PlusFunds Group of New York has created a hedge fund for the co-called "mass affluent" that addresses the issue of transparency for investors by being based on the Standard & Poor's Hedge Fund Index.

The new fund comes on the heels of the decision by Deutsche Asset Management of New York that it will distribute its own line of hedge funds based on the S&P's new index (see MFMN 12/16/02). Although other indexes, such as the CSFB/Tremont Hedge Fund Index, already exist, S&P's new index was created specifically to help investment professionals market and investment advisors create transparent products.

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