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Investable Long/Short Equity Index Launched by S&P

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NEW YORK (–Standard & Poor’s launched the new S&P Long/Short Equity Index, as announced in April.

The index is composed of the long/short equity index fund strategies contained in the S&P Hedge Fund Index plus 19 other long/short equity fund strategies (see ).

S&P created its family of investable indexes with separate accounts; they are set up under agreements that guarantee US$100 million of capacity. The idea is to encourage the creation of index funds.

S&P executives eventually want to launch specialized indexes for all of the firm’s nine hedge fund strategies and already had launched an S&P Managed Futures index. The other seven strategies are: equity market neutral, fixed-income arbitrage, convertible arbitrage, merger arbitrage, distressed, special situations and macro.