News in brief - 3


UBS Warburg, the investment banking division of Swiss bank UBS, plans to sell securities that track the performance of the S&P Hedge Fund Index. The investment bank will sell the products first in Germany and then later throughout Europe and Asia, and is seeking approval from a European borse to allow the instruments to be traded. The minimum lot size for the securities is expected to be $10,000 or E10,000.



Italian hedge fund manager, Pioneer Investments, is preparing to exploit the UK di