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Harcourt to collaborate on FTSE hedge index series

Zurich-based Harcourt Investment Consulting has been selected to provide due
diligence and monitoring services on the upcoming FTSE hedge index series.

Harcourt's role is to provide extensive due diligence services on the underlying
constituent hedge funds. As part of the collaboration, Harcourt will share in the
negotiated capacity rights of the FTSEhx Fund SPC.

London based MSS Capital (see last week's edition of Hedgeweek) is launching
the fund of funds whose constituents form the basis of the FTSE hedge index
series. The FTSEhx Fund SPC will enable investors to get continuous exposure
to various hedge funds strategies. It is based on managed accounts, thereby
allowing for high degrees of transparency, liquidity, and risk control.

The new index will initially be comprised of approximately 40 hedge funds. The
fund and its share classes will be listed on the Irish Stock Exchange.
Simon Hookway, Director, MSS Capital, said: "We have selected Harcourt
because of its reputation as a high-quality, leading international expert on hedge
funds. We required a specialist with deep insight and knowledge of the hedge
fund market, uncompromised by conflicts of interest. Harcourt has been chosen,
from an extensive list of possible partners, because it possesses all these traits."

Kurt Lambert, founder of Harcourt: "This deal has high strategic importance for
Harcourt. We are now in a position to enhance our offering to include liquid and
transparent products based on managed accounts."

Harcourt stated that more information will be made available at the launch of the
new index.

Background Note: Harcourt Investment Consulting AG, Zurich is a leading
provider of hedge fund solutions to institutional investors. Founded in 1997, the
firm is headquartered in Zurich, with offices in New York, Geneva, Stockholm and
Bridgetown. With assets under management exceeding USD1.4 billion, Harcourt
focuses exclusively on hedge funds and has a strong track record of superior
risk-adjusted returns.

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