for listing on the Bermuda Stock Exchange (BSX), sponsored by Bermuda International Securities Ltd.

Registered in Bermuda as an exempted limited partnership in May 1994, the investment objective is to receive consistent income and profits from a diversified portfolio of hedged convertible securities.

The partnership is a hedge fund which buys, sells and trades convertible and related securities, while utilising hedging strategies in an attempt to minimise the risk of such investments.

The fund was closed to new investors on April 1, and has total assets of more than $220 million.

The fund is managed by investment consultant Carrigaholt Holdings Ltd., which has obtained a three year licence to May 31, 1999, granting it the use of certain licensed convertible securities and market research data which it makes available to the partnership.

The data is used to develop the convertible hedge strategy for the partnership and is the same as Carrigaholt Holdings Ltd. uses in their private client portfolios.

The issue was listed under the restricted marketing provisions of the BSX, with shares available to distribution only to qualified investors, in lots of not less than $100,000.

Carrigaholt managing director Henry J. Cox said, "Argent is the first limited partnership to be listed on the Exchange. As we develop further alternative investment vehicles, which are presently in the pipeline, we hope to also list these vehicles on the Bermuda Stock Exchange.'' BSX listing manager James S. McKirdy said, "The BSX welcomes this listing, which brings the total number of funds listed on the BSX to 112. The BSX looks forward to listing more alternative investment vehicles such as the Argent fund.''