NEW YORK--(BUSINESS WIRE)--June 2, 2005--Annaly Mortgage
Management, Inc.
(NYSE: NLY) is pleased to announce that its Chairman,
CEO and President, Michael A.J. Farrell, had the honor of ringing the
opening bell on the New York Stock Exchange today to celebrate the
launch of the first U.S. closed-end fund managed by FIDAC, Annaly's
wholly-owned subsidiary. First Trust/FIDAC Mortgage Income Fund
is the
first FIDAC-managed fund product registered under the Investment
Company Act of 1940. FIDAC, a registered investment adviser, is the
sub-adviser of the fund, and First Trust Advisors L.P.
is the fund's
adviser.
Ronald Kazel, Executive Vice President commented on FIDAC's
continued growth in 2005. "Ringing the bell at the New York Stock
Exchange demonstrates the benefits Annaly is deriving from its
acquisition of FIDAC in June 2004. We have grown FIDAC's asset
management business substantially in 2005, both domestically and
globally. In 2005, we launched Sentry Select MBS Adjustable Rate
Income Fund II
, our third public fund listed on the Toronto Stock
Exchange, as well as Prodesse Investment Limited, which is listed on
the London Stock Exchange. These funds, along with the growth of other
existing funds, shows that our strategy of providing high current
income, relative to the current investment climate, with low credit
risk, has proved to be very attractive to investors."
Annaly manages assets on behalf of institutional and individual
investors worldwide through Annaly and through the funds managed by
its wholly-owned registered investment advisor, FIDAC. At March 31,
2005, Annaly and FIDAC had gross assets under management of
approximately $38 billion. The Company's principal business objective
is to generate net income for distribution to investors from the
spread between the interest income on its mortgage-backed securities
and the cost of borrowing to finance their acquisition and from
dividends the Company receives from FIDAC, which earns investment
advisory fee income. The Company, a Maryland corporation, has elected
to be taxed as a real estate investment trust ("REIT").
This news release and our public documents to which we refer
contain or incorporate by reference certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements which are based on various assumptions (some of which are
beyond our control) may be identified by reference to a future period
or periods or by the use of forward-looking terminology, such as
"may," "will," "believe," "expect," "anticipate," "continue," or
similar terms or variations on those terms or the negative of those
terms. Actual results could differ materially from those set forth in
forward-looking statements due to a variety of factors, including, but
not limited to, changes in interest rates, changes in yield curve,
changes in prepayment rates, the availability of mortgage-backed
securities for purchase, the availability of financing and, if
available, the terms of any financing, FIDAC's clients removal of
assets FIDAC manages, FIDAC's regulatory requirements, and competition
in the investment management business. For a discussion of the risks
and uncertainties which could cause actual results to differ from
those contained in the forward-looking statements, see "Risk Factors"
in our Annual Report on Form 10-K for the fiscal year ended December
31, 2004. We do not undertake, and specifically disclaim any
obligation, to publicly release the result of any revisions which may
be made to any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date of
such statements.
CONTACT: Annaly Mortgage Management, Inc.
Investor Relations:
1-888-8Annaly
www.annaly.com
SOURCE: Annaly Mortgage Management, Inc.