POWER OF ATTORNEY
The undersigned officers and Trustees of the The Arbitrage Funds (the
"Trust") hereby appoint John Orrico, as attorney-in-fact and agent, with the
power, to execute, and to file any of the documents referred to below relating
to the initial registration of the Trust as an investment company under the
Investment Company Act of 1940, as amended (the "Act") and the registration of
the Trust's securities under the Securities Act of 1933, as amended (the
"Securities Act") including the Trust's Registration Statement on Form N-1A, any
and all amendments thereto, including all exhibits and any documents required to
be filed with respect thereto with any regulatory authority, including
applications for exemptive order rulings. Each of the undersigned grants to the
said attorney full authority to do every act necessary to be done in order to
effectuate the same as fully, to all intents and purposes, as he could do if
personally present, thereby ratifying all that said attorneys-in-fact and agents
may lawfully do or cause to be done by virtue hereof.
The undersigned officers and Trustees hereby execute this Power of
Attorney as of this 24th day of May, 2000.
NAME TITLE
-------------------------- -------------
/s/ Joel C. Ackerman Trustee
----------------------
Joel C. Ackerman
/s/ Jay N. Goldberg Trustee
----------------------
Jay N. Goldberg
/s/ Michael Neumark Trustee
----------------------
Michael Neumark
