NEW YORK (HedgeWorld)–Refco Group Ltd. LLC and PlusFunds Group Inc., announced their partnership for the creation of a range of alternative investment vehicles, which will include products designed to track the S&P’s Managed Futures Index.
At a press briefing Thursday, representatives of each of the three entities explained what they brought to the table for investors in the present very uncertain investment environment. David Kugler, senior vice president of the Refco Group, carried most of the expository burden, with assistance from Christopher Sugrue, chairman and co-founder of PlusFunds, and Justin Dew, senior hedge fund specialist, Standard & Poor’s.
The S&P Managed Futures Index is a daily priced, investable index with 14 constituents Previous HedgeWorld Story that is designed to measure the performance of managed futures funds. This is distinct from the S&P Hedge Fund Index, launched a year ago, which has 40 funds, of which only four fit the managed futures classification, Previous HedgeWorld Story.
S&P has created these two indexes because it believed investors were unsatisfied with other indexes available, said Mr. Dew during the briefing. “Transparency with regard to holdings and the methodology of the indexes themselves, sometimes was just not there…. We felt that we could do a better job.”