--  Company Reports Basic and Diluted EPS of $0.08 and Basic and Diluted     Cash EPS of $0.11 for the Second Quarter of 2009      --  Company Reports Basic and Diluted EPS of $0.12 and Basic and Diluted     Cash EPS of $0.18 for the Six Months Ended June 30, 2009      

Highbury Financial Inc. (OTCBB: HBRF) (OTCBB: HBRFW) (OTCBB: HBRFU) today reported its financial and operating results for the three and six months ended June 30, 2009.

Net income attributable to Highbury Financial Inc. for the second quarter of 2009 was $712,875 compared to $900,881 for the second quarter of 2008. Cash Net Income was $969,010 for the three months ended June 30, 2009 compared to $1,180,140 for the three months ended June 30, 2008. Basic and diluted Cash Net Income per share ("Cash EPS") for the second quarter of 2009 were $0.11 compared to $0.13 for the second quarter of 2008. Cash Net Income is defined in the attached tables. Basic and diluted earnings per share for the second quarter of 2009 were $0.08 compared to basic and diluted earnings per share of $0.10 for the second quarter of 2008. Adjusted EBITDA for the three months ended June 30, 2009 was $1,216,322 compared to $1,451,437 for the three months ended June 30, 2008. Adjusted EBITDA is defined in the attached tables. For the second quarter of 2009, revenue was $9,231,394 compared to $9,680,469 for the second quarter of 2008.

Net income attributable to Highbury Financial Inc. for the first six months of 2009 was $1,115,812 compared to $1,525,160 for the first six months of 2008. Cash Net Income was $1,628,082 for the six months ended June 30, 2009 compared to $2,086,741 for the six months ended June 30, 2008. Basic and diluted Cash EPS for the first six months of 2009 were $0.18 compared to $0.23 for the first six months of 2008. Basic and diluted earnings per share for the first six months of 2009 were $0.12 compared to basic and diluted earnings per share of $0.17 for the first six months of 2008. Adjusted EBITDA for the six months ended June 30, 2009 was $1,833,876 compared to $2,525,609 for the six months ended June 30, 2008. For the first six months of 2009, revenue was $16,260,061 compared to $18,959,516 for the second quarter of 2008.

As of June 30, 2009, the Company had approximately $5.1 billion of total assets under management compared to approximately $3.9 billion as of March 31, 2009 and approximately $4.8 billion as of June 30, 2008. As of June 30, 2009, mutual fund assets under management were approximately $4.9 billion, compared to approximately $3.8 billion as of March 31, 2009 and approximately $4.7 billion as of June 30, 2008. This aggregate increase in mutual fund assets under management of $1,165 million since March 31, 2009 resulted from a combination of (i) positive market appreciation and other adjustments, including distributions of income and gain, reinvestments of distributions, and other items, of approximately $632 million and (ii) net client inflows, which represent aggregate contributions from new and existing clients less withdrawals, of approximately $533 million, during the three months ended June 30, 2009. During the three months ended June 30, 2009, separate account assets under management increased from $107 million to $132 million.

Richard S. Foote, Highbury's President and Chief Executive Officer, stated "In the second quarter of 2009, Highbury's weighted average assets under management totaled approximately $4.6 billion with a weighted average fee basis of 0.76%."

Mr. Foote continued, "As of June 30, 2009, 87% of our mutual fund assets under management were in funds rated with four or five stars by Morningstar, Inc. compared to 71% at the same date in 2008."

Mr. Foote concluded, "As of June 30, 2009, Highbury had cash and cash equivalents and investments of $15.4 million and no debt outstanding."

Highbury is an investment management holding company providing permanent capital solutions to mid-sized investment management firms. We pursue acquisition opportunities and seek to establish accretive partnerships with high quality investment management firms. Highbury's strategy is to provide permanent equity capital to fund buyouts from corporate parents, buyouts of founding or departing partners, growth initiatives, or exit strategies for private equity funds. This strategy includes leaving material equity interests with management teams to align the interests of management and Highbury's shareholders and, in general, does not include integrating future acquisitions, although Highbury may execute add-on acquisitions for its current or future affiliates. We seek to augment and diversify our sources of revenue by asset class, investment style, distribution channel, client type and management team. We intend to fund acquisitions with our revolving credit facility, other external borrowings, retained earnings (if any), additional equity and other sources of capital, including seller financing and contingent payments.

More information is available at www.highburyfinancial.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to Highbury's future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "potential," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" and similar expressions.

Highbury cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and Highbury assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

In addition to factors previously disclosed in Highbury's SEC filings and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies; (2) changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management; (3) terrorist activities and international hostilities, which may adversely affect the general economy, financial and capital markets, specific industries, and Highbury; (4) changing conditions in global financial markets generally and in the equity markets particularly, and decline or lack of sustained growth in these markets; (5) Highbury's business strategy and plans; (6) the introduction, withdrawal, success and timing of business initiatives and strategies; (7) the unfavorable resolution of legal proceedings and/or harm to Highbury's reputation; (8) fluctuations in customer demand; (9) management of rapid growth; (10) the impact of fund performance on redemptions; (11) changes in investors' preference of investing styles; (12) changes in or loss of sub-advisers; (13) the impact of increased competition; (14) the results of future financing efforts; (15) the impact of future acquisitions or divestitures; (16) the relative and absolute investment performance of Highbury's investment products; (17) investment advisory agreements subject to termination or non-renewal; (18) a substantial reduction in fees received from third parties; (19) Highbury's success in finding or acquiring additional investment management firms on favorable terms and consummating acquisitions of investment management firms; (20) the ability to retain major clients; (21) the ability to attract and retain highly talented professionals; (22) significant limitations or failure of software applications; (23) expenses subject to significant fluctuations; (24) the impact, extent and timing of technological changes and the adequacy of intellectual property protection; (25) the impact of capital improvement projects; (26) the extent and timing of any share repurchases; (27) the impact of changes to tax legislation and, generally, the tax position of Highbury; and (28) expenses associated with the formation of the Special Committee and responding to initiatives of dissident stockholders.

Highbury's filings with the SEC, accessible on the SEC's website at http://www.sec.gov, discuss these factors in more detail and identify additional factors that can affect forward-looking statements.

 Highbury Financial Inc. Financial Highlights                               Three Months Ended       Six Months Ended                                    June 30,                June 30,                             ----------------------- -----------------------                                2008        2009        2008        2009                             ----------- ----------- ----------- ----------- Revenue                     $ 9,680,469 $ 9,231,394 $18,959,516 $16,260,061 Net Income attributable to  Highbury Financial Inc.