In the last few years investable indices have become an important new method of hedge fund investment. They have shaken off the early doubts about hedge fund indices in general and established a clear business model.
Investable indices offer a new resource but do they threaten the fund of funds industry or can they complement them? The debate has been overly influenced by the development of passive index products in the long equity world. In that world, the long standing difficulty of active fund managers on average to show sustained positive performance after fees gave the words "active management" a bad name. The obvious alternative was the cheap tracker fund, first for institutional investors and now
for retail as well.
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