The first investment certificates on the BlueX hedge fund index which is managed by Vienna-based Benchmark Capital Management and calculated by the Vienna Stock Exchange are now being offered to Austrian institutional and private clients.

BlueX is a hedge fund index www.bluex.org which is composed of solely blue chip hedge funds. Benchmark Capital Management defines these blue chips as hedge funds that are linked to a big financial institution and are controlled by the institutions' risk management systems.

Benchmark stated: "The BlueX Index-Certificate is attractive for institutional investors, who prefer an investment into a benchmark over an actively managed portfolio, as well as for private investors due its minimum investment of only EUR 1,000 and its tax efficient structure."

The tax position for private investors in Austria, according to accountants Deloitte & Touche, is that the investment in these certificates is free of tax after one year of retention as per current regulations.

The certificates are issued by BNP Paribas Luxembourg SA and are rated AA2. The minimum investment is EUR 1,000 and the term is 10 years. The initial offer price is 102.5 per cent and the expected performance of the BlueX Index is 8-10 per cent per annum.

It is intended that the certificates will be listed on the Austrian Stock Exchange.