Merrill unveils forex clone

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Merrill Lynch has created a product that replicates hedge funds' foreign exchange strategies. Called ML FX Clone, the product offers investors forex market beta - in other words, non-manager specific, industry-wide returns.

"Merrill Lynch research is trying to implement academic research that has appeared in recent years that has tried to replicate the performance of hedge funds," says Alex Patelis, head of global foreign exchange and local currency strategy at Merrill Lynch in London. "Merri

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