diversified holding company which, through its      
subsidiaries, is primarily engaged in three core businesses: advisory services, 
information and investment products for the global alternative investment       
industry. Through its London-based information and research subsidiary, Tremont 
TASS (Europe) Limited, the firm provides data on the performance of more than   
2,500 alternative investment managers and funds and promotes advisory and other 
products throughout Europe. Tremont advises on more than $8 billion in          
alternative investments and manages more than $1.5 billion of client assets in  
its proprietary funds. It has more than $250 million in life insurance policies 
in force, which are invested in alternative investments on behalf of clients.   
Tremont's wholly owned subsidiaries, Tremont Partners, Inc. and Tremont         
Securities, Inc., are registered as an investment adviser under the             

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Investment Advisers Act of 1940, and as a broker-dealer under the Securities    
Exchange Act of 1934, respectively. Tremont is headquartered in Rye, New York   
and has offices in Toronto, Bermuda and London.                                 

For more information on Tremont Advisers, Inc., visit www.tremontadvisers.com   
For more information on OppenheimerFunds, visit  www.oppenheimerfunds.com       

#        #        #                                                             

Please note that Tremont Advisers, Inc. (Tremont Advisers) will be filing a     
proxy statement with the Securities and Exchange Commission (the SEC) as soon as
practicable. The proxy statement will be sent to the stockholders of Tremont    
Advisers seeking their approval of the proposed merger transaction. Stockholders
of Tremont Advisers are advised and urged to read the proxy statement when it is
filed with the SEC because it will contain important information. Once filed,   
the proxy statement and other information filed by Tremont Advisers may be      
obtained free of charge on the Internet at the SEC website at the following URL:
<www.sec.gov> In addition, documents filed with the SEC by Tremont Advisers will
be available free of charge from Tremont Advisers' corporate secretary,         
obtainable by addressing a request therefor to: Tremont Advisers, Inc., ATTN:   
Merger Document Request, 555 Theodore Fremd Avenue, Suite 206-C, Rye, New York  
10580. Requests may also be made by telephone at (914) 925-1140.                

Tremont Advisers, its board of directors and executive officers, as well as     
certain other members of management and certain employees may be soliciting     
proxies from Tremont Advisers stockholders in favor of the merger transaction.  
Information concerning Tremont Advisers' participants in this solicitation is   
set forth in the company's annual report on Form 10-KSB for the year ended      
December 31, 2000, filed with the SEC on March 12, 2001.                        

  Certain statements in this Press Release may constitute "forward
looking statements" within the meaning of the Private Securities Litigation     
Reform Act of 1995. Such forward looking statements involve known and unknown   
risks, uncertainties and other factors which may cause the actual results,      
performance or achievements of the Company to be materially different from any  
future results, performance or achievements expressed or implied by such forward
looking statements. The Company assumes no obligation to update these forward   
looking statements to reflect actual results, changes in assumption or changes  
in other factors affecting such forward looking statements.                     

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Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		7/11/01							DEFA14A,  PRE 14A
For Period End:		7/10/01		2					DEFA14A,  PRE 14A
		6/30/01		3					10QSB
		3/12/01		4					10KSB
		12/31/00		4					10KSB,  4,  5
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