EDHEC and EuroPerformance have released their 2008 rankings of the top Italian and Spanish asset management companies: the Alpha League Table. The Alpha League Table is a ranking system based on a measure of alpha intensity, a performance measure that has been adjusted for the risks actually taken, for all active equity management in the selected asset management companies.

This third edition of the rankings of Spanish and Italian asset management firms shows a fall in the alpha generated by the firms in the rankings. Average alpha for Spain fell from 2.38% to 2.08% and for Italy from 1.53% to 1.14%. These figures compare unfavourably with the average alpha for asset management companies in Europe overall of 2.48%.

Monte dei Paschi di Siena takes first place in Italy, with a score of 0.39%. Gruppo Ubi Banca is second, up two places from last year. Its score of 0.36 is the result of a significant increase (66 basis points) in its average alpha, which stands at 1.33% this year. Pioneer Investments, in second place last year, is now ranked third. This firm has the widest range of funds of the firms in our rankings. In fourth place is last year's winner: Gruppo Banca Intermobiliare, whose decline is largely the result of its inability to maintain last year's high level of alpha. For the second year in a row, Gruppo Bipiemme is in fifth place.

For Spain, Bankinter is once again in first place, with a score of 1.49 obtained on the strength of alpha of 3.22% and a very respectable frequency of 46.79%, the highest of any firm in the Spanish rankings. Ibercaja Gestión is ranked second, with an average alpha at 3.13%, which is among the highest of any Spanish bank. Gesmadrid, which was in seventh place last year, is now third. Renta 4 Gestora takes fourth place (up one from last year). In fifth place, falling one place from last year, is Bancaja Fondos. A fall in average alpha is entirely responsible for this slide.

As in France, Germany, and the Netherlands, asset management in Italy and Spain suffered from significant withdrawals of investors in 2007, according to the European Fund and Asset Management Association (EFAMA). One of the reasons for the poor results of Italian asset management, relative to the European average, is the country's tax regime. The defining characteristic of the Spanish market is the overwhelming presence of banks in the asset management industry. A large majority of the assets under management are held by banks or managed by their asset management affiliates.

Contact:

For more information about this operation or to receive the

Alpha League Table 2008 for Italy and Spain, please contact:

Carolyn Essid - Tel.: +33 (0)4 93 18 78 24 - E-mail: carolyn.essid@edhec-risk.com