Mutual fund tracker and research firm Morningstar Inc announced on Monday its decision to venture into the world of alternative investment research with plans to create a global hedge fund and private-partnership database.
According to the Chicago firm, the initiative is in response to a “marketplace demand for practical hedge-fund information and useful analytics,” and the new database aims to include information on participating funds’ investment strategy, performance data, portfolio-manager information and operations data such as withdrawal guidelines and lock-up periods.
“One of our goals in creating this database is to help make the hedge fund industry more transparent to all investors,” said Joe Mansueto, chairman and CEO of Morningstar.
“By offering this data, Morningstar will meet the needs of current hedge fund users as well as broaden exposure and understanding of hedge funds to an entirely new market of investors who are considering the use of these investment vehicles,” he added.
Mansueto said Morningstar recently began inviting hedge fund managers to participate in the database and the response has been positive. He added that the company is also looking into the possibility of introducing a rating system for hedge funds.
“In the future, a Morningstar Rating for hedge funds could benefit investors, but it’s too early to determine if and when we’ll develop a rating system,” he stated.
As a leading provider of independent investment research, Morningstar has amassed comprehensive data on stocks, mutual funds, exchange-traded funds, closed-end funds, variable annuity/life subaccounts, separate accounts, and 529 college savings plans.
According to the latest estimate by Tremont Capital’s TASS Research, total assets now held in hedge funds are now worth between $725 and $750 billion. This compares to an estimated $7 trillion currently held in mutual funds.
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