NU Online News Service, Sept. 17, 2003, 6:12 p.m. EDT – Tremont Partners, Rye, N.Y., has introduced the LifeInvest funds, a group of hedge funds and funds of funds designed solely for use by insurance companies in private placement annuities, private placement life insurance policies and corporate-owned life insurance contracts.

The Internal Revenue Service recently ruled that companies selling funds for private placement insurance products must use funds that are available only to insurance providers, Tremont says.

The first funds in the family will be a stock fund, a convertible arbitrage fund and an event-driven fund. Tremont hopes to add a global macro fund, a fixed-income arbitrage fund and a statistical arbitrage fund, the company says.

Tremont already manages four funds for insurance companies. The existing funds control about $250 million in assets.

Tremont Partners is a unit of OppenheimerFunds Inc., which, in turn, is a unit of Massachusetts Mutual Life Insurance Company, Springfield, Mass.