Financial Research Corp. founder Neil Bathon, who left the firm two years ago and founded a new venture, has launched a new subsidiary and hired away a key FRC executive to head up the business.

Ex-FRC president Michael Evans will head up the day-to-day business of FUSE Research Network, PMR Associates' new subsidiary. He was replaced at FRC by Bruce Treff.

A spokesman for FRC's parent company, Citigroup, confirmed Treff's hire and said that he took the position about a month ago.

Bathon told The MFWire that he plans to grow FUSE by acquiring more businesses. He also has plans to recruit more staff for the fledgling business.

FRC was founded by Bathon in 1987. The company was acquired by The Boston Institutional Group in 1996 and then by Bisys in 2001, which was in turn acquired by Citigroup in May 2007.

Bathon left FRC in June of 2006 and was replaced by Mark Phillips. (see The MFWire May 18, 2006) .

Company Press Release

September 12, 2008, Wellesley, MA � Neil Bathon, founder of Financial Research Corporation (FRC), has launched FUSE Research Network LLC a market intelligence firm whose focus is to improve the effectiveness of resources devoted to the distribution of investment products. Bathon is a 25-year industry veteran who launched FRC in 1987 and served as its president until 2006. �With FUSE our goal is not to produce information, but to assist clients to enact change by providing implementation support based upon the insights we derive though our research efforts.� said Bathon. �There are any number of providers who offer interesting data books and reports. Our research is designed to fill a higher spot on the value scale by delivering tangible, actionable guidance.�

Bathon hired former FRC President Michael Evans to lead the day-to-day business of FUSE. Evans is a 15-year industry veteran who served as President of FRC since 2006. In addition, Evans served as FRC�s Director of Research and the Director of the Separate Account business line.

�I�m very pleased to be reconnecting with Neil at FUSE,� said Evans. �We firmly believe in our ability to convert marketplace knowledge into tangible results on the behalf of our clients.� Evans added, �Many of the traditional information providers have not kept pace with changing needs of asset managers. The service offerings of FUSE will provide clients with the next generation of research support through the practical application of knowledge.�

Bathon and Evans are in the midst of building an experienced team of professionals from within the industry. �We will aggressively add to staff in order to provide the best decision support organization in the asset management industry,� noted Bathon.

About FUSE Research Network LLC FUSE is a research organization focused on sales and marketing issues facing both distributors and manufacturers of investment products. As an organization FUSE Research adheres to the following principals:

� Ardent Client Advocacy

� Absolute Candor & Objectivity

� Incisive & Tangible Guidance

Among the goals of our organization are to provide both strategic and tactical guidance and to become an invaluable business partner. We deliver highly informed and forward-looking opinions that are critical inputs for clients as they evolve the strategies and tactics to meet the ever changing needs of the marketplace. In addition, FUSE provides its clients access to an unparalleled network on industry contacts. FUSE is one of the premier research organizations within the asset management space. FUSE is a subsidiary of PMR Associates LLC.

About PMR Associates LLC

PMR is a holding company whose objective is to link together complimentary service providers in order to deliver superior results for clients. Through organic growth and acquisition, PMR seeks to deliver real synergy to its affiliates by creating a platform for the sharing of marketplace contacts, connections, and insights.

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