Highbury Financial Inc. Announces Updated Capitalization Information

DENVER, CO, Oct 08 (MARKET WIRE) --
Highbury Financial Inc. (OTCBB: HBRF) (OTCBB: HBRFW) (OTCBB: HBRFU) had
15,039,244 shares of common stock outstanding and 3,832,056 warrants to
purchase shares of common stock outstanding as of October 7, 2009. In
addition, there are 4,500,000 shares of common stock reserved for
issuance upon conversion of Highbury's 1,000 outstanding shares of Series
B Convertible Preferred Stock ("Preferred Stock"). The Preferred Stock
has a face value of $22.5 million reflecting a conversion price of $5.00
per share. The Preferred Stock bears a dividend of 4% of the face value
and is convertible only in certain circumstances. On October 7, 2009,
Highbury had cash and equivalents and investments of approximately $10.5
million and no debt outstanding.

Highbury is an investment management holding company providing permanent
capital solutions to mid-sized investment management firms. Historically,
we have pursued acquisition opportunities and sought to establish
accretive partnerships with high quality investment management firms,
although currently we are evaluating strategic alternatives for Highbury.
Highbury's strategy is to provide permanent equity capital to fund
buyouts from corporate parents, buyouts of founding or departing
partners, growth initiatives, or exit strategies for private equity
funds. This strategy includes leaving material equity interests with
management teams to align the interests of management and Highbury's
shareholders and, in general, does not include integrating future
acquisitions, although Highbury may execute add-on acquisitions for its
current or future affiliates. We seek to augment and diversify our sources
of revenue by asset class, investment style, distribution channel, client
type and management team. While we evaluate strategic alternatives, we
will not pursue acquisition opportunities other than add-on acquisitions
for our wholly owned subsidiary, Aston Asset Management LLC. More
information is also available at www.highburyfinancial.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act, with respect to
Highbury's future financial or business performance, strategies and
expectations. Forward-looking statements are typically identified by
words or phrases such as "trend," "potential," "opportunity," "pipeline,"
"believe," "comfortable," "expect," "anticipate," "current," "intention,"
"estimate," "position," "assume," "outlook," "continue," "remain,"
"maintain," "sustain," "seek," "achieve," and similar expressions, or
future or conditional verbs such as "will," "would," "should," "could,"
"may" and similar expressions.

Highbury cautions that forward-looking statements are subject to numerous
assumptions, risks and uncertainties, which change over time.
Forward-looking statements speak only as of the date they are made, and
Highbury assumes no duty to and does not undertake to update
forward-looking statements. Actual results could differ materially from
those anticipated in forward-looking statements and future results could
differ materially from historical performance.

In addition to factors previously disclosed in Highbury's SEC filings and
those identified elsewhere in this press release, the following factors,
among others, could cause actual results to differ materially from
forward-looking statements or historical performance: (1) the impact of
legislative and regulatory actions and reforms and regulatory, supervisory
or enforcement actions of government agencies; (2) changes in political,
economic or industry conditions, the interest rate environment or
financial and capital markets, which could result in changes in demand
for products or services or in the value of assets under management; (3)
terrorist activities and international hostilities, which may adversely
affect the general economy, financial and capital markets, specific
industries, and Highbury; (4) changing conditions in global financial
markets generally and in the equity markets particularly, and decline or
lack of sustained growth in these markets; (5) Highbury's business
strategy and plans; (6) the introduction, withdrawal, success and timing
of business initiatives and strategies; (7) the unfavorable resolution of
legal proceedings and/or harm to Highbury's reputation; (8) fluctuations
in customer demand; (9) management of rapid growth; (10) the impact of
fund performance on redemptions; (11) changes in investors' preference of
investing styles; (12) changes in or loss of sub-advisers; (13) the
impact of increased competition; (14) the results of future financing
efforts; (15) the impact of future acquisitions or divestitures; (16) the
relative and absolute investment performance of Highbury's investment
products; (17) investment advisory agreements subject to termination or
non-renewal; (18) a substantial reduction in fees received from third
parties; (19) Highbury's success in finding or acquiring additional
investment management firms on favorable terms and consummating
acquisitions of investment management firms; (20) the ability to retain
major clients; (21) the ability to attract and retain highly talented
professionals; (22) significant limitations or failure of software
applications; (23) expenses subject to significant fluctuations; (24) the
impact, extent and timing of technological changes and the adequacy of
intellectual property protection; (25) the impact of capital improvement
projects; (26) the extent and timing of any share repurchases; (27) the
impact of changes to tax legislation and, generally, the tax position of
Highbury; and (28) expenses associated with the formation of the Special
Committee and responding to initiatives of dissident stockholders.

Highbury's filings with the SEC, accessible on the SEC's website at
http://www.sec.gov, discuss these factors in more detail and identify
additional factors that can affect forward-looking statements.

Contact Information

Questions and inquiries for further information may be directed to Richard
S. Foote, President and Chief Executive Officer of Highbury Financial Inc.
He can be reached via telephone at 212-688-2341. More information is also
available at www.highburyfinancial.com.

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