NEW YORK (HedgeWorld.com)–Index-based hedge fund assets have been growing at a fast clip, as demonstrated by the latest number from PlusFunds Group Inc., responsible for managing investments in S&P Hedge Fund Indexes. These include separate vehicles for managed futures and long/short equity in addition to a multi-strategy benchmark.

PlusFunds announced that it currently oversees US$2.5 billion invested in the indexes. That means the assets have more than doubled since early this year. As of February there was approximately US$1 billion in various linked products (see Previous HedgeWorld Story).

PlusFunds runs the investment program as an independent party, applying daily valuation, transaction reconciliation, and risk measurement procedures to separate accounts with the underlying managers.

S&P launched the hedge fund index in late 2002. An investable long/short equity index was recently introduced (see Previous HedgeWorld Story).

CKurdas@HedgeWorld.com

Contact Robert F. Keane with questions or comments at:

bkeane@ai-mag.com.