The GUTMANN CENTER FOR PORTFOLIO MANAGEMENT

at the University of Vienna http://www.gutmann-center.at

is pleased to announce the following PUBLIC LECTURE:

Date: May 30th, 2005 - 5.00 p.m.:

Speaker: Prof. Dr. Hayne E. LELAND, Berkeley http://www.haas.berkeley.edu/faculty/leland.html

Title: OPTIMAL PORTFOLIO IMPLEMENTATION with Transactions Costs and Taxes

Abstract: Traditional portfolio theory, developed by Markowitz and others, helps to determine an "ideal" set of asset proportions. But it ignores the costs of implementation, including trading costs and taxes. How does one take these factors into account when selecting and managing a portfolio? We provide some answers to these questions.

CV: Hayne Leland is Professor of Finance at the University of California, Berkeley. His research has covered topics in asset management, corporate finance, and economics. He is a founding principal of Leland Rubinstein Obrien Associates (LOR), which invented the technique of "portfolio insurance." In 1987 he was named one of Fortune Magazine's "Businessmen of the Year." In 1990 LOR pioneered and launched the first-ever Exchange-Traded Fund (ETF), the SuperTrust. Leland is a past President of the American Finance Association, and serves on the Scientific Advisory Boards of numerous academic and financial institutions, including the EuroNext and Wells Fargo Asset Management.

Location: Bank Gutmann AG (http://www.gutmann.at), Schwarzenbergplatz 16, 1010 Wien

Registration: brigitte.juchelka@gutmann.at phone: +43-1-50220-357

Further information at: www.gutmann-center.at Contact: gutmann.bwl@univie.ac.at phone: 43-1-4277-38186