NEW YORK, Aug. 14 /PRNewswire/ -- Advantage Advisers Multi-Sector Fund I allocates its assets among different separate investment accounts of the Fund, each of which is managed by a separate sub-investment adviser and is invested primarily in equity securities of public companies in a particular industry sector. Kilkenny Capital Management, the sub-investment adviser responsible for the Fund's separate investment account investing in the healthcare/biotechnology sector, has informed the Fund that it is resigning as sub-investment adviser to the Fund. The resignation will take effect October 7, 2008, unless extended to a later date. Kilkenny's resignation is not the result of Fund-specific factors, but rather relates to Kilkenny's decision to liquidate its investment funds generally. In light of this decision, Kilkenny has determined not to continue as a sub-investment adviser to the Fund. The Fund has not experienced any sudden shift in investment performance, nor is there any issue of misconduct or impropriety giving rise to the resignation. The Fund's net asset value is calculated daily and is available under the ticker symbol XAMSX.
Representatives of Kilkenny have assured the Fund and its Board that Kilkenny will continue to provide the same level of service through the end of the term of the sub-investment advisory agreement. They will work closely with Advantage Advisers, LLC, the Investment Adviser to the Fund, and Fund representatives during this transition period. The Fund's Investment Adviser and Board are considering various alternatives with respect to the healthcare/biotechnology sector.
Advantage Advisers, LLC is a subsidiary of Oppenheimer Asset Management Inc. and an affiliate of Oppenheimer & Co. Inc.
