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Portfolio > Alternative Investments > Hedge Funds

S&P Managed Futures Index Unites Refco, PlusFunds

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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.”

Mr. Sugrue of PlusFunds said that the S&P Managed Funds Index offers effective representation of the strategy along with investability. “We welcome this opportunity to work together to create new distribution channels for products that mirror the performance of the index.”

In response to a question about the timing of the particular products that might result from this partnership, Mr. Kuglar of Refco said that Refco and PlusFunds would “launch these solutions and news related to these solutions in the very near future in an appropriate format,” but that he could not go further just now. He said later that he sees “around the world an increased interest in alternative investments [in general], meaning hedge funds, commodity trading advisers, and managed futures as well.”

Earlier this year Refco created a new asset management unit, Refco Alternative Investments LLC, Previous HedgeWorld Story which is designed to provide Refco and its customers with tailored investment opportunities that include single- and multiple-manager hedge funds, futures, currency plays and other derivative products.

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