Budzyna Moves to Administration Business

NEW YORK (HedgeWorld.com)--John M. Budzyna is changing his role in the hedge fund industry to focus on offshore hedge fund administration instead of hedge fund accounting, his forte for the past 30 years.

Mr. Budzyna left his post as senior partner at Ernst & Young LLP in June 2004 and now has joined Olympia Capital Associates LP as chief executive, a new post within the firm. Mr. Budzyna has been charged to lead growth at the firm and will help refine Olympia's service offering for the hedge fund industry.

"With the (hedge fund) industry growing so fast, we want to achieve not only greater growth but the right mix of clients," said Barbara Lewnowski, president of Olympia Capital Associates LP and senior vice president and principal.

The limited partnership, in conjunction with partner companies such as Bermuda-based Olympia Capital International, administers the assets of more than 400 funds with more than US$50 billion in combined assets, a total that stood at US$15 in 2001.

Ms. Lewnowski said that administration business has grown 25% to 50% a year, which translated into more time being spent on operations for the firm.

Mr. Budzyna joined the firm on March 17 and will work closely with Ms. Lewnowski in taking responsibility for implementing the company's growth strategy and further strengthening its service offerings.

As an auditor to many of the same hedge funds Olympia administered, Mr. Budzyna has gained a deep understanding of the systems used in administration and the issue portfolio valuation.

"I was particularly drawn to the company's entrepreneurial spirit, which is evident from the active involvement of the principals in all aspects of operations, business development and, most significantly, client service," Mr. Budzyna said in a statement.

Besides his work at Olympia, he also serves as the chairman of the accounting and tax committee for the Wall Street Hedge Fund Forum. He also is treasure of Hedge Funds Care, a national charity group that assists abused children. Ms. Lewnowski also is a national board member of Hedge Funds Care.

SBarreto@HedgeWorld.com

Contact Bob Keane with questions or comments at: bkeane@investmentadvisor.com.

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