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.”
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“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.”