TORONTO (HedgeWorld.com)–Yet another hedge fund index is in the works, this time one that tracks the performance of Canadian-domiciled hedge funds.
The new index will be launched in 2006 by Canadian prime brokerage firm Scotia Capital. The proposed Scotia Capital Canadian Hedge Fund Performance Index has gained the support of local hedge fund managers and the Canadian chapter of the Alternative Investment Management Association.
“The new index will boost the industry’s profile, both domestically and internationally, as well as increasing investor awareness of the tremendous potential of the Canadian hedge fund market place,” said James McGovern, chairman of AIMA Canada, in a statement.
The initial release will be a broad industry index inclusive of all hedge fund strategies. It will then be followed up by a series of strategy-specific indexes and an emerging manager index that includes managers who don’t yet qualify for the main hedge fund index.