NEW YORK (HedgeWorld.com)–Credit Suisse First Boston Tremont* Index LLC will offer an investable fund derived from the long-standing CSFB/Tremont Hedge Fund Index, consisting of 60 funds across 10 strategies,

The 60 funds were selected from the 448 funds included in the broader index and are typically the six largest funds that are open to investment and meet certain liquidity conditions in each strategy segment. At launch on Aug. 1, the 60 managers in the index collectively managed assets of approximately US$55 billion.

The 10 styles represented are convertible arbitrage, dedicated short bias, emerging markets, equity market neutral, event driven, fixed-income arbitrage, global macro, long/short equity, managed futures and multi-strategy. Additional information about the investable index will be available on www.hedgeindex.com starting August 15.

“We have developed a rigorous rules-based selection methodology that conforms to the construction concepts of more traditional equity indices,” Oliver Schupp, president of Credit Suisse First Boston Tremont Index, said in a statement. “With our long-term experience in the hedge fund index area, we have constructed an investable index of 60 member funds from the CSFB/Tremont Hedge Fund Index through the application of these rules.”

“Investors have been asking us to create an investable index for many years,” said Robert Schulman, co-chief executive officer of Tremont Capital Management Inc. “The CSFB/Tremont Investable Index is derived from an index that has been around for many years, rather than from a newly created concept and therefore is a natural extension of the broad index.”

MSCI and Standard & Poor’s are both offering investible funds based on their hedge fund indexes. In May 2002, S&P announced that it had teamed up with PlusFunds to create an investable hedge fund index Previous HedgeWorld Story, and last month MSCI”s Hedge Invest Index went live with weekly performance with its investable hedge fund index Previous HedgeWorld Story.

Credit Suisse First Boston Tremont Index LLC is a joint venture of Credit Suisse First Boston and Tremont Capital Management. Tremont, which advises on approximately US$9 billion in alternative investment assets, including more than US$1billion in its proprietary funds, is part of Oppenheimer Funds Inc.

*Tremont Capital Management Inc., Rye, N.Y., is a strategic partner of and a minority investor in HedgeWorld.

CKurdas@HedgeWorld.com