NEW YORK–(BUSINESS WIRE)–Aug. 14, 2003–The CSFB/Tremont Investable Hedge Fund Index, comprised of 60 funds across 10 style-based sectors, has been launched. The new index is derived from theCSFB/Tremont Hedge Fund Index, the most widely quoted hedge fund index in the world.
The 60 funds in the CSFB/Tremont Investable Index, selected from the 448 funds included in the broader index, generally comprise the six largest funds that are open to investment and meet certain liquidity conditions in each of the following 10 style-based sectors: Convertible Arbitrage, Dedicated Short Bias, Emerging Markets, Equity Market Neutral, Event Driven, Fixed Income Arbitrage, Global Macro, Long/Short Equity, Managed Futures, and Multi-Strategy.
“This is our first investable hedge fund index,” said Oliver Schupp, President of Credit Suisse First Boston Tremont Index LLC. “We have developed a rigorous rules-based selection methodology that conforms to the construction concepts of more traditional equity indices. With our long-term experience in the hedge fund index area, we have constructed an investable index of 60 member funds from the CSFB/Tremont Hedge Fund Index through the application of these rules.”
“Investors have been asking us to create an investable index for many years,” said Robert I. Schulman, Co-Chief Executive Officer of Tremont Capital Management, Inc. “We are recognized universally as the hedge fund index leader. The CSFB/Tremont Investable Index is derived from an index that has been around for many years, rather than from a newly created concept, and therefore is a natural extension of the broad index.”
The CSFB/Tremont Investable Hedge Fund Index is designed to give investors broad exposure to hedge funds as an asset class. It fulfills widespread investor demand for true index-linked products created to reduce dependency on fund manager selection and fund concentration risk.
At launch, on August 1, 2003, the aggregate assets under management for the 60 index constituents total to approximately US$55 billion, making it the industry’s largest investable hedge fund index.
Future plans for the CSFB/Tremont Investable Index include licensing CSFB to create a suite of index-linked investment products. Additional information about the investable index will be available on www.hedgeindex.com beginning August 15, 2003.
The CSFB/Tremont Investable Hedge Fund Index is derived from the CSFB/Tremont Hedge Fund Index, which was launched November 16, 1999, and, since that time, has become the leading and most widely quoted hedge fund index in the world. The CSFB/Tremont Hedge Fund Index is also among the largest hedge fund indices, comprised of $181.4 billion in assets managed by 448 funds as of July 1, 2003.
Credit Suisse First Boston Tremont Index LLC is the joint venture company of Credit Suisse First Boston Index Co., Inc., a subsidiary of Credit Suisse First Boston Inc., and Tremont Capital Management, Inc. The company’s management team includes from CSFB, James Kreitman, Art Mbanefo, Oliver Schupp and James Vos, and from Tremont Capital Management, Inc., Robert I. Schulman. Credit Suisse First Boston Tremont Index LLC is headquartered at 11 Madison Avenue, New York, NY 10010-3629.
Credit Suisse First Boston (CSFB) is a leading global investment bank serving institutional, corporate, government and individual clients. CSFB’s businesses include securities underwriting, sales and trading, investment banking, private equity, financial advisory services, investment research, venture capital, correspondent brokerage services and asset management. CSFB operates in 69 locations in 34 countries across five continents. The Firm is a business unit of the Zurich-based Credit Suisse Group, a leading global financial services company. For more information on Credit Suisse First Boston, please visit our Web site at http://www.csfb.com.
Tremont Capital Management, Inc. is one of the leading global alternative investment management firms, whose business lines include research and investment management services, sale and distribution of its proprietary investment products, and database sales and information services. Tremont advises on approximately $9 billion in alternative investment assets, including more than $1 billion in its proprietary funds. Through its information and market intelligence unit, TASS Research, the firm provides data on the performance of more than 2,300 alternative investment managers and funds. Tremont, headquartered in Rye, New York with offices in Toronto, Bermuda and London, is a wholly owned subsidiary of Oppenheimer Acquisition Corp, the parent company of Oppenheimer Funds, Inc., one of the nation’s most respected asset managers.
Certain statements in this Press Release constitute “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Companies assume no obligation to update these forward looking statements to reflect actual results, changes in assumption or changes in other factors affecting such forward looking statements.
