S&P aims for index to provide transparency

In the third quarter, Standard & Poor's (S&P) will launch an investable hedge fund index, based on 40 funds invested in nine strategies.

The aim of the S&P Hedge Fund Index is to provide a transparent benchmark of the hedge fund asset class, one that is broadly representative of the range of key strategies that hedge funds employ.

The index will contain 40 funds divided into three sub-indices ' arbitrage, event driven and tactical ' which in turn represent nine specific strategies. These strateg