Battle of the Benchmarks

investable indices

From a standing start in 2002, investable hedge fund indices' assets under management have billowed to more than $11bn by July 2004, an achievement that puts many actively managed funds of hedge funds to shame.

The indices, comprised of underlying hedge funds, are currently offered by six providers - MSCI, Hedge Fund Research (HFR), Standard & Poor's (S&P), CSFB/Tremont Index LLC, FTSE and Dow Jones.

Investors can access the indices directly, or via products such as structured notes, certifica