Sandler Capital Management, a Registered Investment Advisor since 1988, is now in its 35th year of making investments. Sandler Capital currently manages assets of approximately $1.0 billion in its hedge fund business, including approximately $.8 billion in its long/short equity strategy. Our long/short equity strategy was developed by Andrew Sandler who has been managing the portfolio since June 1997. Sandler Capital’s hedge fund business has 33 employees, including 17 in research and trading. Sandler Capital principals are significant investors in the firm’s hedge funds, aligning our interests with those of our clients.