Dreman Value Management Bolsters Research Department and Promotes Cliff Hoover to Co-Research Director

JERSEY CITY, N.J., Aug. 2 /PRNewswire/ -- Dreman Value Management todayannounced that Cliff Hoover, who joined one of the leading contrarian valueasset management companies last year as co-chief investment officer andmanaging director, has also assumed the role of co-research director forthe firm. With this new role, Hoover will be responsible for expanding theresearch group beyond large-cap to also support the firm's mid-cap,small-cap, smid- cap, international, and quantitative strategies. Thislatest move is consistent with the firm's expansion strategy outlined overthe last few months. "Hoover will provide the key ingredient required for the firm to expandinto new markets and products targeted by the firm," said David Dreman,chairman of Dreman Value Management, LLC. Hoover will continue to work with Lee Delaporte and other seniormembers of Dreman Value Management to expand and build the group'scapabilities to support the firm's growth into new sectors. "Cliff will bring additional depth of leadership to the researchgroup," continued Mr. Dreman. "His shared commitment to the 'contrarian'investment philosophy will drive the direction of the research departmentand deliver the needed the strength to continue to grow and build thecompany." The firm hired Cliff Hoover last fall as co-chief investment officerand managing director working directly with David Dreman to oversee thelarge cap portfolio. Hoover joined Dreman from NFJ Investment Group, wherehe assembled an outstanding performance record as a portfolio manager andmanaging director. Hoover successfully oversaw several large and small-cap portfolios atNJF, where he had worked since 1997. In addition, he handled consultantrelationship building and retail channel support. From 1992-1997, he servedas vice president-corporate finance at Credit Lyonnais, where he wasresponsible for the financial analysis and client servicing of a $5 billiondiversified corporate portfolio. Prior to that, Hoover spent two years as afinancial analyst for Citibank and five years as a credit analyst/corporateloan officer for Republic Bank (now Bank of America). Hoover graduated witha Masters in finance from Texas Tech University in 1985. "I'm excited to help advance Dreman Value Management's extraordinarygrowth through the development of the research group," said Hoover, whoseappointment is effective immediately. "We have a great team that deliversexemplary value to our clients and we will continue to transform in orderto deliver results." In recent months, the Dreman Executive Committee promoted BorisOnefater to chief executive officer of the firm and promoted Jim Hutchinsonto president of the firm. The firm also recently bolstered its research andinvestment management capabilities with the recruitment of Mark Roach asmanaging director and portfolio manager of its mid-cap and small-capproducts. In addition, Dreman Value Management recently announced a numberof promotions within the investment research area of a number of talentedindividuals to the position of vice president. About Dreman Value Management Dreman Value Management is one of the pioneers of contrarian-valueinvesting, an investment philosophy based on a disciplined approach ofselecting stocks with a low price-to-earnings ratio. The company invests inundervalued companies that exhibit strong fundamentals, above-marketdividend yields and historic earnings growth, managing over $22 billion inassets for a wide variety of institutional, sub-advisory and high-net-worthclients. For more information visit: http://www.dreman.com