Ellen B. Safir leaves HHMI to start new fixed income management investment firm.

Ellen B. Safir, C.F.A., Managing Director of Fixed Income and Currencies, is leaving the Howard Hughes Medical Institute to start her own fixed income management firm. She has been with HHMI since 1986, having had oversight and direct management responsibility for the spectrum of fixed income assets, including high yield, emerging markets and sovereign products. Safir leaves with $150 million of HHMI assets under management. The assets will be managed using a core-plus style, for which Safir has outperformed the Lehman Brothers Aggregate Bond Index on a seven- and ten-year basis during her career with the Institute.

Safir's new fixed income management firm is expected to commence operation in the Spring of 2002. Ms. Safir leaves with HHMI's appreciation and thanks for her many years of service and best wishes for success in her new endeavor.

The Howard Hughes Medical Institute is a medical research organization whose principal mission is the conduct of biomedical research. Approximately 320 Hughes investigators conduct medical research in HHMI laboratories at 70 of the nation's leading research centers and universities. Through its complementary grants program, HHMI supports science education in the United States and a select group of researchers abroad.

HHMI is one of the largest philanthropies in the world, with an endowment of more than $11 billion and a budget that is approximately $650 million in the current fiscal year. Its headquarters are located in Chevy Chase, Maryland, just outside Washington, D.C.

For More Information

Jim Keeley 301.215.8858