New York, July 9, 2002. MSCI, a leading provider of global
equity and fixed income indices used by institutional investors
worldwide, today announced the launch of the MSCI Hedge Fund
Indices. The new index family features more than 90 indices
calculated monthly, supported by a growing database of over
750 hedge funds and an innovative, web-based analytical tool.
Today, the MSCI Hedge Fund Composite Index includes over 350
hedge funds.
The indices are organized in accordance with a comprehensive
classification framework - the MSCI Hedge Fund Classification
StandardSM . that uses the investment process of hedge fund
managers as the dominant characteristic to classify funds
and define strategy indices. The indices are equal weighted
at all four levels of aggregation and asset weighted at the
two highest levels. They are also organized into three domicile
families.
In a complex investment area that is difficult to measure
and analyze, MSCI believes the indices offer transparency
in index construction and maintenance, a more comprehensive
hedge fund classification framework, and an extensive and
reliable fund database that together can serve as a meaningful
basis for conducting peer group analysis.
Our clients have expressed a strong interest in a global
family of MSCI Hedge Fund Indices which would help them better
analyze performance characteristics of hedge fund strategies,.
said Henry Fernandez, President and CEO of MSCI. .While it
is currently not possible to build hedge fund indices to the
same level of comprehensiveness as equity indices, we believe
we have developed a product that will be useful to hedge fund
investors..
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