BNP Paribas, the French banking and asset management giant, yesterday launched an index of hedge funds for Hong Kong investors, the GAM 25 index, which includes 25 hedge funds worldwide. The index will be managed by BNP Paribas' Global Asset Management division.
BNP Paribas says the GAM 25 index is aimed at those investors looking at a truly diverse portfolio, in order to guard - at least to some extent - against the kind of huge losses incurred by many investors during the past year's global stock market slump. The GAM 25 index was first launched in Germany last week, and it should be available in Japan and Singapore in the coming months.
Stephane Liot, global head of fund derivatives at BNP Paribas, commented: 'We expect investors in Asia to see that returns of funds in the GAM 25 have been positive despite the recent turmoil in the markets, one indication of how the fund will outperform in the future.' He added that since December 2000, the funds included in the GAM 25 index posted an aggregate annualised return of 17 per cent, and in the first two months of 2001, the funds in the index grew 3 per cent.
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