Connecticut-based Wood Creek Index Company has launched the Alternative Alternatives Investment Index, which aims to capture the performance of investment managers active in investments outside traditional securities and debt markets.

Wood Creek Index Company, a wholly-owned subsidiary of Wood Creek Capital Management, was established to develop and manage the independent index of alternative investment funds, which is designed to help guide institutional investors on the performance and risk characteristics of investment managers that actively intermediate the purchase and sale of non-securitised or otherwise illiquid or complex assets.

Examples of such assets include weather derivatives, carbon credits, intellectual property and selected niche hard assets such as forward freight agreements. In the future, Wood Creek says, the index will include sub-indices such as hard- and soft-asset acquisition and finance and alternative asset trading.

'The Alternative Alternatives Investment Index is the first tool of its kind specifically designed to address the broad range of investments that are uncorrelated to typical debt and securities markets but that are based on direct investments in real assets generating real returns,' says Wood Creek chief executive Brett Hellerman.

'We're in the early innings of the 'alt alt' marketplace and expect to see expanding opportunities in this innovative asset class, particularly at a time of uncertainty in global financial markets and disappointing performance of hedge fund and private equity managers.'


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