Invesdex Ltd, a Bermuda-based derivatives products company that specialises in products and services for sophisticated investment advisers, fund managers, and qualified investors, yesterday announced the addition of two new assets, linked to S&P 500® sectors, to its flagship investment product, MarketPlus - an OTC derivative that is a ‘synthetic’ substitute for direct futures investing, as well as exchange-traded funds (ETFs), and index mutual funds.
Available for trading within the MarketPlus platform, the new sector indexes are Technology and Financial. This news follows the Chicago Mercantile Exchange announcement regarding the launch of the first two SPCTR™ indexes - S&P 500® sector futures contracts - that began trading on Monday, September 23.
“We are very pleased to introduce these sectors in response to the needs of our customers,” said Valere Costello, president and CEO of Invesdex. “The addition of sectors to our list of assets very nicely complements our current offering and provides alternative ways for our clients to manage their equity market risk.”
Invesdex (www.invesdex.com)describes MarketPlus as a uniquely innovative investment contract with the look and feel of an online trading account. It offers a global selection of broad, futures-linked assets, including the major world equity and debt indices, as well as currencies, commodities, and a money market index. Investors, or their advisers, custom create their own return parameters by linking their MarketPlus Contract to the performance of one or more of these assets with direct/long or inverse (similar to short) exposure, and up to three-to-one “beta” (similar to gearing). MarketPlus is a non-recourse instrument, so investors cannot lose more than their investment.
Invesdex customers have been looking forward to the introduction of US Sectors. “The MarketPlus ‘toolbox’ has been extremely useful in allowing me to implement my desired investment strategies,” said Charlie Aitken, investment manager for the Voyager Fund, ranked first in its peer group by Lipper Research (and 36th out of the total database of 16,542 funds) for the 24-month period ending June 30, 2002. Aitken continued, “Now, with the addition of the Technology and Financial sectors to the MarketPlus platform, I can fine-tune my U.S. equity market exposure even more precisely.”
Invesdex shareholders include the Bank of Butterfield and the eVenture Centre, a member of the Centre and Zurich Financial Services Groups. “We are very happy to be partnered with Invesdex,” said Alan Thompson, president and CEO of the Bank of Butterfield. “MarketPlus is very well-suited to these volatile times. We use MarketPlus in our asset management area, as do some of the Bank’s more sophisticated customers for their own account.”
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