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Scotia to index hedge fund performance


Date: Wednesday, November 2, 2005
Author: Advisor.ca

Scotia Capital has announced a new performance index for hedge funds, which will be launched in 2006. The Scotia Capital Canadian Hedge Fund Performance Index will offer a monthly snapshot of the Canadian hedge fund scene.

"This kind of initiative would not have been possible five years ago," said Colin Bugler, managing director of Scotia Capital's prime brokerage operation. "It is only recently that the community of Canadian managers has grown to a size that makes this kind of index meaningful. People want Canadian managers on their radar screens."

The index will start with broad industry coverage across various hedge fund strategies, but will eventually break out sub-indices based on each strategy. Scotia also plans to track relatively new managers separately, until they meet minimum track records for inclusion to the overall index.

"AIMA Canada applauds the launch by Scotia Capital of the Scotia Capital Canadian Hedge Fund Performance Index which represents an important development for the Canadian hedge fund industry," added James McGovern, chairman of Alternative Investments Managers Association (AIMA), Canada. "The new index will boost the industry's profile, both domestically and internationally, as well as increasing investor awareness of the tremendous potential of the Canadian hedge fund marketplace