Mariner Investment Group to Sell Assets of Mariner Municipal Managers LLC to MacKay...

Mariner Investment Group to Sell Assets of Mariner Municipal Managers LLC to
MacKay Shields LLC

NEW YORK, June 16 /PRNewswire/ -- Mariner Investment Group, a manager of
alternative investment products, has signed a definitive agreement to sell the
assets of Mariner Municipal Managers LLC (M3) of Princeton, New Jersey to
MacKay Shields, LLC. Upon the deal's closing, all employees of M3 will join
MacKay, forming a new municipal bond asset management division that will be
led by M3 principals John Loffredo and Robert DiMella. As part of MacKay, the
group will continue to work with Mariner Investment Group for distribution to
select channels.

"Both John and I are looking forward to joining MacKay Shields and its
enduring legacy of meeting the needs of institutional and retail investors.
And we are very pleased because we are bringing our entire team and
maintaining investment process continuity as we launch this new venture within
MacKay," said Robert DiMella, President, Mariner Municipal Managers LLC.

"As we work our way toward a period of economic recovery, the opportunities
for muni-bonds as an asset class will only become greater. We could not have
joined a better firm, at a better time, to help facilitate our group's future
growth. MacKay Shields is a perfect fit for our organization; we look forward
to joining its esteemed roster of fixed-income specialists. At the same time,
we will continue to collaborate with Mariner on the growth of our business in
selected channels," said John Loffredo, Chairman, Mariner Municipal Managers
LLC.

"We are delighted with this transaction, and believe it represents an
excellent opportunity to accelerate the growth of the business that John, Bob,
and their team have been building at Mariner since 2007. We are enthusiastic
about deepening our relationship with MacKay Shields, as we work together,
along with John and Bob, in capturing the opportunities available in the
municipal bond market," said Dan Sullivan, a Partner at Mariner Investment
Group.

For over 15 years, Robert DiMella and John Loffredo have worked together in
managing municipal bond portfolios. They founded Mariner Municipal Managers
LLC in 2007 upon leaving BlackRock, where they served as co-heads of
BlackRock's Municipal Portfolio Management Group, with assets under management
in excess of $100 billion.

DiMella has been a municipal portfolio manager on Wall Street since 1992.
Prior to BlackRock's merger with Merrill Lynch Investment Managers (MLIM), he
served as a senior portfolio manager and managing director of MLIM's Municipal
Products Group. He was employed by Merrill Lynch from 1993-2006.

Loffredo has been a municipal portfolio manager and/or municipal analyst on
Wall Street since 1990. Prior to BlackRock's merger with MLIM, he served as
chief investment officer of MLIM's Municipal Products Group. He was employed
by Merrill Lynch from 1990-2006. Prior to Merrill Lynch, John worked for the
City of Boston Treasury Department.

About Mariner Investment Group

Mariner Investment Group, LLC is an alternative investment management firm
with more than $10 billion of assets under management (as of April 30, 2009)
across multiple affiliated single strategy hedge funds, multi-strategy hedge
funds, funds of hedge funds, and other alternative investments. Mariner has
163 employees located in Harrison, New York City, Boston, Princeton, London
and Tokyo. Mariner's global clients include insurance and reinsurance
companies, public and corporate plan sponsors, endowments, foundations,
wealthy families, and institutional money managers.

SOURCE Mariner Investment Group, LLC

Peter O'Rourke of Mariner Investment Group, +1-212-758-3577,
po'rourke@marinercapital.com