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Cerezo Starts New Firm

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MADRID, Spain (–The former head of research and fund manager at Park Place Capital Ltd., Carlos Cerezo, has left the firm to start a new fund management company.

Mr. Cerezo managed the Superhedge portfolio at Park Place Capital, which specialized in European equities. The portfolio has produced a cumulative return of 25% until the end of June 2002. He had been with the firm since 1998.