Rydex, a mutual fund firm which specializes in indexed funds, has launched an indexed fund of funds aimed at the US retail market.
The new venture, known as Sphinx, is based on the Standard and Poor's hedge fund index, which comprises forty funds based on nine different investing strategies.
Although the fund is initially selling to experienced investors with a minimum net worth of $1 million, the fund is also open to those who fall below this level, but who invest through a registered investment advisor. In its first month, some $5.3 million was invested in Sphinx, according to figures reported in the Financial Times.
Meanwhile, the FT reported on Monday, responding to recent demand for such investment vehicles, Morgan Stanley has also launched an investible hedge fund index known as the MSCI Hedge Invest index, which tracks 64 funds over eleven different strategies, with the number of funds likely to increase in the near future.
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