Standard & Poor's, the financial research, ratings and indices group, has launched the S&P Hedge Fund Index and three style sub-indices.

The S&P Hedge Fund Index comprises 40 funds representing nine distinct hedge fund investment strategies grouped into three broad style categories-Arbitrage, Event-Driven and Directional/Tactical.

S&P said its Hedge Fund Index "is designed to be investable and representative of the broad-based investment experience of the hedge fund marketplace. The index is equal weighted to ensure well-rounded representation of hedge fund investment approaches and to avoid over-representation of strategies that are in favor at the time".

The calculation of daily values for the index and sub-indices provides a high level of transparency and enables investors to track the impact of specific market events on the hedge fund asset class as a whole or on the three broad style categories tracked by the sub-indices.

Standard & Poor's is making this data available to all investors through its website www.spglobal.com. S&P Hedge Fund Index data will also soon be available on Reuters and Bloomberg.

The S&P Hedge Fund Index has been licensed to PlusFunds for the development of investment products that replicate the index.

More information about the structure, design and constituents of the S&P Hedge Fund Index can be found on www.spglobal.com.

Background Note: Standard & Poor's provides financial data, analytical research and investment and credit opinions to the global capital markets. Among the company's many products are the S&P Global 1200, the first real-time, global equity index, the S&P 500, the premier US portfolio index, and credit ratings on more than 220,000 securities and funds.

Founded in 1888, The McGraw-Hill Companies is a global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, BusinessWeek and McGraw-Hill Education. The Corporation has more than 350 offices in 33 countries. Sales in 2001 were US$4.6 billion